The modern market has seen the use of predictive analytics as a tool to help businesses gain an edge over their competitors. This has seen some truly innovative solutions being devised to allow the wealth of data that we are experiencing to translate into an actual asset to the businesses that are operating in today’s economy.
The adoption of these systems has been unusually slow, especially in the mid-sized and small scale sectors of the economy. Market experts are of the opinion that the main reasons for the slow rates of uptake have been a lack of easy to understand information on the benefits it provides and the high cost of these systems. What companies need to understand is that big data is an investment that they need to make sooner rather than the inevitable later. There are certain benefits that the modern business cannot afford to miss out on if they are to survive and thrive in the current and future markets. Here are the benefits that these solutions accord to the companies that are using them.
Reliable market insights
A principle of sociology states that it may be almost impossible to predict what a single individual will do, but a crowd can quite easily be predicted. This principle also applied to big data for enterprise use. The companies have been able to collect immense amounts of data through their operations, especially those that are conducted in the online sphere. This data provides the most accurate market insights that can be found anywhere. As a matter of fact, the data that are derived from business analytics is more accurate than that collected through market research. This is because the sheer amount of data used means that any biases that have been introduced by statistical methods are eroded. Companies are, therefore, be able to get a very accurate view of the market and their consumers which makes it possible for them to grow.
Affordable market insights
For a very long time, businesses have had to rely on market researchers to provide them with insight on the operation of the market and consumer patterns. This is an extremely costly way of doing things as it almost certainly means that they will end up spending a large amount of money finding the best firm to do the research. Predictive analytics has made it possible for them to do the research on their own and, hence, eliminate the cost of hiring market research firms. It must also be considered that, as previously demonstrated, business analytics derived insights are more accurate, which means greater value for money. Additionally, business analytics platforms tend to be legacy solutions, which mean that they are an investment that will serve the business for a long time to come.
Better management of corporate data
Big data in real time makes it possible to manage data much easier. The traditional system involved keeping a large database for data so that it could be processed at some later point. However, real time analytics is taking shape as a viable product for commercial enterprises. The effect this has had on the market is to make data management for corporate data become less of a challenge for the business to execute. Big data in real time means that once data has been processed and useful information extracted, it can be deprioritized and moved off of the main data storage area that the company uses. The company, therefore, no longer has to spend too much on making sure that a large portion of their data is accessible. This will make data hosting easy as off-site and offline storage solutions become easily viable.