Question

ISI/art.summ:

what is closely related to the Impact of Big Data on Businesses? The answer should be at least 80 sentences with your own words. thank you.

Answer 1

Introduction -

BIG DATA is one of the most debatable topics in today's era, it has a potential to change the present business across the globe which can be easily felt while interacting with the devices which is covered in the later part; to begin with let us see what actually it is - BIG DATA is a humongous volume of data (structured + unstructured) with a concept of 3V(Volume -Velocity - Variety). From every interaction which humans have with the technology we are creating data which can reveal so much about us (means customers) and our preferences.

Impact -

- RPA automation: this concept when coupled with big data concept can create magic in terms of having an improved operational efficiency. Every business needs quick but precise decision making process. With this huge sets of data can be quickly read, understood and manipulated for automated decision making. Since the IT infrastructure is scaling quickly with lesser operating cost things are quite possible in bear future. The big Data technology is suitable to any industry viz retail, banking, media, healthcare, insurance, governance, education, transportation and several others. Also a business process runs smoothly with absence of any manual intervention.

- Data is a core asset to every business i-respective of its size as it has a global presence (i.e. social media), user experiences, web traffic on websites. For many companies who considered big data is not meant for them are scrambling to catch up with current trends. This will lead to data based decision making which is a new term considering present scenario. The machine will itself learn to make predictive analysis for the business.

- Big data will definitely help businesses to collect better customer insights : Just recall of a situation when you buy any item or goods in Amazon or any other e-commerce platform. If you are looking for a DSLR you will automatically get suggestions for lenses, lenses cleaner, camera bags, tripods. This is one set of example that our shopping preferences are getting studied.

- Price factors - compared to traditional ongoing process which is going as of now the big data and related technology will be quite affordable with huge offerings. There are several BI tools available which claims to provide a better business insights.There is a huge set of big data tolls which are open source like - Hadoop/ Apache spark/ Cassandra/MongoDB/R programming and many others. These will reduce the business management burden from the business owners. The whole business system can be installed at a very affordable price.

- Better customer experiences : ultimately all leads to have a better customer experience, which definitely the Big data is going to make in near future.

Hi Dear,

It is my sincere effort and if your life the answer please gives an Up-Vote, this will definitely encourage me. Thank You.