According to International Data Corp (IDC), the big data and business analytics are expected to grow rapidly in 2017. Companies across the globe will be adopting big data and business analytics into their business practices as the revenue for these solutions is likely to touch $150.8 billion in 2017.
There will be a huge demand for the big data and business analytics solutions across the world. The industries in the sectors like manufacturing, banking, government and professional services are likely to make huge investments in these solutions.
Around $72.4 billion would be invested in these two solutions in the current year. The investment in these technologies will witness a growth of 13 percent CAGR this year. And, the sectors like banking, insurance, healthcare, telecommunications and investment services are likely to witness fast growth, while the investment in the software will touch to $70 billion by 2020.
Due to the huge demand for data warehouse management tools and analytical tool, the investment in the software applications is likely to get a growth momentum.
Companies including all the sizes of small, medium and large, have been using the big data solutions to transform their business. Considering the better future prospects for big data and business analytics, companies have started considering implementing these technologies into their operations and business practices to capitalize the growth momentum of these technologies.
How big data is going to transform your business?
If you are not using the big data solutions for your business, then it is the right time to implement the solutions to join the growth momentum. Business can get a boost once you have the enough data to process to get some forecasts. This is the era of startups, especially digital startups, no matter in which country you are living in; the startup culture is going to have some impact on your business for sure.
According to a survey, 45% of global businesses surveyed fear they may become obsolete in the next three to five years due to competition from digital-born startups.
The survey indicates that companies and organization need to adopt latest technologies in order to survive and to remain in the competition in next 3-5 years. The solutions like big data and business analytics would be in huge demand by 2020, and if you have a vision for your organization, then you need to take the right action. And, it is the right time.
Advantages of Big Data:
Big data is going to change your business in many ways. The big data solutions will transform your business for sure. Here are the four ways it will help your business:
Cost is the biggest factor that drives you to adopt the big data solutions for your business. This will help to reduce your input costs in sales by having a clear projection of your future sales. By evaluating the data of previous years, you can predict your sales that you are going to achieve in the upcoming years. It helps in forecasting and planning for the future, which ultimately reduces your costs.
Better Customer Services:
Big data solutions help companies and organization to provide better customer services. By integrating the big data into Customer Relationship Management (CRM), you can provide excellent services to your customers and clientele. The vast data of the customers will help you to understand your customers and their preferences. And, the big data solutions would boost your efficiencies in handling the customers.
When you are planning to start a marketing campaign in order to boost your sales, make sure that you have plenty of data, which will help you to create a perfect campaign. With big data solutions, you can set your marketing campaign by focusing on the most targeted markets. Big data is highly accurate in defining the most accurate market for your products by evaluating the nature of sales your company has achieved.
Analyzing a business is a tedious task, with the help of tools, you can analyze it in a better way. Big data solutions are helpful in analyzing your business. If you would like to take your company to the next level, then you need to take the help of business intelligence experts. Data generation is the latest buzz in the business world. And, using the date for your business would give you maximum advantage.
You need to consider the factors like social and economical besides your operations, in order to run your business successfully. These factors play a major role in risk analysis. You need to update yourself with the latest industry trends. Big data will help you to keep updated with recent trends.
Big data and data analytics will certainly help your business. You need to adopt these technologies, keeping their growth and use in your mind. These latest technologies will take your company to the next level.