How Startups Can Benefit From Big Data Solutions?

Big data provides the scope and scale to present a clear picture of the data. Big data solutions manage the large data sets of organizations, through which insights are gained and utilized. Big data gives you insight by the sheer volume of numbers and metrics.  Through it, processes, customer behaviour, logistical issues—all of these can be identified, segmented, and analyzed with big data. Further, when linked with tools like analytics and machine learning, your business gets the capabilities to make data-driven decisions. All of these combined can further elevate and accelerate your goals. 

So if you are thinking about how you can employ big data to help your business scale, you are at the right place. Read on to know more details about it – 

• Gives better insight
• Improves Productivity levels of your team
• Make better marketing campaigns
• Streamline the data to help every department
• Give personalized attention to customers

Yes, leveraging big data solutions gives you all these benefits along with many other.

GoodWorkLabs, a Big Data solutions company, uses a mix of technologies to build a data science software platform for Analysts and Data Scientists to explore, prototype, and analyze tons of unstructured or structured data efficiently.

At GoodWorkLabs, the team is working on a multitude of technologies to help companies leverage their data and acquire new customers. We focus on creating a unified data platform to help businesses solve real problems. Right from creating an optimized platform to accelerate business performance to providing predictive analysis and customer insights, GoodWorkLabs offers innovative and customized big data Services for your business.

So if you are thinking in what ways your startup will benefit from big data, then let us show you some commonly used cases of Big data – 

Put data to work

By analyzing the data correctly, you’ll get a multitude of insights that you can utilise in many ways. One of the ways is understanding the purchase data, if you are running an ecommerce business. It largely consists of records of orders, invoices, methods of payment, the timing of payment, and other data, etc. This information is vital to several different teams in an organization, like accounting, merchandising, inventory, supply chain, and others. From the marketing perspective, you can also utilize this data to help you recognize specific customer attributes, such as the frequency of purchases and, in some cases, budgets. 

Better productivity levels

When the team has a set of data that properly denotes what areas need work, the team’s productivity level increases. As people have a clear idea on what to work and where to work, to get results. For example, knowing what people do with their devices makes it easy to understand the patterns of the target audience. You can also target people based on the device they use, such as phones, laptops, tablets, or other devices. You can also track a customer’s behavior on your own website. So, you get a lot of insights about your customers and thus can make efforts to please them. 

Improved marketing campaigns

With big data solutions, you can gain insights into the data collected from social media data channels. You get the raw insights and information collected from individuals’ social media activity on your pages. Social media data tracks how individuals engage with your content or social media channels like LinkedIn, Facebook, and Twitter. It gathers all the metrics such as numbers, percentages, and statistics. This data will help you improve your marketing strategy and you’ll attain more in less budget. 

For Big Data Solutions For your startup Contact Goodworklabs

Get in touch with GoodWorkLabs to get big data solutions and take your business to the next level! Our experienced team will make sure you get the best out of your data. Contact the GoodWorkLabs team here. 

Data analytics is an invaluable tool for any business. It’s no surprise that businesses are increasingly turning to data-driven decisions to make more informed decisions and take their companies to the next level. But what exactly is data analytics and why is it so important? Data analytics is the process of collecting, analyzing, and interpreting large amounts of data in order to draw meaningful insights and inform decision making. In short, it helps businesses understand their customers better, develop new products and services, optimize operations, and increase profitability. In this blog post, we will take a look at how data analytics can be used in any business and how it can help them succeed.

What is Data Analytics?

Data analytics is the process of extracting, cleansing, transforming and modeling data with the goal of discovering useful information, informing conclusions and supporting decision-making. Data analytics is used in a variety of industries to allow companies and organizations to make better business decisions and gain a competitive edge.

The term “data analytics” can be used to refer to a wide range of activities, including:

• Extracting data from multiple sources
• Cleansing data to remove errors or inaccuracies
• Transforming data into a format that is more useful for analysis
• Modeling data to find patterns or trends
• Analyzing data to draw conclusions or make predictions
• Reporting findings from data analysis

Data analytics is not a new field – businesses have been using various forms of data analytics for many years. However, the recent explosion in big data has led to a renewed interest in data analytics, as businesses attempt to make sense of ever-larger datasets. The rise of powerful data analysis tools and techniques has also made it easier for businesses to get started with data analytics.

The Different Types of Data Analytics

Data analytics comes in many different forms, each with its own advantages and disadvantages. Here are four of the most common types of data analytics:

Descriptive analytics: Descriptive analytics answers the question of “what happened?” by providing a detailed account of what has taken place. This type of data analytics is useful for understanding past trends and performance. However, it can’t be used to predict future behavior.

Diagnostic analytics: Diagnostic analytics digs deeper than descriptive analytics to answer the question of “why did it happen?” This type of data analytics can be used to identify root causes and trends. It can also be used to develop hypotheses for further testing.

Predictive analytics: Predictive analytics uses historical data to answer the question of “what will happen?” This type of data analytics employs statistical techniques to find patterns and relationships in data. These patterns can then be used to make predictions about future events.

Prescriptive analytics: Prescriptive analytics takes predictive analytics one step further by not only answering the question of “what will happen?” but also “what should we do about it?” This type of data analytics uses mathematical optimization techniques to find the best course of action given a set of constraints and objectives.

Pros and Cons of Data Analytics

Data analytics can be extremely helpful for businesses, providing insights that can help guide decision-making. However, data analytics also has its downsides, and businesses should be aware of both the pros and cons of using data analytics before implementing it into their operations.

One of the big advantages of data analytics is that it can help businesses save time and money. Data analytics can automate tasks that would traditionally be done manually, such as analyzing customer behavior or identifying trends. This can free up employees to focus on other tasks, and it can also help businesses save on labor costs. Additionally, data analytics can help businesses make better decisions by providing accurate and timely information. When used correctly, data analytics can give businesses a competitive edge by helping them make informed decisions quickly.

However, data analytics also has some disadvantages. One potential downside is that data analytics can be expensive to implement, especially for small businesses. Additionally, data analytics requires skilled employees who are able to understand and interpret the data. Without these employees, businesses may not be able to get the most out of their data analytics efforts. Finally, data analytics is only as good as the quality of the data inputted into it. If businesses input inaccurate or incomplete data, their results will be affected accordingly.

Overall, data analytics can be a powerful tool for businesses if used correctly. However, businesses should be aware of both the pros and cons of using data analytics before implementing it into their operations.

To know more about data analytics and how it can help your business, get in touch with our expert team at GoodWorkLabs! Contact us here!

Big data analytics is everywhere. Companies use it to improve decision-making and gain a competitive edge. Governments use it to develop better public policy. And it’s used by scientists to make discoveries faster and more accurately. But what exactly is big data analytics, and how does it work? This blog post will explore the basics of big data analytics, including its components, technologies, and applications. We’ll also look at how you can use big data analytics to your advantage in your organization or industry.

What is Big Data Analytics?

Big data analytics is the process of analyzing large amounts of data to uncover patterns and trends. It can be used to improve decision-making, target marketing efforts, and predict future outcomes. Big data analytics typically involves using specialized software to analyze data sets that are too large or complex for traditional methods. The results of big data analytics can be used to improve business operations, make better decisions, and drive strategic initiatives.

The Three V’s of Big Data

Three key concepts are essential to understanding big data analytics: volume, velocity, and variety.

Volume: Big data is, well, big. And it’s only getting bigger. The amount of data generated daily is staggering, and it will only continue to increase. This deluge of data can be overwhelming, but it also provides organizations with a wealth of information that can be used to improve their business.

Velocity: In addition to the sheer volume of data, big data is also characterized by its high velocity. This means that data is being generated at an extremely rapid pace. Organizations need to be able to capture this data and process it quickly in order to glean insights from it.

Variety: Big data comes in all sorts of shapes and sizes. It can be structured or unstructured, text or images, sensor data or social media posts. This variety can make working with big data challenging, but also provides organizations with a richer source of information to work with.

The Five Steps of Big Data Analytics

1. Data Collection: The first step in big data analytics is to collect data from various sources. This data can come from internal sources, such as sales and transaction records, or external sources, such as social media posts and customer reviews.

2. Data Storage: Once data is collected, it needs to be stored in a central location. This location could be a physical server or a cloud-based storage system.

3. Data Processing: After the data is stored, it needs to be processed to extract valuable information. This processing can be done using various techniques, such as statistical analysis and machine learning.

4. Data Analysis: The processed data is then analyzed to generate insights that can help improve business decisions. This analysis can be done manually or with the help of specialized software tools.

5. Data Visualization: Finally, the results of the analysis are presented in a visual format, such as graphs and charts. This visualization makes it easier to understand the findings and take action based on them.

The Benefits of Big Data Analytics

Big data analytics can help organizations to make better decisions, improve operational efficiency, and gain a competitive advantage.

The volume, velocity, and variety of big data present a challenge for traditional data processing techniques. Big data analytics uses new technologies and approaches to process large amounts of data to find hidden patterns, correlations, and other insights.

Some of the benefits of big data analytics include:

• Improved decision-making: Big data analytics can help organizations to identify trends and patterns that would otherwise be difficult to detect. This can lead to better decision-making in areas such as marketing, product development, and customer service.

• Increased operational efficiency: By understanding how customers interact with your products or services, you can optimize your processes to reduce waste and increase efficiency. For example, you might use big data analytics to track inventory levels in real time and adjust accordingly.

• Competitive advantage: In today’s marketplace, organizations that can effectively utilize big data will have a major competitive advantage over those that cannot. Big data analytics can give you a deep understanding of your customers and allow you to tailor your offerings to their specific needs.

The Future of Big Data Analytics

Organizations are looking to big data analytics to help them make better decisions, anticipate future trends and develop new products and services. But what is big data analytics?

Big data analytics analyses large volumes of data to uncover patterns, trends and other insights. It can be used to improve decision-making, optimize business processes, identify new opportunities and predict future outcomes.

There are a number of different approaches to big data analytics, but the most common one is to use data mining techniques. This involves using algorithms to find hidden patterns in data sets. Other methods include machine learning, natural language processing and statistical analysis.

Big data analytics is still in its early stages, but it has already had a major impact on businesses and organizations across a range of industries. It is only going to become more important in the years ahead as organizations strive to make better use of their data assets.

If you are not using your data to your highest advantage, you are definitely missing opportunities. Get in touch with our expert team at GoodWorkLabs to understand how your data can be used well! Contact us here!

When the matter is about developing a hybrid mobile app, both React Native and Xamarin hold a prestigious position. In terms of performance, adaptability, availability, popularity, compatibility, cost, and compilation, these frameworks give each other a nail-biting competition. So, it is truly difficult to pick one! Here we will be discussing how both frameworks express themselves separately while having the same intention of building functional hybrid apps.

Read ahead to unfold which one will be the best fit for developing your next application –

Performance

Speaking of performance, it is undeniable that hybrid frameworks often compromise on performance in order to meet convenience. But in some perspectives, Xamarin secures more scores in the dashboard compared to React Native. The framework runs the smoothest and fastest code on both iOS and Android. Also, it has a more user-friendly UI, which makes it a better choice in this aspect!  

Popularity

A framework’s compatibility with other software, demand in the industry, and efficiency determine its popularity. And in that scenario, React Native has a bigger fanbase. First of all, it’s an open-source platform and holds a share of around 38% of the market. On the other hand, Xamarin, launched by Microsoft has a share of 11%.  

Development cost & time

Both Xamarin and React Native save development time since a single code is used in several platforms. Also, both are open-source, thus free! However, the fine line that distinguishes both frameworks is flexibility. While React Native allows the developers to choose their ideal text editor or IDE, Xamarin can be only accessed with Visual Studio.

Adaptability with new mobile updates

Usually, cross-platform frameworks undergo a lag when they come across new smartphone features. So the goal is to determine how quickly and how smoothly a framework adapts itself to those new features. In this case, both React Native and Xamarin are well-compatible with new features and updates. Xamarin might take a few days to get the approval of your phone’s App Store for integration. But React Native can push those updates without any need for approval.

Flexibility with programming languages

When the debate is on the flexibility of the two frameworks with programming languages, each comes with its own perks. Well, the choice of framework relies on your preferred programing language. For example, if you like to work with C# programing language, you will find Xamarin to be more suitable. On the other hand, if you’re developing a mobile app using JavaScript, React Native will be your best-fit choice!

Memory consumption

The more lightweight the mobile app, the better its demand! Keeping that in mind, React Native apps are unbeatable. Generally, hybrid mobile apps are already larger compared to native ones. But React Native apps are relatively lightweight than the Xamarin apps.

Availability

Generally, open-source frameworks are free. However, Xamarin can’t claim that! Well, the framework definitely has a free version, but the features have limitations. On the other hand, React Native is not only free, but its features are versatile, making it the best bet!

Development facilities

React Native and Xamarin both have multiple pre-built components that boost their performance and enhance the developer experience. React Native might possess live reload features, but Xamarin lets developers build platform-specific UI components.

Final Words

In short, both React Native and Xamarin are fruitful when it comes to developing hybrid apps. And the choice totally depends on the project type and client requirements. So specifying one to be superior is pretty tough. So if you’re confused between these two frameworks, discuss it with experts. Check out the portfolio of GoodWorkLabs, our expert team will first assess the project and decide which framework will be the right fit for your project. Contact us here!

Companies big and small are all utilising Big data to do the work. Big Data can be utilized by all the industries to get a better insight into the data they have produced and put it to work. Big data gives you insight by the sheer volume of numbers and metrics. It provides enough scope and scale to present a clear picture of the data.  Processes, customer behavior, logistical issues—all of these can be identified, segmented, and analyzed with big data. Then, when linked with tools like analytics and machine learning, your business gets the capabilities to make data-driven decisions. This further elevates and accelerates your goals.

Big data can help your startup to grow and leverage the benefits it offers. So if you are thinking in what ways your startup will benefit from Big data then let us show you two commonly used cases of Big data – 

You get to know about your customers

You can know a lot of things about your customer through Big data. How? By knowing their buying pattern, purchase history etc. Especially the purchase data largely consists of records of orders, invoices, methods of payment, the timing of payment, and other data, etc. This information is vital to several different teams, like accounting, merchandising, inventory, supply chain, and others. From the marketing perspective also you can utilize this data, as it can help you recognize certain customer attributes, such as the frequency of purchases and, in some cases, budgets. 

You can analyse the behavioral data 

Through Big data you get to know what people do with their devices. Thus it makes it easy to know the patterns of the target audience. It will help marketers to include actions a person takes with a phone, laptop, tablet, or other device. You can also track a customer’s behavior on your own website. So with this data, you get a lot of insights about your customers. 

Increase sales and loyalty through Big Data

Big data allows businesses to tailor their products and services to suit the needs of the customer wants. So your business is able to give customised services to your customers and the result is that you get more satisfied customers. With analytics services, your business gets to use the tool without any differentiation of whether it is a small or big organisation. 

So what are you thinking now?

Big data is a revolutionary technology that has the potential to turn things upside down and give you the insights to serve customers better! Get in touch with GoodWorkLabs to get big data solutions and take your business to the next level!Our team is well versed with technology and Big data and will help you to take your business ahead. Contact the GoodWorkLabs team here. 

Big data refers to massive quantities of data that can be structured, collected, analyzed, and shared. It is basically all the information we develop, such as texts, emails, tweets, etc. Moreover, it is one of the best marketing strategies that companies can opt to improve sales and gain more customers. You might be surprised, but 61% of business organizations are of the opinion that big data enhances revenue by delivering crucial insights into consumer behaviour. With such information at hand, you can understand the needs and desires of your customers. 

How can you leverage the benefits of big data for small businesses?

Every day humans produce 2.5 quintillion data bytes. To shift through the massive amount of data, businesses can take advantage of big data technology. With the best analytical tools, you can now have more knowledge about your customers. Check out the top five benefits that big data offers to small businesses. 

• Improvement in customer service

One of the most advantageous aspects of using big data is to improve customer service. The real-time insights on customers aid in discovering consumer thought processes and behaviour. Now, you can make the necessary changes to your customer approach tactics with ease. Personalization of your customer service will undoubtedly increase customer engagement. This, in turn, will drive up the sales. It is vital to note that the retention of customers can help the business to thrive. 

• Increases efficiency

The usage of various digital tools aids in boosting the efficiency of the business. For instance, with the use of different social medial platforms, one can expand the brand visibility with ease. These tools, if used correctly, can be used to save time and money to a considerable extent. Moreover, you can also use big data to evaluate the finances and improve the pricing of the products and services. 

• Enhanced loyalty and sales

Valuable information such as shopping preferences, etc., can aid you in knowing more about your customers. As such, you can now tailor your services and products as per the requirements of the consumers. Thus, you can provide whatever they want, thereby getting their attention. It is vital that you take advantage of the digital footprint and analyze it to hook in more customers. 

• A better understanding of CRM or Customer Relationship Management

The utilization of CRM to reply to consumers promptly can ultimately aid in keeping them. For this, you can use personalized emails and ads to garner the attention of your consumers. As per research, one-quarter of Facebook and Twitters users are of the opinion that companies must respond to issues within an hour through the social media platforms. 

• Easy team management

With the assistance of big data, it is now easy to manage teams and thereby increase the productivity of your business. Now, you have the information that you need to recognize employees who can contribute value to your business. With the aid of the best analytical data, you can ensure employee happiness and indirectly motivate them to work even harder. 

Conclusion

These are some of the advantages that big data technology provides to SMEs. Moreover, there are various ways these businesses can use big data to propel their sales. It is vital that you use the data to develop the personalization of services for your customers. Get in touch with GoodWorkLabs to get big data solutions and take your business to the next level! Our experienced team will make sure you get the best out of your data. Contact the GoodWorkLabs team here. 

The CoVID-19 pandemic has made irreplaceable shifts in the business world with a massive boom of technological services. The unprecedented year has taught us the enormous powers of the virtual world which are not only cost-effective but highly time-saving. Hence making it safe to say, the smarter ways of work that bore as silver linings in these tough times are here to stay with even more advancement in near future.

How has it changed?

As per studies, the pandemic has hiked global internet usage by 20% along with a 59% acceleration in the digital transformation of organisation. The number is only likely to increase in the coming future, as the virtual world has reshaped consumer needs, businesses have to keep up with the pace. Finding new solutions for the digital era expect much more from the service providers to stay ahead of the curve.

What to expect next?

Along with the technological upgrade, the digital shift also requires re-shaping the skill-set. Things that can be expected in the near digital future are:

• Digital Labour:

The world has been slowly adapting to digital tools and bots, be it driverless cars, stores, or even eradicating mundane tasks from your to-do list. The future entails automation with the help of technological services such as RPA, staff augmentation, Big data, and so on. Aiming to reduce timespan and human labour, these services are gradually becoming a need of the future.

• Flexible Workspaces:

As per the stats, more than 50% of millennials aren’t ready to return to regular 9-to-5. Having seen the possibility and benefits of remote work, the next-gen workspaces demand mobility and flexibility, giving rise to the high-level managerial tools and software through the power of digital.

• Digital Skills:

With the massive increase in automation & technology, many jobs are likely to go obsolete. This births the need for newer digital skills including domain/functional skills, professionally handling digital platforms, and innovation & creativity under the domain of such services. Upcoming years demand upskilling to newer arenas so as to curb the likely wave of unemployment.

• Capital-Conscious Models: 

The worldwide crisis has redefined capital expenditure cycles for many companies. Businesses need to remodel their basic structure as per digital needs since with less manpower, lesser hardware tools, and increasing remote working they have the liberty to churn out a much more profitable and environmentally friendly model. This opens a window of opportunity for leaders to move towards digital investments as well as accelerate gain-share models.

Conclusion

Digital transformation is undoubtedly not going anywhere and is here to uplift the economy in many ways. Businesses can leverage the power of digital to not only up their profits but work towards betterment which will enable the world to come together through smoother services.

GoodWorkLabs has been at the forefront, helping companies adapt to post-CoVID challenges in the business world and stay ahead in the game. Our latest technological services and tools including digital transformation, AI, game development, platform strategy, and more, have been proven helpful to not only supply for the current demands but also prepare for the future requirements. 

Check out all our services: https://www.goodworklabs.com/

Today organizations have realized the need to put customers at the centre of everything they do. And to serve customers better and delivering mind-blowing experiences to them is not possible without Customer Relationship Management (CRM). Salesforce CRM helps organizations worldwide identify new opportunities, manage and use customer data, drive marketing campaigns, and improve communications. Ultimately, it helps them drive more robust business growth.

Salesforce Development for Businesses Is Vital

Salesforce Development helps them to create useful software solutions. Let’s get into the top 5 Benefits of Salesforce Development for Organizations. Check out these five benefits offered by Salesforce Development Services:

You can create user-friendly applications

A Salesforce development company with expertise in Salesforce Development will help you build custom apps to meet a variety of needs of your business. The software will manage the process automation, data analytics, and regulatory compliance, customer support, etc. With Salesforce’s features and cloud-based architecture, it is possible for you to create solutions that define your business’ success.

Take better decisions and make forecasts

The other advantage offered by Salesforce development services is that you can keep a real-time track of your data and get a detailed understanding of the market, and figure out how your business is doing. Salesforce development enables you to get a clear picture of the entire ecosystem, use it to analyze your current performance, find ways to improve and make useful predictions.

Get better insight into your competitors

A professional Salesforce development service firm can help organizations analyze customers’ queries and responses. You also get to understand what competitors in your niche are doing.  

Save money, time and effort 

Salesforce development offers tailored solutions such as templates, drag-and-drop/point-and-click tools, personalized reports and embedded analytics. All of these capabilities enable users to transform their application ideas into reality quickly. 

Empower your Sales & Marketing teams

With Salesforce development, organizations can create useful calendars, dashboards, reports, etc. This enables companies to improve their conversion rates, close more deals, and increase their revenues and profits and also grab the right opportunities, It also helps them improve customer relationships; by serving them better.

Wrapping Up Salesforce Development Advantages

Salesforce development benefits the organization in many ways. But for that, you need to choose the right company for salesforce development services. It helps organizations to enhance collaboration and improve internal communications. Choose the amazing Salesforce development company, GoodWorkLabs, based out of Bangalore and Kolkata, India and San Francisco, USA. The company has an experienced set of team that will work on your application and will deliver the best solution to you. If you have a Salesforce Development project then come and discuss it with our team. Contact us now!

Did you know that big data can help in increasing the revenues for small businesses? You might be surprised, but 61% of business organizations are of the opinion that big data enhances revenue by delivering crucial insights into consumer behaviour. With such information at hand, you can understand the needs and desires of your customers. 

What is big data?

In essence, big data refers to massive quantities of data. Moreover, it can be structured, collected, analyzed, and shared. It is basically all the information we develop, such as texts, emails, tweets, etc. Moreover, it is one of the best marketing strategies that companies can opt to improve sales and gain more customers. 

Benefits of big data for small businesses

Did you know that every 24 hours, humans produce 2.5 quintillion data bytes? To shift through the massive amount of data, businesses can take advantage of big data technology. With the best analytical tools, you can now have more knowledge about your customers. Check out the top five benefits that big data offers to small businesses. 

• Improvement in customer service

One of the most advantageous aspects of using big data is to improve customer service. The real-time insights on customers aid in discovering consumer thought processes and behavior. Now, you can make the necessary changes to your customer approach tactics with ease. Personalization of your customer service will undoubtedly increase customer engagement. This, in turn, will drive up the sales. It is vital to note that the retention of customers can help the business to thrive. 

• Increases efficiency

The usage of various digital tools aids in boosting the efficiency of the business. For instance, with the use of different social medial platforms, one can expand the brand visibility with ease. These tools, if used correctly, can be used to save time and money to a considerable extent. Moreover, you can also use big data to evaluate the finances and improve the pricing of the products and services. 

• Enhanced loyalty and sales

Valuable information such as shopping preferences, etc., can aid you in knowing more about your customers. As such, you can now tailor your services and products as per the requirements of the consumers. Thus, you can provide whatever they want, thereby getting their attention. It is vital that you take advantage of the digital footprint and analyze it to hook in more customers. 

• A better understanding of CRM or Customer Relationship Management

The utilization of CRM to reply to consumers promptly can ultimately aid in keeping them. For this, you can use personalized emails and ads to garner the attention of your consumers. As per research, one-quarter of Facebook and Twitters users are of the opinion that companies must respond to issues within an hour through the social media platforms. 

• Easy team management

With the assistance of big data, it is now easy to manage teams and thereby increase the productivity of your business. Now, you have the information that you need to recognize employees who can contribute value to your business. With the aid of the best analytical data, you can ensure employee happiness and indirectly motivate them to work even harder. 

Conclusion

These are some of the advantages that big data technology provides to SMEs. Moreover, there are various ways these businesses can use big data to propel their sales. It is vital that you use the data to develop the personalization of services for your customers. 

So what are you thinking now?

Get in touch with GoodWorkLabs to get big data solutions and take your business to the next level! Our experienced team will make sure you get the best out of your data. Contact the GoodWorkLabs team here. 

The Big Data Industry

Most experts believe that Big Data is proving to be quite a Game Changer. The majority of the modern industries have started implementing it to their advantage, while some old school industries have started warming up to it. The advantages of Big Data are numerous; increase sales and cost cutting are some of them. To know more about which industries are best utilizing Big Data, read the lines below.

1.     Financial Markets

When data is one of your industry assets, it pays to invest in it. Financial data analytics has resulted in big payoffs for the companies implementing it. When real time data is of utmost importance it pays to invest in them. Hedge fund managers have been using Big Data Analytics for long in the form of cutting edge Data Science.

2.     Retail Banking

From the last 2 decades, retailers have started analyzing consumer buying behavior and data. They need to know the demand and supply equation, as retail is a season centric business. As thousands of pieces of data are collected in a given year, Big Data will help the information become more accurate. This, in turn, will help retailers accurately forecast demand and thereby buying that requirement of stock. The company will not only save on wastages, but it will also help to satisfy customer need as they won’t have to return due to lack of stock.

3.     Energy

Today developed countries have started using Big Data to balance loads, manage infrastructure and price energy products. The Alternate energy consortium has taken a lead regarding Big Data. The old school energy industries are slowly catching up to this trend. Smart meters are proving to a boon in this space, as it provides millions of pieces of data to the supplier and the regulator.

4.      Web Analytics

There are tremendous opportunities for Big Data in the web analytics field. With the popularity of social media, humungous amounts of data packets are generated. With Big Data we can know a user’s profile, how many times he logs in a day, where he has shifted his house. Also, you can find the user’s spending habits as well as the amounts of time he spends on a particular website.

5.     Mining and Natural Resources

Most mines are fully automated with sophisticated machines and Equipment. They throw up large amounts of data daily. Sometimes the size of a single day data is in terabytes. This Data can be suitably used to increase mine efficiency. It can also channelize to improve yield optimization and predictive asset management. The value chain in the mining industry can be further strengthened with the help of Big Data.

With this wide coverage, it is no wonder that ‘leaders’ within 900 organizations surveyed by IBM are 166% likely to make most decisions based on data. Big Data analytics will drive strategy and tactics around the data explosion that will continue to happen as we read this post.