How Analytic Tools Help in a Data-Driven Economy
Big data is all about size.
The large data set that comes with big data is difficult for standard data tools and technologies to process. It serves an important purpose across many industries today as companies use big data solutions to unearth patterns, constructions and other insights that couldn’t be seen otherwise. This information then leads to a company’s ability to provide better solutions to customers.
To effectively handle big data, technology has shifted and big data tools are emerging to provide a faster and more efficient way to access data in lieu of traditional analytic solutions. Another perk to this advent in data analysis is that insights are available for immediate use. A pending business decision can lead to a request for data analysis, and as soon as it all comes back, the business decision can get made. This gives organization’s a competitive advantage assuming they’re asking the right questions of their data.
The importance of big data analytics
Not only do insights collected from big data help businesses find new opportunities and inform decisions that lead to growth, they create solutions for more efficient operations. Three additional areas where big data analytics positively impact the success of a company include:
- Increased cost reductions: This is a two-fold benefit, since big data analytics can help a business run more efficiently overall, saving money, while also providing technology options the reduce the cost involved in data storage.
- Improved customer satisfaction: With the immediate insights collected from big data analytics, customers benefit the most. Big data analytic technology helps ensure customer satisfaction as innovative business solutions are built around data specifically about customer needs.
- Clearer understanding of market conditions: Analyzing big data not only gives you insight into your own company, but it can also help you understand current market conditions. With insight into purchasing behavior, a company can establish what products or services are the most popular and adjust their own manufacturing goals to align with the trends.
The sentiment analysis big data tool can conduct can also help businesses with their online reputation. This type of analysis gives a company feedback on who’s saying what about a specific company. This allows you to monitor and improve your online presence with the help of big data.
Best open source big data solutions
According to robots.net, some of the best open source big data solutions available today, include:
- Hadoop: As an open-source, Java-based programming framework, Hadoop processes large data sets in a distributed computing environment. It’s the most popular and widely used big data analytics technology available today.
- Statwing: Designed just for analyzing tables of data, Statwing lets users complete analysis in minutes that used to take days. It significantly helps to make analytical tasks easier and includes a contemporary interface.
- Apache Spark: An open-source, distributed, general-purpose, cluster-computing framework, Spark is an interface for programming entire clusters with implicit data parallelism and fault tolerance. It helps make up for the data processing gap of Hadoop can process both the collection of data sets and current data.
- Cassandra: Managing big data sets across multiple servers, Cassandra is considered one of the best big data tools for processing structured data. It provides scalability and high availability of big data with proven fault-tolerance on commodity hardware and cloud infrastructure.
- Pentaho: As a suite for creating relational and analytical reporting, Pentaho Data Integration can accept data from different sources ranging from SQL databases to OLAP data sources. It can take complex data and convert it into meaningful reports business can use to draw out key information. It’s ideal for extracting, preparing and combining large amounts of data, while also providing insights and analytic results particularly useful for businesses.
Businesses in every industry are benefiting from big data
Deciding to use big data technologies gives businesses a competitive edge that helps improve operations, customer satisfaction and their ability to make business decisions that align with goals. Organizations in life science, banking, manufacturing, health care, government, retail and big technology companies like Facebook and Google are all experiencing the benefits of big data by using the right data solution.
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