18. ➢ Cost Savings
➢ Time Reduction
➢ New Product Development
➢ Understand the market condition
➢ Control Online Reputation
19. Cost Savings : Some tools of Big Data
like Hadoop and Cloud-Based
Analytics can bring cost advantages to
business when large amounts of data
are to be stored and these tools also
help in identifying more efficient ways
of doing business.
20. Time Reductions :The high speed of
tools like Hadoop and in-memory
analytics can easily identify new
sources of data which helps businesses
analysing data immediately and make
quick decisions based on the learnings.
21. New Product Development : By
knowing the trends of customer needs
and satisfaction through analytics you
can create products according to the
wants of customers.
22. Understand the market conditions :
By analysing big data you can get a
better understanding of current
market conditions.
23. Control online reputation: Big data
tools can do sentiment analysis.
Therefore, you can get feedback
about who is saying what about your
company.
26. Volume
Big Data observes and tracks what happens from various sources which include business
transactions, social media and information from machine-to-machine or sensor data. This
creates large volumes of data.
Velocity
The data streams in high speed and must be dealt with timely. The processing of data that
is, analysis of streamed data to produce near or real time results is also fast.
Variety
Data comes in all formats that may be structured, numeric in the traditional database or
the unstructured text documents, video, audio, email, stock ticker data.
Veracity
Big Data Veracity refers to the biases, noise and abnormality in data. Is the data that is
being stored, and mined meaningful to the problem being analyzed.
28. The use of Big Data is becoming common
these days by the companies to outperform
their peers. In most industries, existing
competitors and new entrants alike will use
the strategies resulting from the analysed
data to compete, innovate and capture
value.
29. Big Data helps the organizations to create
new growth opportunities and entirely new
categories of companies that can combine
and analyse industry data. These
companies have ample information about
the products and services, buyers and
suppliers, consumer preferences that can
be captured and analysed.
30. It also understands and optimizes business
processes. Retailers can easily optimize
their stock based on predictive models
generated from the social media data,
web search trends and weather forecasts.