Big data analytics consulting is a sophisticated service based on the process of examining vast amounts of data. It uncovers useful business-wise information and hidden correlations and connections within it. It has been designed to help organizations in making more apt decisions, thanks to insightful analysis. Big data analytics consulting helps your company to grow faster and improve the decision-making process considerably.
Big data analytics is a form of advanced analytics based on big data-large amounts of data originating from the market itself and your company. It has been designed to gather, combine, and analyze data in a way that otherwise wouldn’t be possible. Big data analytics is a much quicker, more convenient, and cheaper way to deal with data that flows through your company.
The term “big data” was first used in the mid-1990s* to refer to increasing data volumes. Several years later, Doug Laney, an analyst at Meta Group Inc., indicated three main factors to describe big data-volume, velocity, and variety. Later, they became known as the 3Vs of big data, and they are still used to describe the specificity of it.
What is big data consulting? How can big data analytics consulting be beneficial to your business? Why do you need big data strategy consulting? These are the topics we are going to discuss in this article.
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The importance of big data analytics
The benefits of big data consulting can never be overrated. You can think of any field of doing business on a large scale, and we bet big data might be applied to it with ease. To name some of the critical benefits, let’s say it’s of significant importance for
- New business opportunities (new niches, new product development, new target audience)
- More effective marketing (more accurate marketing strategy, better optimization)
- Better customer service (customer churn prediction, improved communication)
- Improved operational efficiency (quicker and more precise decision-making process)
Big data analytics, along with business intelligence, are your guides through almost unimaginable amounts of data. They help you in answering such questions as, “why X happened and will it happen again?”, “how to prevent Y from happening?”, “how will improving Z affect our company?” and so on. What data is taken into consideration in big data analytics? In general, it includes data from both internal systems and external sources. Usually, it’s a mix of structured, semi-structured, and unstructured data. For instance, internet clickstream data, marketing campaigns efficiency, web server logs, social media content and activity, text from customer emails and survey responses, mobile phone records, machine data captured by sensors connected to the Internet of Things (IoT), market and social trends, competitors’ activity, and many more. It all depends on what questions you ask and what goals you set for yourself.
It’s the role of a big data analytics consulting company to help you in choosing appropriate data sources that will allow you to receive answers you expect to get. However, you must always remember that big data analytics is just a tool. It does not apply any adjustments or improvements. Your actions and decisions are still necessary.
Big data market
Big data becomes more and more important in many aspects of business, especially in large international corporations, which produce a lot of data every day. The best big data management solutions give companies the ability to aggregate a variety of data from hundreds of sources in real-time. This results in a better decision-making process, better customer service, and better operational efficiency.
As you can read in the Fortune Business Insights** report, the global big data technology market size was valued at USD 36.8 Billion in 2018 is projected to reach USD 104.3 Billion by 2026, exhibiting at a CAGR of 14.0% in the forecast period. What’s interesting, around 50% of the global big data technology market is cloud-based. Many companies value this solution because it’s easily accessible, faster to set up, and does not require a full software license. The same report also reveals which industries use big data most commonly, and these are BFSI (Banking, Financial Services, and Insurance), retail, manufacturing, IT and telecom, government, healthcare, and utility.
The most prominent players on the market are IBM Corporation, Microsoft Corporation, SAS Institute, Oracle Corporation, Salesforce.com, and Tableau Software. Combined, they account for more than half of the market revenue share globally.
Usage of big data analytics consulting
Where can be big data used? For instance, big data has become increasingly beneficial in supply chain analytics. It’s mostly applied to enhance the decision-making process. Big data in the supply chain comprises datasets for analysis that go beyond traditional internal data that comes from the enterprise resource planning systems (ERP) and supply chain management systems (SCM). It also implements highly effective statistical methods for new and existing data sources. As a result, many useful insights are gathered, and they facilitate better informed and more effective decisions.
Another interesting example is customer service. Nowadays, customer service is 100% data-based. Just consider social media, CRM systems, chats, and chatbots, and call centers-it’s all data! Today’s enterprises have a wealth of information about their customers. The statistics*** show the importance of big data in customer service-58% of enterprises experience a significant increase in customer retention and loyalty as a result of using big data customer analytics. 44% of enterprises gain new customers and increase revenue as a result of adopting and integrating customer analytics into their operations. Companies also highly value real-time customer analytics for delivering business profit in the following areas:
- improving customer experiences (85%),
- improving customer retention and loyalty (58%).
Cost reduction is also a noticeably beneficial application of big data in many organizations. Processes like quality assurance, vendor management, testing, and shipment can involve many complications and hidden costs. Big data analytics can provide priceless insights on the impact of different variables in the production process. As a result, the company can adjust its production techniques and practices to optimize it. Nearly 60% of respondents said in Syncsort research that big data tools help them in increasing operational efficiency and reducing costs****.
How does it work?
The first step is always to gather big data to work on. This process is called data warehousing, and in essence, it’s a database designed for further data analysis. There are many such databases available on the market, to name just Amazon Redshift, Oracle Exadata, SAP Business Warehouse, and Teradata. Stored data needs to be organized, configured and partitioned correctly. Once information is stored and ready for further analysis, it can be processed with artificial intelligence software. The processes commonly used for big data analysis include:
- data mining (sifts through datasets in search of patterns and relationships, combines many techniques designed to analyze data in general)
- predictive analytics (as its name suggests, it predicts future trends and alterations)
- machine learning (automatically learns and improves itself without being explicitly programmed).
All these systems and algorithms analyze tons of data to detect hidden correlations and connections. Then, the results are turned into recommendations and conclusions, which are a base for the decision-making process. This is how big data analytics work-it provides you with the necessary knowledge (often utterly new knowledge!) to make successful decisions. However, to gain maximum benefit, you need a staff of experts-machine learning specialists, big data scientists and consultants to manage big data efficiently. And this is what big data consulting services are all about. First of all, you need a big data strategy.
Why do you need big data strategy consulting?
The big data strategy is necessary to manage the entire process. Most non-AI companies do not have the required in-house workforce and know-how to cope with big data analytics on their own. For that, you need a team of professionals to design a big data analytics infrastructure that suits your needs and requirements. And then, the same team has to supervise this newly-built infrastructure that consists of servers, software, applications, and AI algorithms.
The big data consulting company, such as Addepto, will provide you with the necessary tools but, also, with the wide-scale support to help you with managing the entire system. In Addepto, we realize that our clients need more than just infrastructure. They need a full-service backing, and this is exactly what they get! You don’t have to worry about hiring the whole team of big data scientists or investing in something you are not sure is for you. Before you spend your first dollar on big data analytics, you will get precise feedback from us about the investment worth and possible alternatives.
The big data consulting services
Our big data consulting services are designed to be as flexible as possible. We help our clients with the implementation and management of the entire big data analytics infrastructure. Our big data consulting services begin with drawing up the needed infrastructure. We discuss your needs and requirements and select appropriate tools to match your goals. Then we implement established applications and solutions. When all that is done, we serve you as an advisor and a supervisor who watches over your tailor-made big data software. It’s a strategy we have developed, which has proven itself many times. For the benefit of our clients. Maybe it’s time for you to become one of them?
Are you thinking of implementing big data analytics for your business? You’re in the right place! Just call us or send an e-mail, and let the new stage of your company’s development begin!