Data Analytics In Business Transformation: How Does It Work?

Big Data Analytics: What It Is, Why It Matters And How To Implement In Business?

Using Big Data Analytics in business transformation has already become a top way for leaders to make better decisions and drive outcomes with improved decisions. In fact, with the capabilities of extracting valuable insights from the raw data, “Big Data Analytics” has already demonstrated the paramount significance in digital transformation and serving as the backbone of modern businesses and industries. 

“It’s not just about amassing data, but it’s about leveraging this asset strategically to render informed, high-stake decisions that top-tier management can utilize to drive their organization towards enduring success.”

Did you know that 61% of organizations have already realized the power of using data analytics in digital transformation and successfully adopted big data and analytics to 10x their business growth. 

Moreover, with the projection saying 87.9% of global firms consider investment in data and analytics to be a top priority, the global big data analytics market value is expected to take a steep jump from $307.52 billion in 2023 and is projected to grow to $924.39 billion by 2032.  

Source: thebusinessresearchcompany

As more and more organizations are looking to undergo a digital transformation with data analytics, it’s critical to understand why it is gaining momentum, what it is, and how Big Data Analytics is transforming the business growth…Here is this blog we have covered a perfect roadmap for success…

Did you know, 91.9% of organizations achieved measurable value from data and analytics investments in 2023? Are you still struggling to leverage the potential of Big Data Analytics in your business? It’s time to hire a mobile app developer at Xicom to transform your business strategy. Let’s connect now for estimations!

What is Big Data Analytics?

Succeeding in this highly technology driven era has become quite challenging for leaders than ever. The customer needs and industry challenges keep evolving in their ever-changing market disruptions, therefore , coping up with these changes, latest trends and predicting future possiblities have become core roadblock for businesses.

This is where Big Data Analytics comes into role!

But, before you look for big data consulting services, you need to understand, “what is big data analytics”?

Big Data Analytics is nothing but a process that refine the raw data into structured data and extract valuable insights by finding patterns, trends and relations between a large amount of raw data.

The all process works with the intent of structuring data that allow businesses to make decisions. Now the question is what kind of data is structured and where exactly its being gathered?

The constant flow of data comes in from multiple resources like smart devices, web usages and customer interactions and more. Then big data engineers are able to use that information, understand the pattern, trends and convert it into key business insights. 

However, what makes big data work smoothly and accurately? Let’s understand the elements that make big data analytics a powerful technology for businesses…

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What are the Elements of Big Data Analytics?

Big Data Analytics comprises various key elements that work together to seamlessly transform the amount of raw data into valuable insights. Here’s a breakdown of the key elements that you need to understand before you look forward to hiring a software development outsourcing company for your business transformation…

• Data Collection: It gathers data from diverse sources such as customer interactions, social media, connected IoT devices, sensors, transactions and more. Efficient data collection is critical to ensure that all relevant information is available for analysis. Usually it is highly useful in retail companies who need to gather data from point-of-sale transactions, loyalty programs, social media and website behavior to understand customer preferences. 

• Data Storage: Now you have gathered huge amounts of data which need to be stored on scalable storage platforms like cloud storage or distributed databases. These storage options accommodate structured, semi-structured and unstructured data with the easy accessibility for analysis. 

• Data Processing: Now this is where you a software development company transform the raw data into formats that can be easily analyzed. For data processing, it includes cleaning (removing duplicates or errors), organizing and structuring data. Processing may use batch processing (analyzing data in chunks) or real-time processing for immediate insights. Data Processing holds a special importance in finance and banks that process massive transaction logs to detect fraudulent activities in real time by simply cleaning, organizing data to figure out irregular patterns. 

• Data Analysis: This is the main element of Big Data, where advanced techniques like machine learning, statistical modeling and predictive analytics are applied for data analysis and uncovering data trends, patterns, correlations and enabling businesses to make informed data-driven decisions. 

• Data Governance: Data governance ensures data quality, accuracy and consistency across the organization. To make it work rightly, it involves setting policies, standards, and practices for data management, making it reliable and valuable for analytics. 

How Does Data Analytics Work in Businesses?

The basic role of data analytics is to empower businesses, leaders and employees to make better decisions and improve decision outcomes. This includes all types of decisions, including macro, micro, real-time, strategical, tactical, and operational. 

By harnessing the data from both within and beyond organizational boundaries, companies can gain insights that support a wide range of decisions that are strategic, tactical, operational and even real-time. 

Here’s how Big Data Analytics drive business value:

1. Enhanced Decision Making Across All Levels

The core reason of using Big Data Analytics in business transformation is it empowers with valuable insights that enable better decision-making at all levels. 

Whether for high-level strategic choices, daily operations or real-time adjustments, carefully analyzed data help leaders in a great way to make informed decisions. It supports everything from macro trends to micro actions and helping businesses to optimize both broad strategies and minute business details. 

2. Uncovering New Business Strategies

By analyzing vast data resourced from multiple platforms, companies can uncover patterns, trends and insights that may have been overlooked earlier. 

According to the reports, 69% of companies that use big data say that they make better strategic decisions. 

With data insights, it only brings perfect answers to existing questions, but also reveals new ones, highlighting emerging trends or potential solutions that business leaders hadn’t considered. To reap the best benefit of big data, it is worth hiring a mobile app development company offering data analytics services capable of business transformation. 

3. Supporting Digital Transformation

Big Data Analytics is a key driver in digital transformation in businesses. From simplifying the process of making complex decisions more accurately to extracting relevant and valued insights, businesses can easily transform their strategies.

In the fast-paced business environments, data enables organizations to adapt quickly, providing insights that inform digital initiatives, streamline processes and enhance customer experiences.  

4. Finding New Business Trends and Patterns

Businesses looking to get an edge in this thriving competitive market can consider Big-Data Analytics as it enables them to identify significant trends that aid in forming future strategies. By analyzing historical and current data, companies can easily track industry shifts, anticipate quick changes in customer behavior and make adjustments to their offerings to meet the evolving market needs. 

And a perfect example for this to refer to is Amazon, Walmart, eBay and more who remain at the forefront of market competition by simply understanding the evolving market moves and quickly alter their business strategies with 200x business sales as outcome results. 

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How Can Xicom Help You Implement Data Analytics In Your Business?

As big data analytics in business transformation, holding an important space and ensuring great promises of success, organizations are curiously looking to understand how to implement it into their business?

At Xicom, we have a dedicated team of engineers expert in big data analytics who have not just handled various big data projects but have seen that process doing wonders to the businesses and unlocking new possibilities. 

The need for big data analytics is actually realized when organizations get convinced with the fact that they are missing out on big data benefits and learn how it can alter their business strategy.

This is where our big data analytic team collaborates with you to understand the major business roadblocks make a scope of the insights that have to be pursued and customize the analytic strategy around them. Next, our IT team of engineers a complex system where they capture the raw data and convert them into structured information.  

Now the professional big data team starts using the data for the big data model created at first, they start noticing the problems in the system and the cycle of alteration begins there. This is one of the core things that our experts witnessed happening multiple times during the data analytics service journey. 

If you’re still wondering how it will work in your business and how much it will cost you, then it is worth hiring software developer who can help you evaluate the project requirements, assist in business strategy transformation, and explain the future business possibilities. 

Conclusion: Transforming Businesses With Big Data Analytics

Hopefully, this blog has given you a fair idea about how big data analytics can help businesses foster business growth. The journey of navigating through the world of data analytics has spotted the crucial role in digital transformation, but how far is the path of implementing data analytics? 

By getting deep into the historical data and leveraging predictive modeling structure, businesses are equipped to make more informed decisions, but this type of automation would require the right expertise of data engineers who can simplify the process of handling vast amounts of data and are capable of driving real-world applications through unstructured data. 

This is where Xicom allows you to hire mobile app developers to seamlessly manage, maintain data quality, and keep the data secure by adopting the safe-sided approach of data analytics. For more details, you can drop a detail or contact us!

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Here we have gathered additional information related to big data analytics and how it can help transform business strategies.