Why is big data important for organizations?
Big data analytics is a comparatively new technology helping organizations to harness their own data and optimize its use for identifying new opportunities. Here are some of the ways Big Data is vital to organizations:
- Cost reduction: It uses technologies like cloud-based analytics and Hadoop which effectively bring down costs a lot, especially when storing large amounts of data. In addition to that, analytics helps identify multiple efficient ways to increase productivity.
- Faster and better decision making: Combined with the speed of Hadoop and in-built memory analytics, along with the capacity to analyze new sources of data, organizations are able to analyze vast amounts of data instantly and make decisions based on them.
- Launching new products and/or services: Combing through large amounts of data gives the organizations the power to serve their customers on a superior scale while satisfying their needs instantly. This leads to the launch of new products and/or services to help grow and retain their existing customer base.
BY Best Interview Question ON 06 May 2020