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Using Big Data to transform business processes Posted on Dec 06 - 2017

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From cost management to gaining new insights, Big Data is becoming an invaluable business tool

Technology is constantly advancing, and as a result, devices are consuming ever-increasing amounts of data. According to research from tech giant IBM, we create around 2.5 quintillion bytes of data on a daily basis and in 2013 it was calculated that 90% of all the data in existence had been created in just the previous two years – a maxim still frequently recited in tech keynotes.

As a result of this, Big Data has become a big trend in the technology and business worlds. The term refers to datasets that are too large and complex (for example, unstructured data like emails or voice recordings) for ordinary computing systems to handle. While managing this influx of information can be daunting, Big Data has massive business benefits and has spawned allied technologies like predictive analytics and user behaviour analytics.

This area of technology has the potential to transform business and enable business leaders to make data-driven decisions faster. According to the research firm IDC, organisations will spend $187 billion on Big Data and analytics technology by 2019, an increase of 50% from the $122 billion invested in 2015.

Thanks to Big Data, organisations are discovering new ways to glean intelligent, actionable insights that will help them push ahead of their competitors. Big Data isn't just helping firms better understand their customers, though, it's also improving efficiencies and business processes, helping them to speed up decision making.

Gaining a competitive edge

There are many companies developing sophisticated Big Data technologies, one of which is MHR Analytics. The firm is a specialist provider of business intelligence and analytics solutions and is helping organisations make sense of disparate raw data and make intelligent decisions.

Nick Felton, a director at MHR Analytics, says Big Data can be used to help businesses gain a competitive edge by providing insight into what's working within the business and what's not, as well as identifying where to cut costs and where to invest more. "One of the most crucial decisions an organisation can make is to recognise data as an asset. This single action, rather than blind technology investment, will contribute in identifying business opportunity, help predict future trends and ultimately generate revenue," he tells IT Pro. View More

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