Data management is no longer just a business model or an isolated action: more and more large companies integrate it within their global and corporate strategy. This is what they are doing. In addition, it points to a growing trend: that of resorting to big data analytics services not only as a business line but almost as a business strategy as a whole. The use of data in decision-making has grown in recent years by developing new technologies, spreading social networks and widening the use of smartphones, a success factor for businesses and organizations, while the volume and format of these data have changed dramatically. Terms such as Big Data and Data Analytics are now at the heart of the discussions of IT departments around the world, so getting acquainted with them is a one-way street despite the fact that the definitions given to these words are a bit confused.
Big Data is essentially created by everything around us at any time. Every digital mass media interaction produces data, from browsing to the computer and online retailing to iTunes and likes on Facebook. These data are captured from multiple sources, at a terrifying speed, volume and variety. But in order to extract, however you have a substantial value from them, you must have the best processing power, the proper analysis tools and, of course, the relevant skills. The range of data collected by businesses today is almost unreal. The benefits of big data analytics services are not only visible from outside doors, but also from inside doors when it comes to building an internal culture that improves all existing processes in a large company. And it is that in large companies, by their own size, decision making and the mobility of their processes almost never flow as quickly as one would expect. In this sense, this methodology helps coordinate the different teams and improve the hierarchical structures of each of the positions and departments.
The main factor to promote the use of these tools, according to the companies consulted, is motivated by fundamental changes in digital technologies. In this sense, the issues that most concern companies are the popularization of the so-called consumer Internet of Things (IoT), the increase in regulation around privacy and data security. In addition, and this may be one of the key factors, the strategy of ‘data analytics’ makes available to large companies artificial intelligence and predictive and prescriptive models to face future changes in business models and business strategy. All this focused on a clear objective: to be highly competitive in the analysis of data and to position itself at the head of the market.
Using an integrated big data analytics services, each business can learn the preferences of its customers and at the same time find opportunities to attract new customers as data analytics can reveal the reasons for it or has no impact on specific buyers. The key to successfully integrating these practices into an existing business model everyone has adopted is, of course, education. Employees who are responsible for the IT strategy will need additional knowledge but at the same time, all users will have to be trained as Big Data sets a totally different mindset in business, regardless of industry or other special conditions.
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