Big data refers to large amounts of data that can’t be retained, managed, or evaluated with conventional technologies. Based on current research, it is estimated that around 2.5 quintillion bytes of data are created every single day. It’s almost impossible to conceptualize.
But think about it. There are millions of data sources that are producing data at rapid rates. Social media platforms, web networks, and company infrastructures are some of the most active data sources. Let’s look at Facebook (Meta) as an example. With over 1 billion users, their platform generates more than 4 petabytes of data per day through pictures, videos, likes, statuses, messages and other types of information are included in this data.
Understanding the importance of collecting big data for business operations is only one part of the equation. To fundamentally improve the way businesses operate, big data must not only be collected but analyzed and used to make business decisions. Because big data provides companies with incredible insights into what customers want and how they interact with brands, it enables business leaders to devise strategies to better meet customers’ needs while increasing sales. Business analysts, with business data analysis experience, can help firms utilize the big data they collect to accomplish their objectives.
Many companies hire business analysts because they know how to capture data, process it in a timely manner, and apply it in a manner relevant to the business’s goals.
What Role Does Data Play in Business Decision-Making?
Big data usually refers to large volumes of data systems that can be analyzed and generate valuable insights to assist businesses in making better decisions. A business analyst who uses cognitive and quantum computing will be able to analyze large complex data sets rapidly and make quicker business decisions that have an immediate impact. This is why companies that use big data and business analytics have a competitive advantage over their peers.
How Are Businesses Utilizing Big Data and Analytics?
Big data is a collection of real-time data that is systematic, semi-structured, and disorganized, as well as OLAP, ETL, and information. Big data is used by businesses and professionals to extract valuable information that can be used to inform strategic decisions. Companies use big data not only to make real-time decisions to improve business results but also to give them a competitive advantage over their competitors in the market.
Furthermore, big data is crucial in the creation of a framework for data management in decision-making, assisting business executives in making better judgments for their organisations.
Data Analysis Requirements to Support Business Decisions
While dealing with large amounts of data may appear to be a very complex and challenging task, becoming skillful in data analysis will improve the profitability of the company. The key is to develop a true value from the data you’ve extracted. Through this, you’ll be able to determine the success of your data-driven decisions. It is critical to have a solid understanding of your data metrics and measurements, such as foot traffic, daily sales, page clicks or conversions, which will assist you in determining which parts of the business are expanding and should thus be prioritized more. As a decision-maker, you should revisit your ideas to ensure that:
- Your collecting all the data you can
- The data is completely representative
- Assumptions based on information produce the desired results
- You test different independent variables or analytical methods and measure the outcomes
A data analyst’s role varies depending on their specific role, ranging from structuring business data, providing insights from the data and identifying key opportunities areas to improve efficiency. If you’re looking to become a well versed data-driven expert capable of turning data into useful information, you should develop skills in the following areas:
- Understanding structured & unstructured data
- Critical thinking
- Identifying opportunities from data
- Presenting findings
- Use of industry-standard analytics tools
- Machine learning abilities
- Predictive modeling skills
Big Data Tools and Technologies Used by Business Analysts
There are a number of big data tools and technologies used by business analysts to support big data analytical processes. The following are examples of common data technologies and tools used in some of the most advanced businesses today:
- Hadoop is an open-source platform for processing and storing large amounts of data. Hadoop is capable of handling massive volumes of structured and unstructured data.
- Stream analytics tools are used to analyze, aggregate, and filter large amounts of data that can be stored in a variety of formats or platforms.
- A data lake is a platform for storing large amounts of raw data in its original format until it is needed. In data lakes, a flat design is employed.
- Spark is an open-source cluster computing platform that may be used to process bulk and stream data.
- In-memory data fabric transfers massive volumes of data among memory resources on the system. This contributes to minimal data access and processing delay.