The Pros and Cons of Big Data for Businesses

Today the data scientist is not just a buzzword, and informed decisions have turned from a competitive advantage into a condition for business survival. Big data software development services by DICEUS will help you develop a profitable strategy and take the company to a leading position in the industry. In fact, you get the ability, backed by today’s technological advances (such as artificial intelligence), to analyze and double-check large amounts of data from various sources. This is one of the main functions and at the same time one of the main pros of big data. The technology makes it possible to predict the most probable outcome of solution A in milliseconds and compare it with a similar result of solution B. Big data development also allows you to highlight the insights behind one or another user behavior.

Deliberate action to grow your business

On the other hand, data-based decisions are already concrete actions taken on the basis of big data. In the communications industry, real-time trading is a prime example. According to predetermined parameters, supercomputers produce a ready-made solution in milliseconds:

1. Is it worth making bids (and which ones) in the auction;

2. Displaying banner ads to a user whose profile meets all the requirements of the advertiser.

The program records and tracks all variants of the outcome of events, and with each new auction evaluates the result and improves the parameters of the auction. One of the small, but still cons of big data is incremental efficiency. No matter how you prepare in advance, after a month of work, the system will operate more efficiently. It’s impossible to choose the best settings right away, you have to wait.

Why is big data important to business success?

Let’s talk about the 5 main benefits that they allow you to get:

1. Based on the huge amounts of data about users available from open sources (for example, what they read, how much time they spend on certain pages, what they do on social networks and whether they tend to make purchases in online stores), businesses can make accurate portraits of your potential clients, discover new target audiences and, in general, conduct in-depth analysis of your business and make more informed decisions.

2. Modern supercomputers are able to analyze zettabytes of information and generate results in a matter of milliseconds. They provide effective, personalized solutions based on user profiles, and select the best offer for everyone in the best context.

3. Now we can define in detail who we want to sell our product to. It became easy to find these people at the most suitable moment, when they are ready to perceive our information. It has become easier to engage potential buyers in interactions with minimal business investment. The experience gained is used to further improve targeted targeting. All of this significantly reduces the investment required to achieve effective business results.

4. Big Data technologies open up the possibility in real time to create statistical models close to reality, revealing previously hidden, non-obvious patterns. For example, the increased intensity of discussions on a given topic after an event or the influence of weather conditions on the level of demand in a particular product category.

5. An important difference between Big Data methods is the ability to answer the questions why this is happening and what should be expected in the future. It is also easier to decide which actions will help achieve the desired result. Previously, such decisions could only be provided by a whole staff of experts analyzing incoming information for weeks.