Catering to the challenges posed by the traditional data processing in data analysis,storage, search, capture, transfer, update, data curation, etc is the new age Big Data analytics. The large and complex data processing is made easier through implementation of advanced analytic methods pronounced by Big Data,which leads in attaining greater accuracy, confident and better decision making, reduction in cost and risk with overall improvement in operational efficacy.
The fast growing global economy that is capitalizing on the power of the internet requires the use of Big Data in every vertical as pooling huge amounts of data results in contributing a significant value to the industry and economy. The power of Big Data technology is humongous and this is why, not only new entrants but even established competing companies are embracing this technology to inculcate data driven strategies in their process and emerge as an innovative, pioneering and value oriented business.
Forpacing ahead in the race of competition, companies must incorporate the use ofBig Data technology by recruiting highly trained Big Data experts and unleashits potential to add value to their businesses.
1.Intelligent Usage Of Big Data Can Make Information Transparent
Sincemost of the data created through the use of internet by millions of peopleacross the globe is in unstructured form, the use of Big Data techniques can bebeneficial in searching for relevant data from different locations, storingthem at one place and analysing them with more efficiency.
2. AidsIn Ample Data Storage In Digital Form
Big Dataenables in collecting more accurate and detailed data, which can aid ininterpreting various aspects of a company's internal and external working.Therefore, such kind of huge data can be stored in digital form and in future,it can help in exposing variability and analysing the upcoming threats andopportunities.
3. HelpsIn Retrieving Segmented Data For Better Product, Pricing & MarketingStrategies
SinceBig Data technology is largely advantageous in storing and sorting out relevantdata, they are extremely beneficial in acting as a major determinant indecision making process. The data retrieved can be segmented as per differentkinds of customers on various demographics and thorough analysis can help acompany pitch tailor-made product, pricing and marketing strategies moreconfidently and competitively.
4.Stimulates Better Decision Making, Reduces Risk & Motivates Innovation
Big Dataanalytics deliver sophisticated data interpretation that can prove base forhighly efficient decision making, foreseeing and minimising risks whileconfronting businesses with valuable aspects that are hardly possible tounderstand through traditional data analysis methods. Moreover, with changingtimes, businesses can attain success through intense marketing techniquesbacked by superior and innovative products through effective utilisation of BigData.
COSO ITunderstands that this era of Big Data can bring radical changes in the whole managementof every small and big business where the scale of professionalism will beboosted not by just data collection and storage but through effectiveutilisation to take pertinent business decisions. Since COSO IT is aware thatwhen a business has access to a wide range of data that can change the way itcompetes, it can bring a transformation in its management and even businessmodel to seek better risk handling and overall enhancement in its market stake.