In recent years, data has become recognized as the most valuable resource in the business world. While information has always been powerful, data analytics empowers organizations to get greater and more precise insights than ever before. Many business owners are on the fence about the value of big data to their company while their competitors are learning to wield it like the powerful tool it is.
It’s easy to think about big data as “just a bunch of numbers” and to a degree, you’d be right. However, data is behind some of the greatest technological advancements of today, and it will surely spearhead many more in the near future. For now, let’s focus on the present and take a closer look at some of the incredible technological advancements that data analytics has helped us to develop.
Predictive analytics enables businesses to stay ahead of trends.
Can you imagine how much easier running a business would be if you could see the future? Indeed, big data is the closest thing the business world will ever get to having a crystal ball that shows them the future. Manufacturing companies use predictive analytics for many applications, including supply chain management and predictive maintenance.
Utilizing predictive analytics effectively starts with having the right data management solutions. TIBCO is a data management solutions leader with years of experience helping business users ensure data quality and improve business outcomes. In fact, the Magic Quadrant—one of the most prestigious Gartner research publications—gives TIBCO the highest ratings in its quadrant, further proving the value of its data management solutions to technology users.
Data analytics has helped companies discover innovations to improve products.
As you know, companies thrive and die on customer satisfaction, and that’s why many business leaders employ data technology to gain insights into customer behavior and preferences. A great example is how the top electronics companies have been working to improve earphones over the years with innovations like noise-canceling earphones and true wireless earphones (or earbuds). They even began making tethered earbuds that offer the freedom of true wireless headphones and the safety of traditional headphones for consumers who live an active lifestyle. Those electronics companies used big data insights to fine-tune their products for their varying customer bases.
Data analytics has led to the creation of machine learning.
One of the most popular ways big data has powered technological advancement is the development of machine learning (ML). ML technology uses algorithms to process data and make predictions, and it’s used commonly for smart technology and mobile apps. A prime example is how Netflix learns what types of movies and television programs you like and suggests movies based on your prior Netflix experiences. That’s right, big data is the power behind Netflix!
Now that you see some of the many ways big data has led to some incredible technological advancements, you can better understand the need to make data management a priority for your company. Big data can help you find new ways to enhance your customer experience and stay ahead of disruptive trends. Big data also powers machine learning, which is the foundation of smart technology. Furthermore, big data has helped the medical community develop effective treatments for COVID-19 and other harmful illnesses.
If big data can make this large impact on the world, imagine what it could do for your small business. Your first step is finding a data management solution that will enable your company to maximize the massive amounts of data it produces and consumes. Your company’s digital transformation is incomplete without the right data governance solutions, and that’s why we recommend TIBCO, and so does the Gartner Magic Quadrant.
