Benefits of Big Data in Enterprise
- Big data might allow a company to collect trillions or billions of real-time data points on its products, resources, or customers- and then repackage the data instantaneously to optimize the customer experience.
- The speed at which data is updated using big data technologies allows enterprises to more quickly and accurately respond to customer demands. For example, MetLife used MongoDB to quickly consolidate customer information over 70 different sources and provide a single, rapidly-updated view
- Big data can help enterprises to act more nimbly allowing them to adapt to changes faster than their competitors.
Benefits of Big Data
As per Oxford English Dictionary, Big Data is “data of a very large size, typically to the extent that its manipulation and management present logistical challenges”. Big Data refers to technologies and initiatives that involve data that is too diverse, fast-changing, or massive for conventional technologies, skills, and infrastructure to address efficiently. But nowadays with the help of new technologies, it is very easy to realize the value of Big data, for example, to identify shopping behavioral trends of customers to improve stockage and pricing of the items. Government processes also get benefits and banking institutions are capturing data on customer interaction to model risk and fraud.