How data analytics is changing business models

The world of today is driven by data. All business organizations are enraptured in getting all the data entering in their systems, to analyse it and make better advantages out of it. The competition in the environment has been changed by Big Data.

With advanced resources of analysing these data, companies from one sector are now being used as services to other companies. With big data, organizations are moving forward with bigger opportunities, more efficient working, higher scale of profits and better relationship with customers. As data analysis moves the world, Big Data has certainly brought round a good number of opportunities.

There are 5 ways to gather profitable value from these data:

1. Strategic Analytics – Understanding how to deal with occasionally occurring repeated challenges.
2. Platform Analytics – Improving core operations of the business process
3. Enterprise Information Management – Making quicker and better decisions
4. Transformation of Business Model – Using data to create better perspective of business models
5. Making Data-centric Business – Making way for new regions of profit in the business organisation.

With more social media and smartphone users increasing day by day, data is generated in vast quantities. Estimates survey that Big data analytics would emerge into a large market in the business world by 2020. Companies and organisations who have already implemented these statistics, report more than 26 percent performance improvement in the last 3 years. This number can easily rise to 41 percent in the next 3 years.

Instead of limiting the use of data analytics to solve a single problem, these methods can be used in everyday mechanisms. This is the beauty of data analytics being able to be used in every sphere of the industry. Even failures can be predicted and diverted before it even occurs with the help of advanced data analytics. Organisations ignoring or not responding to the value of these analytical data have often fallen to great risks.

And this new change is not only for the new business companies. It is applicable even for big established business giants. These data can help them to look for areas for expanding their market and serve clients in better ways. The companies who successfully combine the analytics with their domain will surely excel their rivals in no time.

Technology is improving data to data. So are our needs and demands. Business who serve us also need to change according to the global requirements. Our demands may not always be a straight forward option. The clients need to analytics these data, and look out for the new opportunities that Big Data brings. For business is nothing if it has no customers. And “Nothing is more expensive than a missed opportunity”.