Ballooning of Big Data
The need for understanding and evaluating the emerging trends associated to demand, preference patterns, shopping trends and behavioural aspects of consumers in the day-to-day world has become highly prerogative for the business institutions to survive in a competitive environment. Business organisations need considerable amount of data for carrying out analysis based on the above aspects. The need of Big Data for business sustenance thus can be rightly gauged. Moreover, analysts reflect that between the periods ranging from 2020 to 2027 the rate of market growth is expected to be double. Correspondingly, the amount of Big Data needed by the business institutions is also understood to potentially grow by 2027.
Big Data ~ Big Benefits
The investments rendered by Fortune 500 Companies in the ambit of Big Data are observed to gain a steady growth rate by around 25 percent along the periods ranging from 2018 to 2021. Companies tend to invest considerably for incorporating Big Data in that it helps in enhancing profits by 8 percent and also in reducing costs by 10 percent. Firms involved in diverse industries are increasingly deploying Big Data for planning and analysis purposes. The firms involved in e-commerce operations employ Big Data for forecasting business trends and also in understanding of product demand based on customer’s buying sentiments. Likewise the banking institutions tend to employ Big Data for enhancing of business profits and also understand the risk in terms of lending. Again, business linked to the oil industry carry out Big Data analysis for ensuring greater safety.
The Case of Netflix
Netflix Inc. based in United States operates as a pay television over-the-top media service player. It also acts as an original programming production firm. The platform offers subscription based movie shows to customers. Customers on Netflix reflect unique sets of options. It thereby requires the company to use Big Data and subsequently analysing the same for reducing customer churning and also in enhancing the level of consumer satisfaction. Moreover, Netflix estimates that the deployment of Big Data helps it in generating savings of around $1 billion in terms of customer retention. Big Data are used by Netflix for carrying out the following functions:
- Analysing and finding the Smash-Hit Series
- Generating Personalised and Top N Video Rankers
- Developing Trending Now Applications
- Meeting Continue Watching functions
- Generating Algorithm for identifying Similar Videos
Current Trends in the field of Big Data usage
The following are the emerging trends in the field of Big Data Analytics that are taken to aptly benefit the business institutions in the long run.
- Coupling of Big Data with Machine Learning is taken to help business institutions in both forecasting and also in venturing into new business segments and uncharted territories
- The coupling of Big Data with Natural Language Processing (NLP) Applications provides an edge to the business institutions in digging deeper for studying of consumer preferences and attitudes
- The incorporation of Big Data in firms also contributes in transformation and enhancement of existing skill sets
- Data-as-a-Service (DaaS) based on employing Big Data helps firms in gaining effective control over company wide data resources
- Increasing use of Big Data has also helped the firms for carrying out real-time processing of huge data sets and thereby in generating effective insights
Big Data and Globsyn Business School
Globsyn Business School (GBS) based in Kolkata operates as the country’s only Corporate B-School. The B-School recognises the significance of incorporating Information Systems and Data Analytics in the field of management studies. This required GBS to revamp its management programs in terms of integrating Big Data Analytics as an area of study.
Big Data is really becoming big in terms of occupying a big and integral part in the carrying out of day-to-day business functions. Thus, business schools thus find it imperative for training the management students in the field of Big Data Analytics so that they can help in making the firms gain performance effectiveness and also to rightly sustain their position in the competitive business scenario.