Big data analytics is the process of examining large volumes of data to uncover hidden patterns, identify correlations and other useful information that can be used to make better decisions in business.
Why Big Data Analytics?
The differentiator of big data analytics is the volume of data it can analyse; of which conventional analytics and business intelligence solutions cannot handle or analyse in real-time.
- Comparing unrelated data sets and assuming relationships or similarities.
- Poor data hygiene: Analysing incomplete data sets and making decisions based on the analysis of that data.
- Narrow focus: Analysing data sets without considering other data points that might be crucial for the analysis. An example of this within current CRM systems would be analysing email click-through rates but ignoring the unsubscription rate.
- Unrelated data grouping: many organisations group data points together and treating them as one. For example, looking at visits to your website and treating unique visits and total visits as one, leading to a false understating of your true conversion rate.