Big Data Analytics is used every day by companies all around us. There are different types, benefits, and important. However, knowing the concept of Big Data is also important. Big Data is the set of data that due to their volume traditional databases can capture, manage, or process, and it is used in everyday life. For example, Artificial Intelligence (AI), or mobile devices drive Big Data in simple things such as music, movies, healthcare, marketing, transportation, and even education.
For this reason, as companies and technologies capture so much information, analyzing this information is crucial to understand customers and target audiences which can affect the decision making. That is why, Big Data Analytics is the analysis of this Big Data and it uses advanced techniques to do so. Similarly, it has different types:
Diagnostic Analytics that can be used to understand the actions of companies, customers, employees, products, services, etc.
Descriptive Analytics which is applied in order to keep the company with current trends and performances. For example, with finances, sales, production, etc.
Predictive analytics foresees and anticipates the actions of the market in the future by making decisions based on data.
Prescriptive Analytics uses the analysis of descriptive and predictive statistics and discovers solutions in order to improve the business practices of the company.
Therefore, there are many benefits of using Big Data Analytics. First, it encourages faster and better decision making because it evaluates considerable amounts of data from various sources. Second, it also has lower costs and is efficient in its operations. Third, as it interpretes large amounts of data, it can discover patterns and new information that will enlight new opportunities and businesses. This is shown as 60% of companies around the world use data and analytics to drive process and cost-efficiency.
In Costa Rica, Big Data and Analytics is the second most common 4.0 technology capitalized. Also, with their presence in Costa Rica, companies such as 3M, Accenture, Acuity, Cargill, City, Cloudera, Equifax, GSK, IBM, P&G are leaders in Big Data & Analytics.
The use of this helps identify smarter business moves, even higher profits, and content customers. Because companies carry and create substantial amounts of data every day, the analysis of it is crucial for the evolution and growth of the company where our country advocates for the increase of management of Big Data Analytics. Furthermore, for High Tech companies, like members of Central Gate, in Costa Rica this is also very crucial in order to create better opportunities and business moves.
Auditoría Valeria Peña Sequeira, International Business and Commerce Expert