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Cupid Chan talks about Big Data Analytics and how you can benefit yourself

The increasing digitization in the last few decades has resulted in companies and public institutions generating and storing vast amounts of data. We’re talking about 2.5 trillion bytes per day worldwide (this corresponds to a storage capacity of 36 million iPads). The explosive growth of digital data becomes particularly clear when one realizes that 90% of the data available worldwide were generated in the last two years.

According to Cupid Chan, a well-established name in the data industry says that with software systems constantly evolving and an increasing number of Internet and social media users around the world, this growth trend will continue in the future.

How to deal with the amount of data is a crucial question for companies nowadays. With the right analysis, important insights can be gained that serve as the basis for strategic company decisions. In this article, we describe the benefits companies can derive from the amount of data available to them to remain competitive in the digital economy.

What is big data?

Big data are large amounts of data that are produced every day by companies and private individuals. At the consumer level, this data includes information on online, search and purchasing behavior. At the company level, for example, transport and production data are affected.

The concept of Big Data has been around for years. Even in the 1950s, decades before anyone said the term “big data,” companies were already using basic analytics (essential numbers on a spreadsheet that were examined manually) to discover insights and trends.

Today, most organizations understand that if they capture all the data that goes into their business, they can apply the analysis and gain significant value from it. In this sense, the new benefits that Big Data analysis brings to the table are speed and efficiency.

Big Data is classified as a set of techniques capable of analyzing large amounts of structured data – or not. This information is generated by users (people, employees and customers) or even machines. Its great differential is to create the possibility of crossing this information for the generation of accurate reports, which indicate opportunities for improvement and risks to the company.

It’s a tall order for companies to translate a huge amount of data into ROI, and many businesses still don’t know how to combine Business Intelligence (BI) with Big Data to get insightful business value.

Through Big Data it is possible to know exactly what can be improved. Through it, it is also possible to create assertive strategies, which can be put into practice to improve productivity, reduce costs, monitor consumer habits and discover new trends.

Cupid Chan, Managing Partner at 4C Decision, says that while, a few years ago, a company would gather data, perform analysis and dig up information that could be used in future decisions, today these companies can identify ideas for immediate decisions.

With a larger Big Data volume, now more easily accessible, you can make more accurate and informed decisions about the business, says Cupid Chan.

What are the benefits of Big Data?

But in practical terms, what is the value that Big Data can bring to the company? Data has intrinsic value; however, it will be useless until that value is discovered. Another equally important question is: how true is your data – and how much can you trust it?

Today, Big Data has become capital for companies. Think of some of the biggest technology companies in the world, like Apple, Microsoft and IBM. A large part of the value they offer comes from their data, which they constantly analyze to produce more efficiency and develop new products that are more and more tailored to the needs of their audiences.

The point is that recent technological advances have exponentially reduced the cost of storing and computing data, making storing massive amounts of information accessible not only for these giants but also for small to medium-sized entrepreneurs.

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