Why big data analytics will define business success in 2024

Big data analytics have become an essential asset in today's competitive landscape, as shown by industry leaders such as Amazon and Marriott, who use big data to dominate their respective sectors and demonstrate its significance.

Big data analytics

The significance of big data analytics cannot be overstated: currently valued at $307.51 billion in 2023, its projected growth to $924.39 billion over 2032 at an expected compound annual growth rate of 13% illustrates its critical role in driving business success for businesses worldwide.

Even with such impressive statistics, many companies still rely on traditional data management methods for data storage and management. In this blog post, we examine how big data is helping major players gain a competitive edge, and why adopting such practices is so essential.

What Is Big Data? Big data refers to large collections of digital information gathered through structured, unstructured, or semi-structured sources that can be analyzed for trends, patterns, and insights regarding customer behavior and interactions - it also applies to manufacturers tasked with managing massive amounts of operational information.

Why you need big data analytics

With data volumes, varieties, and velocity rapidly growing exponentially, traditional databases no longer keep pace. To effectively make decisions quickly and uncover business opportunities more rapidly, big data analytics tools are now required for faster decision-making, problem-solving, and opportunity discovery.

Check out how some of the world's top brands have used big data analytics in their success:

Amazon:

As one of the leading e-commerce companies, Amazon leverages big data to enhance customer experience, supply chain operations, and dynamic pricing. By analyzing customer information from its marketplaces, Alexa devices, Kindle books, and third-party providers like third-party providers - including third-party providers who deliver Amazon content - Big data helps personalize recommendations while improving marketing campaigns; additionally, it reduces shipping costs by optimizing warehouse locations.

Marriott International:

Marriott employs big data analytics to forecast demand and set optimal prices for its services while their Marriott Bonvoy platform uses big data and AI for targeted marketing, competitor monitoring, and providing personalized customer care.

Bosch:

Bosch is an industry-leading automotive parts supplier that uses big data analytics to enhance quality control in its production processes. Through data from production sensors, Bosch detects and corrects potential issues immediately - decreasing waste while improving product quality.

UPS:

Utilizing big data analytics to enhance supply chain operations, track package data and streamline delivery routes is one way UPS uses big data. By understanding customer behavior and preferences, they offer faster delivery options with real-time updates to increase operational efficiency.

What's next?

Big data analytics is an indispensable asset for businesses seeking to understand their operations and customers better. When used effectively, analytics platforms such as Omniconnect? offer real-time data analysis solutions that allow businesses to achieve positive results more quickly.

Reach out to our experts for additional insight on big data analytics solutions.