Big Data is the latest buzzword among web technologists and futurists. Dr. Werner Vogels, CTO, Amazon defines big data as the collection and analysis of large amounts of data to create competitive advantage.
The industry considers big data more as a concept than as a term. When data sets become large, companies need to start thinking of collecting, storing, organizing, analyzing and sharing them in a cost effective manner. That’s exactly what the concept of big data represents. Can big data can be used to create value to your business? Yes! Here’s how.
 Big data can unlock substantial value by enabling transparency in information. The data could be about user transactions, shop floor records, secret camera inputs etc.
 All transactions are captured and stored appropriately in digital form. This helps in detailed performance analysis about everything from product inventories to weekly sales and stock value.
 Big data helps senior management come up with custom built products or services based on precise customer segmentation and their varying tastes.
 Detailed data helps provide detailed insights and different perspectives. This helps senior management make better decisions.
 Big data can be used to develop next generation products and services with innovative after-sales offerings and proactive maintenance based on product expiry details.