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How does Big Data assist in Business Decision making?

Answer»

Making a business decision involves a lot of factors. One wrong decision can ruin the whole business. A BIG Data contains a lot of information that when used wisely can benefit a Business immensely.

It can transform any business that is willing to exploit its potential.

It contains patterns, trends, and value hidden in it. This information when discovered can help any business to make its decision based on actual data and not just human instinct. It assists in formulating various strategies about marketing, production or inventory management.

It can increase efficiency at all LEVELS and drastically reduce the overall costs.

A business that is not harnessing the potential of Big Data MAY miss the opportunity and lag behind its competitor. It may make some incorrect decisions by not considering market trends and CUSTOMER CONCERNS. As Big Data can provide valuable feedback and market sentiments, it can immensely help a Business make wise, correct, and timely decisions by providing great business insights.



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