The Power of Big Data in Business

As the world becomes increasingly digital, the amount of data being generated is growing at an exceptional rate. In fact, according to IBM, as much as 90% of the data in existence today has been created in the last two years alone.

This vast amount of data has given businesses of all sizes the opportunity to gain insights into customer behavior and industry trends like never before. With the ability to process and analyze huge amounts of data in real-time, big data has revolutionized the way businesses operate, and has brought with it a plethora of benefits.

Real-Life Examples

One company using big data to great effect is US-based retailer Walmart. They have developed a machine-learning algorithm that analyses customer data to determine which products should be stocked in each store and at what price. This has allowed Walmart to optimize their inventory, reduce wastage, and improve profitability.

Another example is the online streaming service Netflix. They use big data to provide customized recommendations to users based on their viewing history and preferences. This has resulted in users watching more content and staying subscribed for longer periods of time.

Main Companies and Related Links

Conclusion

Big data has revolutionized the way businesses operate and has brought with it a plethora of benefits.
Companies like Walmart and Netflix have successfully implemented big data strategies to optimize their operations and improve profitability.
With the continued exponential increase in data generation, businesses that fail to embrace big data risk becoming obsolete in today's digital world.

References and Further Reading

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Author

Akash Mittal