The Difference between Business Analytics and Big Data

Business Analytics and Big Data pic
Business Analytics and Big Data
Image: itworldcanada.com

Former IBM balance sheet strategy manager Mark Marinello is a Columbia University graduate with nearly 30 years of experience in the financial sector. In addition to his professional work in finance, Mark Marinello is also personally interested in the subject of big data analytics.

In business, big data analytics refers to the collection and examination of large amounts of data organically created in the marketplace in order to gain insight into customer trends. However, big data differs from typical business analytics in several key ways.

According to an article published by the Harvard Business Review, big data collection contrasts with business analytics in volume, speed, and form. Big data relies on computer systems to quickly collect and store large amounts of unstructured data and process it to create a comprehensive view of the market for company analysts. In business analytics, these professionals are limited to the collection of structured data, and the processing of information is usually done by a team of human beings rather than a computer.

Both forms of analytics are used in order to help companies make more efficient decisions about business operations.

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Big Data Analytics Helps Businesses Grow Sales and Succeed

Possessing more than 25 years of financial and treasury experience, Mark Marinello has held such titles as manager of corporate treasury at IBM Corporation and managing director of capital markets for Genworth Financial. Having most recently served as the director of treasury at Huawei Technologies, Mark Marinello is currently involved in data analytics and maintains a specific interest in big data analytics.

Big data analytics involves using large data sets to discover various patterns and information within the sets. It can help companies understand the data’s information better while also showing which specific data is most important when it comes to making business decisions. Analyzing big data is a way for companies to learn more about their consumers. Many consumers prefer shopping around for the same product before buying. By analyzing big data, companies can better profile their consumers and determine what exactly they look for. It also informs companies about certain products that each individual consumer may be interested in so companies can better help customers during service calls.

Companies also regularly use big data analytics to adapt their products or marketing. Analyzing social media text can provide companies with unique insight into what their consumers really think about their products or marketing campaigns. It also allows for comparisons of material costs and performance across different product designs. Further, analyzing big data supports real-time website changes and allows companies to quickly tweak their webpages to specifically target each individual visitor.