According to Google statistics, users enter over 3 million searches every minute. This is an incredible amount of information that shapes the priorities in commercial inquiries and online business in general. The opportunities for the owners of such information are very great. With the right analytics, you can determine the likely scenario for changing user preferences and design a model for future search queries. It is not for nothing that the simple truth “Who owns the information – he owns the world” has gained particular popularity today. Perhaps these lines were prophetic and reflected modernity? We need to figure out what big data consulting is and why it is needed.
What is strategic consulting?
As defined by Consultancy.uk (2019) – “The strategic consulting segment is based on supporting business models from the private sector in shaping business strategies to achieve business objectives and generate financial returns.” As of 2020, the financial turnover of the strategic consulting industry is approximately $ 300 billion.
The “big three” companies are considered to be the founders of traditional business consulting models: McKinsey, BCG and Bain. With the global growth of digital technologies, a number of companies have joined them, which have repeatedly confirmed their status as a modern and reliable partner in the field of consulting.
By definition, the strategic planning process consists of three main stages: analysis of the current situation, development of a strategy, and implementation of the assigned tasks. This is a very simplified definition, but in general it reflects the main essence of strategic planning.
What is the advantage of big data analytics?
Big data analytics has taken on a special status over the past decade. In the light of globalization, a real revolution has taken place in the segment of super-powerful computers and information processing technologies. Modern computer systems make it possible to store, generate and process a volume of data that contains more bytes than the number of stars in the accessible universe.
By 2025, humanity will create even more informative bytes per day. This simple hypothesis requires no special proof. The growth in the number of mobile devices for using the Internet is only increasing. Along with this, unique technologies for information processing based on artificial intelligence are being developed.
The impact of big data analytics on strategic consulting
Despite the long lasting immunity, the industry has undergone significant changes. It may be too early to talk about global disruptions. Many companies have learned to adapt to the conditions of the modern market and themselves have become the “conductor” of the technology for generating and processing big data. The global development of Internet technologies and total access to information have led to a number of changes:
• Modern tools for data processing and analytics allow you to check the effectiveness of consultants and compare the work of a consulting agency with automated technologies for finding and consolidating information.
• Corporations themselves carry out many types of work to collect and process commercial information. The use of software modules and platforms allows you to quickly analyze large data streams without the participation of consulting agencies.
• Availability and a large number of open sources of information allow you to independently collect the necessary data in large volumes. Ultimately, with stable needs, it is more profitable for companies to maintain full-time specialists than to order services on the side.
• Platforms for developing software applications allow you to rent any equipment for generating and processing information. Now you do not need to invest in buying and maintaining powerful computing devices. It is enough to conclude an agreement with a service company and you can use the devices when real needs arise.
As all technologies are rapidly updated, “knowledge trading” becomes more and more difficult. Each user can find the necessary data on the network himself or simply copy the necessary application, software or information.
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