How Can Big Data and Analytics Help Businesses of All Sizes?
Published on : Wednesday 01-04-2020
Big Data technology has been around for many years, allowing businesses to lower the time of analytics taking for making effective decisions. Every organization across industries, whether it is large or small, entails valuable data and information. However, when it comes to understand and process a larger amount of data and client preferences, big data plays a vital role. The technology has the ability to work faster and accomplish agility that delivers a competitive advantage to enterprises, at a low cost.
Using big data analytics enables businesses to examine a wide range of customer-related patterns and trends, since customers are the most crucial asset for any business. Even, with big data, small businesses can get comprehensive insights into their customers regarding what makes them purchase things, how they prefer to shop, why they switch, and what will they buy next. They can also better interact and engage with customers by assessing customer feedback that improves a product or service. Companies can use big data to garner more customer engagement from various sources such as traditional in-house data including sales data and customer service logs, social media, browser logs, text analytics, and large, public data sets.
What Does Big Data Analytics Really Mean for Businesses?
Big Data technology has the potential to support your business by making better business decisions, understanding your customers, delivering enhanced services or products, increasing business operations, creating return on investment, and others. By utilizing this tech can also help companies to compete with their adversaries. In several industries, new competitors as well as established competitors make use of data-driven tactics to defeat their counterparts and stand out in the marketplace.
Big data provides businesses the tools they seek to make smarter decisions. Thus to do so, everyone within an organization must have access to the data they need to enhance decision-making. It means, rather than making data the sole domain of IT departments and business analysts, its access must available for every department in the business, so they can explore and analyze data and can answer their most pressing business questions effectively. This process is generally called Data Democratization.
As data democratization relies on the concept of self-service analytics, persons in each department of an organization must be trained up to a minimum level of ease with the tools, concepts, and processes involved in order to participate.
Increased use of Big Data Drives Business Efficiency
Since big data is able to gather all the customer data a company requires, it also assists business leaders in customer acquisition and retention process. Soft drink company Coca-Cola, for instance, uses big data analytics to drive customer retention. According to reports, the company, in 2015, managed to bolster its data strategy by developing a digital-led loyalty program.
Using big data analytics can also transform companies’ marketing and advertising campaigns and offer effective marketing insight. Today, marketing and advertising teams in a company are increasingly using big data to make a more sophisticated analysis, such as receiving the online activity, supervising the point of sale transactions, and keeping with the dynamic changes in customer trends. Netflix is one of the companies using big data analytics for targeted advertising. The company accumulates a massive volume of data, which is the key to accomplishing the industry status that Netflix boosts.
So, big data analytics is an imperative technology that drives business operations and heightens income. And as the technology will evolve in the coming years, I believe, it will enable decision-makers to enumerate and model risks that they face day to day. Also, big data will give a boost to a large number of people-related processes like recruitment, learning, development of business, among others.