Big data has rapidly developed over the last years. The primary reason for this rise that big data provides long term value to enterprises. Value is not just secured in terms of immediate monetary or social gain, but also in the form of competitive advantage.
Thanks to its broad list of applications, all sorts of industries like insurance, finance, healthcare, non-profit and educational sectors have embraced big data. There are numerous channels through which value can be retrieved from big data as companies can use it to increase efficiency or facilitate growth.
This effectively contributes to the ‘digital transformation’ of enterprises and even impacts the way the enterprises must be managed, organized, and designed.
According to an IDC report, worldwide revenues for business analytics and big data will increase from 122 billion (2015) to more than 185 billion in 2019, which implies an increase over 50 percent. Big data is a big deal!
Enterprises can effectively deliver more value from big data through the following ways
An enterprise can effectively use big data to have the edge over their rivals. In various industries, both seasoned entrepreneurs and new entrants capture big data to compete and innovate. You can see examples of big data in almost every sector ranging from healthcare to IT.
In healthcare, companies are concentrating on determining the benefits and risks of big data hat were vague during initial tests and trials. One of the advantages of big data in healthcare is that it can lead to better examination of trials and improved accuracy in predicting outcomes.
Companies have strategically utilized data from the sensors available in numerous products from the likes of children’s toys to industrial goods. This allows enterprises to understand how their products are being used in the real world. With this critical information, an enterprise can create new products and services.
Big data can effectively lead to new growth avenues. Big data can create new business categories such as those associated with analysing and aggregating industry data. Such companies collect massive amounts of data about consumer intent, preferences, suppliers and the buyers, services and products. If you want to win and not just survive, companies should consider building out their big data capabilities.
In addition to the traditional range of data uses, the real-time nature and high frequency of big data are essential. Estimation metrics like customer loyalty used to be carried out retrospectively. But thanks to big data, such techniques are extensively being used. This amplifies the accuracy of making predictions. High frequency also allows your enterprises to test theories in real-time.
It’s not just these benefits, but big data is helping organizations like never before. It is strategically used in both the public and private sectors.
Consumers are clever these days and they are aware of their priorities. Before they buy anything, they are sure to look around and compare the various options available. Some even communicate with businesses through social media and request special treatment. Generally, most customers will want to be thanked for buying your products and services.
Big data allows you to locate these types of customers. Big data will make it possible for your enterprise to conduct confidential discussions with your customers and in real-time. In such a competitive business environment, this is how you should consider treating your customers.
For example, let’s say you work for a bank. A client enters your bank and the clerk can examine their profile in real-time by utilizing big data. This allows you to understand your customer’s preferences and what services they are looking for. And through this, you can advertise relevant products and services. This makes your business more convenient and precise.
The process for analysing large data sets is known as data mining. Correctly quantifying this data can be advantageous as you’ll be able to identify a great deal about your customers based on their previous transactions. Efficient data miners can effectively examine customer transaction patterns, current trends, as well as customer behaviour. This is an excellent way for you to understand your customers and clients through data mining.
It is essential to know what sort of data to collect. A lot of data is useless; as such, you must ensure to collect only those data that can be monetized. Examining the type of customers that convert to your business and the behavioural patterns that encourages them to purchase your products should be your primary priority.
Big data is also very powerful in integrating online and physical shopping domains. An online retailer can recommend relevant products and content on mobile platforms. This can used to target customers inclined towards social media usage.
One of the best ways to gather and utilize feedback is through big data. It allows you to properly understand how your customers perceive your services and/or products. This is beneficial as you’ll be able to re-examine your offerings and re-invent them. When you examine social media text, you can receive general feedback from your customers. In addition, you can even segregate the feedback among various demographic groups and geographical locations.
Additionally, big data can help you can test numerous versions of high-end computer designs in a matter of seconds. For example, you can easily collect data about performance, material affect costs, lead time, and more. This enhances the efficiency and productivity of various production processes.
Using big data tools, you can effectively map the whole data landscape across your company, allowing you to inspect various internal threats. Through this data, you can ensure that sensitive information is safe. It is guarded in a suitable fashion and contained according to regulatory conditions.
Thanks to the ability to recognize threats, many companies have been utilizing big data to ensure data protection and safety. It is crucial for companies that deal with debit and credit card data, financial information, and similar practices.
Perform Risk Analysis
The success of your enterprise will depend on multiple criteria. Success is not just dependent on the way you run your company. Economic and social conditions also play a crucial part in determining your success. Big data is advantageous with predictive analysis; as it can scan and examine social media feeds and newspaper reports. Thus, you can keep you up to date on the latest trends and developments in your industry.
New Revenue Streams
One of the most significant advantages of big data is that you can use it to analyze consumers and the market effectively. This data is not just helpful and advantageous to you, but the other parties as well. You can opt to sell non-personalized trend information to larger companies operating in the same sector.
Increases loyalty and sales
Through data analysis and gathering information about your customers, you will get to know a great deal about their preferences. This allows you to customize and tailor products and services, targeting precisely what your customers want. This will boost your sales, and you can retain your existing customers. A digit footprint is created when your customers surf the net and posts to social media.
There is no question that big data will continue to play a dominant role in various industries across the globe. Big Data can work miracles for your business organizations. To derive maximum value and benefits from big data, it is essential to train your employees about managing big data. With efficient big data management, your business will become more efficient and productive.