How Big Data for Your Business Succeeds
Posted By Asha Devi | 09-Aug-2018
Data is essential and the foremost requisite for your business to enter into the competitive market, thrive, and succeed. You can use the big data to make an intelligent move cutting through the competition, enhance the quality of the product, nurture and gain the customer relationships, and thus an increased Return on Investment [ROI].
Let’s have a quick rundown about how Big Data can be the Game Changer for your business.
Big data has its implications in every operational field of your business irrespective of size or segments. You may belong to one of the fortune 500 companies or a startup, big data rules there.
The data gives you the valuable insights to understand the preferences, anticipate the needs of the targeted audience or the customers, and accomplish the business objective successfully. In fact, it forms the DNA of a business.
Techopedia refers Big data as “a process that is used when traditional data mining and handling techniques cannot uncover the insights and meaning of the underlying data. Data that is unstructured or time-sensitive or simply very large cannot be processed by relational database engines. This type of data requires a different processing approach called big data, which uses massive parallelism on readily-available hardware.”
In brief, when huge data gets generated due to the interaction of the people with the systems, it could be used to analyze the needs and value of the customers and help businesses to create a brand new experience in their services and products.
A data-driven strategy to know the competition, capture the market, and deliver innovative product and services is the go for the new entrants or the established organizations in any sector.
Big data indeed is creating an impact in several ways for a business and here is a quick rundown of its significance.
The Significance of big data in Business:
You are able to gather all the related data in real time. This enables to make an effective strategy for the business as per the market trends, customer requirements and behavior. It forms the real asset for your organization.
For instance: The fashion industry can make a collection of the dress materials as per the chosen color of the customers as per the season or trend to escape from ‘No Stock’ signboard.
Enhance Product and Service Offerings:
You may utilize the data for introducing new product or services/enhance the quality or quantity of the existing product or services as per the customer expectation.
For instance: A fitness tracker helps the company gain insights into the customer behavior and paves the way for further R&D to enhance the customer experience by introducing a new feature.
Improve Internal Operations:
The use of sensors, trackers for machine performance, track employee performance, and etc., helps to enhance the efficiency of the operations and employee engagement in every department or the businesses.
For instance: Use of trackers and sensors for tracking shipments improves the logistics sector like packaging, loading and unloading, time management, and, etc.
Market research and competitor analysis provide the business with an insight into the type of services delivered, take an innovative and different approach to the products in favor of the customers.
For instance: Understanding the existing locking system of a mixer jar from varied brands and its associated shortfalls may pave the way for a new kind of locking system. In simple terms- addressing the consumers needs.
Implementation of big data tools saves investment cost and time for the businesses. As it is on real-time systems and storage of large data is easy with the trending technologies, it lessens the burden of IT staff and risk of inaccuracy.
Big data tools are able to conduct sentiment analysis. Your business is able to derive feedbacks from the company. This helps to monitor your online presence and reputation. Moreover, you are able to create intelligent business applications.
For instance: Mahout is used for machine-learning algorithms that could be used to enhance the performance based on the past results.
To wrap up, businesses are able to utilize the big data to gain the competitive advantage. Big data helps the organization to improve profit margin, increase customer responsiveness, brand loyalty, analyze operations, create niche marketing, analyze geographical and demographic scenario for go-to-market strategies, and, etc.
It gives your business the required cutting edge and eventually more revenue generation.