A successful business relies on utilizing all of the available technology. Making use of all the numerous opportunities offered by big data is one technical breakthrough that should be on your radar.
Every organization, no matter how big or small relies on useful data and insights to function properly. Big data is critical in gaining a thorough insight into your target market and current customers. It even aids in foreseeing their requirements. It is imperative that the correct information be presented and assessed in the suitable manner. It can assist a business in achieving a variety of objectives.
If you are planning to leverage Big Data to improve your business processes then you are at the right place. Here are some interesting things that Big data can help your organization achieve which in turn can lead to better profits, improved productivity and effective business decisions!
What is Big Data?
Although the word Big Data isn’t exactly misleading, it is true that the amount of data involved is enormous.
Big data platforms are geared for massive data sets, however many data lakes designed to store big data are smaller than traditional data warehouses within the same organization. However, it is usually true that big data sets are typically quite large.
What else is involved then? Multiple data formats are involved, which is a crucial factor.
If you look at a single big data system, you will most likely come across the following data formats:
- Raw Log Files
- Photos, Audio & Video
- XML Documents
- Text Files
- Traditional Structured Data & more
This is generally referred to as the diversity of big data. And the ability to store and analyze some of these very large data formats are referred to as big data processing.
However, keep in mind that these huge data sets do demand a system with the ability to scale swiftly and easily.
The velocity of the data adds a further complication. This refers to the pace at which the content is produced or updated. For instance, log records from surveillance systems, smartphone apps, internet sites, and other sources typically contain a constant flow of readings, numbering in the thousands every hour.
You can have huge data without such a pace, but a well-built big data infrastructure should be able to accommodate it with grace.
Big data, in general, is a repository with a wide range of data formats and the ability to rapidly update and expand it. Aside from that, it includes new methods for collecting, storing and evaluating the data that drives business decisions. These innovative technology solutions provide a wide range of exciting benefits that development teams and business leaders are looking for!
So, how can Big Data help your Business? Read on to find out!
3 Exciting Big Data Benefits for your Business
1. Big Data Offers Enhance Customer Insight
As mentioned earlier, Big Data consists of a wide range of data formats. So, when an organization wants to leverage data to understand its customers better, it can choose from a myriad of data sources.
However, here are some types of big data that can help you to gain a better insight into your customers:
- Conventional data sources like support calls and purchase data
- Social media data – posts, shares, likes, tweets etc.
- External data sources like credit reports and financial transactions
- Computer cookies
- Data extracted from surveys – internal and external
Clickstream research of e-commerce activity is particularly beneficial in an increasingly digital economy, revealing information on how customers browse a firm’s different webpages and menus to locate offerings. Companies can observe which things customers added to their shopping carts but eventually deleted or abandoned without making a purchase; this provides valuable insight into what customers may be interested in purchasing, even if they do not make a purchase.
In addition to internet retailers, brick-and-mortar locations can also gain valuable insight into their customers by analyzing videos to determine how visitors browse a real store as opposed to a website.
2. Better Market Intelligence with Big Data
In the same way that big data will help us evaluate clients’ complex shopping behavior in greater depth, it can also enhance and widen our knowledge of market trends.
For product types ranging from breakfast cereals to package holidays, social media is a typical storehouse of market intelligence.
There are people out there expressing their interests, experiences, suggestions, and even pictures for practically everything that they do i.e., business trips, vacations, travel in different transportation options across multiple cities so on and so forth. Yes, including their breakfast offerings! These opinions are extremely useful to marketers.
Apart from competitive analysis, big data can streamline product development – by classifying and prioritizing kinds of customer preferences.
3. Facilitates Agile Supply Chains
By now, you should be familiar with the concept that modern supply chains are remarkably fragile, as seen by the pandemic-caused scarcity of toilet paper and other items, Brexit-caused trade disruptions or shortage of goods due to a ship trapped in the Suez Canal.
Usually, we only become aware of our supply chains when there is a significant disturbance. Big data that facilitates predictive analytics, frequently in real-time, helps to maintain our worldwide ecosystem of need, production, and distribution.
Data from e-commerce sites and retail software, as well as data from suppliers, real-time pricing, and even freight and weather information, can all be combined in big data platforms to provide a degree of insight that you would never have thought of!
These insights aren’t just useful for large corporations. Even small e-commerce companies can benefit from real-time pricing and customer analytics to make better business decisions, such as how much inventory to keep on hand and how much risk to take on.
Apart from this, Big Data also helps in the following ways:
- Audience targeting &smart recommendations
- Multiple use cases for data sets
- Data-Driven Innovations
- Future-proof strategies and more!
Benefiting from the potential of big data is well worth the time and effort it takes to implement.
As a business leader, you will have the power to transform an organization and get an advantage over your competitors with the help of big data!