How Big data can help your business
John Jacob
20-09-2022
The term “big data” applies to large volumes of
structured and unstructured datasets that, through
analysis, can reveal specific trends and patterns. Big Data
is based on three pillars i.e. the 3 Vs – Volume, Velocity,
and Variety.
Today Big Data has become key to gaining valuable insight
into understanding your customers and their preferences.
If adequately presented and effectively analyzed, it can
throw up very interesting surprises and change you’re your
long-held conceptions about your customers. The
effectively visualized and analyzed data can enable you to
understand your customers and their preference better
and enable you to create new products, services, and
experiences for them. Here is how Big data can help your
business.
1. Improve customer insight
Customer insights are interpretations of quantitative and
qualitative data gathered from different sources – support
calls and purchases, social media activities, computer
cookies, and external and internal surveys’ data. The data
thus gathered is compiled and analyzed to to identify
behavioral trends to improve the effectiveness of
marketing, sales, and service initiatives.
2. Make better business decisions
Big data enables businesses, both big and small, to make
right decisions. Big data and analytics can help you make
sense of where you stand and make better plans going
forward.
The Big data and analytics can help you answer questions
like: Are your marketing campaigns are as effective as
possible? Are you missing out on an untapped market for
your product lines?
3. Competitive market intelligence
Big data collected and generated by companies can help
them better analyze their industries and where they stand
in relation to the competition. In short, insights gained
from big data analytics can businesses better position their
campaigns and investments.
4. Improve business operations
Big data can help improve all your business operations,
including manufacturing, optimize processes to save costs,
and increase productivity. It can also help minimize supply
chain risks, enhance fraud detection, manage risks, and
plan cybersecurity, enabling enterprises to avoid possible
threats and minimize financial losses.
5. Enhance data security
Online transactions are exploding like never before.
volumes increase, fraud rates have also increased
proportionately. The loss of customer data to cyber
criminals can be detrimental to your company’s reputation
and result in huge financial losses. Big data enables
businesses to apply solutions that boost data security by
leveraging various technologies such as video recognition,
machine learning, speech recognition, among others.
6. Improve customer retention and service
Over the years, the way companies connect with their
customers has fundamentally changed , thanks to Big
Data. AI and machine learning-powered chatbots are
collecting valuable data like never before, and companies
are using them to offer top-quality customer service
without the constraints of budget, human resources and
time.
7. Supply chain management
The pandemic has exposed the fragility of global supply
chains. Big data-based predictive analytics can help keep
your production, demand, and distribution networks
functioning properly most times.
8. Re-develop products
Big data can help organizations learn companies
understand how consumers perceive their products and
services, making it easier for you to take decision regarding
recreate your products and services to meet customer
needs and expectations.