Humans create billions of bytes of data every day. The technical term for these enormous data sets is “Big Data”.
It can be defined as a field that treats ways to analyze, systematically extract information from, or otherwise, deal with data sets that are too large or complex to be dealt with by traditional data-processing application software.
Big Data is something we, as well as our clients, play with more often than not. We analyze them, visualize them, and filter them to use it to our benefit. We leverage it to grow our business more efficiently and faster. Similarly, some of the biggest brands like Google, Amazon, Facebook, etc. rely on the power of big data. And, there’s an implementation behind that.
The same implementation which can make your business grow multifold. Want to know what and how?
Here’s how your business can benefit from leveraging big data
Businesses can empower themselves in several sectors if certain tools & technologies are implemented on chunks of systematic or non-systematic data. Following are some sectors where your business can use Big Data.
With the implementation of Big Data, omnichannel customer experience can be given. Your business can help your customers flawlessly and quickly. Quick connections with the right executive or no-requirement of human at all are possible with Big Data and AI. Overall, better customer service is provided.
Better customer experience means a better customer satisfaction rate. And, as your business might have experienced, customer satisfaction leads to customer loyalty, and that to a recurring revenue stream.
In short, big data can affect your churn rate and revenue streams directly.
Big data is all about having chunks and chunks of data of prospects & clients. This data can be used to create personalized marketing campaigns. For e.g., If your data scientist analyzed big data sets or your marketing team used eCrawl and categorized the people based on their likes such a preference between Ronaldo or Messi, then you can market your product/service accordingly.
Additionally, you can also figure out the customer’s interests with the data of their interactions.
All in all, Big Data and Data Science can lead to cost-effective, high-converting, and personalized marketing campaigns.
With big data analysis throughout the internet, you can get notified about your business mentions. This mentions, whether positive or negative, can be tackled or utilized for branding purposes of your business.
Fast internal operation:
With Big Data of all the employees, you can cut costs and do internal operations fast.
Things like handling particular tasks to certain individuals based on historic data can be implemented with the help of Big Data.
Cost cutting in departments like supply chain and logistics can be done by analyzing the previous data. For e.g., If a certain product was understocked the previous year, with big data analysis, your business can figure it out and perfect the stock.
Your business can have instant access to your competitors’ pricing. This can help you have a better edge over them. Additionally, with historic data, you can change prices dynamically, especially if your business is in the hospitality industry.
Data of every employee like attendance, amount of time employee was at his/her seat, the amount of time he/she was gossiping, etc. can be stored in the form of big data. These data can help during employee appraisals and performance reviews.
Big Data from sites like LinkedIn can be collected automatically. This information can be used by HRs and Recruiters to acquire fresh & eligible talent whenever required.
Big Data, combined with IOT, helps keep your business safe. Additionally, Big Data helps in Data Safety as well. It also helps with risk analysis for any business.
Big data, along with some of the modern technologies, can be utilized in several sectors of the business. From designing personalized marketing campaigns to giving the most efficient customer service, big data can play a huge role in customer acquisition & customer retention. Additionally, risk analysis, cost-cutting, employee acquisition & appraisals, etc. like tasks can also be performed better with the use of Big Data. All in all, Big Data opens several doors for the betterment of any business.