In today’s digital world, businesses generate large amounts of data or ‘Big Data’, which is a potential goldmine if used correctly. Whether you are a multi-million dollar organization or a small indie start-up, if you have a website, a social media presence and/or accept credit cards and online payments, you are generating valuable data that is worth collecting. However, collecting data is not enough; it must be processed in order to reveal consumer behaviour and market insights. This is where Big Data Analytics comes into picture. It analyzes your Big Data swiftly and efficiently, and these analytics can then be used to benefit your business in a number of ways.
Here we list the Top Four uses of Big Data Analytics in Business-0
Reports state that approximately 5,43,000 new businesses are started each month. This should give you a fair idea about the amount of competition a business has to face in order to survive in the market. In such a situation, companies cannot afford to spend money on mass marketing in exchange for poor conversions. It is extremely important to identify your niche audience and then make concentrated efforts to reach your ideal buyer. Big Data Analytics helps you identify the kind of people interested in your products based on your existing database. They also help develop marketing strategies and allow you to test various marketing campaigns that can be personalized for individual customer preferences. All these help you maximize your reach and minimize your marketing spend.
2.Improving Customer Relations-
Social Media Channels have now made it possible for customers to directly reach out to businesses and let them know their preferences and requirements. Big Data Analytics further improves this process by collecting and analyzing customer requirements and enabling businesses to create tailor-made products and services for individuals that make for great consumer experience. An example of real-time use of analytics is being practised by Nordstrom. The company is developing physical stores where digital devices show a customer’s previous purchases, both in-store and online, and provide product recommendations based on those. This gives every customer something akin to their own personal shopper who understands their individual tastes and gives them an exceptional shopping experience.
No matter how good your products and services are, there is always room for improvement. Even successful products can be made more appealing to customers by personalizing them to suit their individual needs better. Getting feedback from customers has never been easier. While online surveys, reviews and ratings provide great insights, we now also have the tools to measure consumer sentiments based on what they are saying about the products on social media. Big Data Analytics makes it possible to analyze customer opinion about a product, gives possible improvements and also tests different product variations using simulation software on a computer. This saves companies huge amounts of money that is spent on product development and also helps improve the overall production process, while giving customers exactly the product they want.
4.Better Data Safety:
Customer data is as precious as it is useful. Digitalization has made it possible for companies to track and record a customer’s lifetime of data. A breach in data security at such times can prove to be fatal, especially for companies dealing with finances and banking details of people. Big Data tools are efficient at not only mapping customer data, but also the internal data of a company. It gives you a thorough understanding of the data landscape of your company and assesses any possible internal threats to data. Companies can then establish the necessary security measures and regular analysis can be done to ensure that the safety measures are up to the mark.
Big Data is a huge asset available to businesses today. In order to reap maximum rewards from this readily available data, it is mandatory for companies to use analytics to gain vital insights, gain an edge over the competition and drive business decisions that maximize profits.
Author Bio: Aanchal Iyer is the Digital Marketing Manager and a Content Strategist for Aretove Technologies. She has an experience of 11+ yrs and is actively involved in writing about the advancement of AI and Big Data in our everyday life.