Trends in Technology
From sole proprietorship to Fortune-500 companies, big data is having an impact on almost every business today. So, how is big data changing the business landscape?
One of the hottest topics in the business world today, big data is changing how businesses innovate and operate. According to estimates, over two quintillion bytes of data are created each day, and this number is only going to increase in the future.
As businesses become more and more connected with the global population, owners and executives are working out ways to use, store and improve the big data they receive from customers and their own employees. Big data doesn’t just refer to the data sets that need to be sorted through data processing methods, it also refers to the concept of extracting and analyzing information gathered to better predict specific trends and behaviors in consumers.
The Changes Big Data is Bringing to Business
No one can deny that big data is changing how businesses operate and plan for the future ahead. Over the past few years, big data technologies have changed how businesses operate in more than one way. So, what are the changes that big data is bringing to business?
Improved Business Intelligence
A set of data tools, business intelligence or BI helps to analyze a business better. BI and big data go hand in hand. BI was rather limited before big data came to the fore. Since big data, business intelligence has increased in potential. Since they can take the company to the next level, more and more organizations are hiring BI experts today. Any business that generates data can utilize business intelligence and most businesses today generate at least some data. This means that all businesses today stand to benefit from BI, all thanks to big data.
More Targeted Marketing
An abundance of data means that businesses can create highly targeted marketing campaigns for their consumers and can better anticipate their needs. An example of this is Taco Bell—the American fast food chain, whose target audience is teenagers and young adults. Recently, they created a number of marketing campaigns that have rebranded the brand from how it was previously known to a satisfying late-night snack destination.
Using their unique social media platform, they have converted their big data into marketing campaigns that continue to draw in and expand their customer base. The flip side of things is that businesses using big data pertaining to customers to create more targeted marketing campaigns must secure how they store and hold the detailed customer data.
With their new brick and mortar bookstores, Amazon—the ecommerce giant, has already exemplified this. The company has implemented a system that prevents customers from logging into or accessing their personal accounts from their registers when making payments. Instead, the customers use their smart phones to log into their account. This ensures that none of personal information is stored in the registers of Amazon.
Better Identification of Trends
Companies can predict where things are headed, how demand for their products or services will change over time, and what will cause that change, by identifying and tracking behaviors and patterns. Not so long ago, the identification and analysis of trends and patterns was based on ‘gut feeling’. However, big data has eliminated any need for guesswork.
Generally, big data is used to analyze the habits of consumers. However, some businesses are using the data from their employees to improve internal operations and the overall efficiency of the company. In the past, the forefront of productivity and business growth were IT departments and everything went through them. Today, there are separate departments that handle the influx of data. This in turn has helped elevate data to a higher priority level.
An example of how businesses today are using big data to their benefit is companies deploying sensors on their delivery trucks to track the time it takes to deliver and to better optimize routes. Additionally, some companies are using big data to monitor the employees’ tones, stress levels, and how they move around the company to not only improve their working conditions, but also refine the hiring process and narrow down potential candidates.
Customer Responsive Products
Big data can help businesses to make customer responsive products. Big data makes it possible to focus product design on fulfilling needs of customers like never before. Rather than relying on customers to inform you about what they are looking for in a product, you can predict what they seek in a product by using data analysis.
You can get the information through the buying habits of customers or via surveys related to customer preferences. In fact, you can create a decent picture of what a future product should look like by using use case scenarios.
Proactive Customer Service
Customer service can and will be turned upside down by big data. Before the customers even make it known, businesses can know exactly what their customers need. This kind of proactive customer service will help businesses differentiate themselves based on superior customer service.
With real time big data analysis of the customers’ accounts, businesses can easily identify or predict any issues that customers may need help with. In turn, an automated message will be sent to the customer, asking them if the identified problem was the issue they’re facing and then if the customers want, the business can provide them the required support. This can only be good for business.
In addition to the above, there are many other ways big data is changing business. To know about them get in touch with us today!
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