You might have heard about the words “big data” and wondered what all the fuss was about. To illustrate how important it is, experts now consider big data to be more valuable than oil. Business owners need to start incorporating big data into their companies. The future belongs to those who stay ahead of their rivals. Utilizing the latest technology is one way to do so.
What is big data?
Big data refers to a massive volume of structured, semi-structured, and unstructured data that is so large that it becomes difficult to deal with. Using traditional database and software techniques is not enough.
For many companies, the data is too big or moves too fast or can’t be processed by the current software. But not all companies can incorporate BigData because the term is usually used to describe terabytes, petabytes, or even exabytes of data captured over time.
Big data can be characterized by the 3Vs: the massive volume of the data, the wide variety of data types, and the velocity at which data is processed.
How big data can help boost business efficiency
Every business organization needs to extract important insights from its data. Big data can play a big part in understanding the target audience and customer’s preferences. Now let’s look at how big data can help boost business efficiency.
1. Gaining comparative analysis
Big data can help you cross-examine user-behaviour metrics and take a look at real-time customer engagement. This way you can compare one company’s products, services, and brand with its rivals.
2. Making better business decisions
With big data, businesses now have the tools to make better decisions. What makes these decisions better? Well, they are now based on real data instead of assumptions, gut feelings, or anecdotal evidence.
3. Understanding your customers
Just look at how much data Facebook has regarding your lifestyle. Based on this data it can give you recommendations. Pretty cool right? With so much data to play around with, there are plenty of customer trends that a company can discover.
4. Providing smarter services or products
After gaining more knowledge about their customers, businesses can design smarter products or services. If a business can make its overall customer experience better, it will gain valuable goodwill and recommendations. A good reputation in the market will likely increase the customer base.
5. Improving business operations
There is a rise in automation among different sectors and industries. This is mainly because of big data.
For example, HR has been completely changed because of big data. Instead of manually going through thousands of resumes, there are tools that can now search for a candidate that closely matches the specified criteria. This way companies can get the best candidate available and also save on time and resources.
Apps like Staff time tracker are also looking to improve business operations by providing time tracking and automatic time capture. Now businesses can keep track of daily employee progression and send them feedback through audio clips.
6. Saving money
Big data isn’t just about improving products and services, it is also used to save lots of money. There are data-driven technologies that can detect fraud and verify claims. Credit card companies have used these technologies to save billions of dollars so far.
Keeping up with the latest trends and technologies
With big data, businesses can now analyze and scan social media posts and newspaper reports. This way, you can keep track of trends and developments across a specific industry.
Businesses need to keep track of these changes because economic and social factors play a crucial role in the success of a company.
Ensuring Data Safety and Protection
All kinds of threats and vulnerabilities are now being analyzed by businesses through big data. How? With tools that allow a company to map its entire data landscape. With this, businesses can keep highly-sensitive information safe and sound.
Creating New Revenue Streams
The insights gained through market analysis is not only valuable for your business but is also important for others as well. If you want, you can sell non-personalised data to large industries working in the same sector.
Gauging Customer Satisfaction
With so much data to play with, businesses can easily find out how their customers are really feeling about the company. If satisfaction levels are not up to an acceptable standard then products and services can be modified accordingly.
Big data is playing and will continue to play an important role in a variety of industries around the world. To gain maximum benefit, businesses need to train their employees about big data management.