Simply put, Big data is a group of datasets that are so large they cannot be evaluated using normal statistical methods. Today, Big data has revolutionized the advancement in data analytics. It is playing a huge role in the transformation of business principles and how businesses operate. Companies that adapt to the changing trends now use it to optimize their customer service, enhance the business profile, increase revenue streams, and so on.
How Big Data is Driving Business Transformation
Numerous businesses are actually built on the foundation of Big Data. For instance, the telecommunications industry relies on data that allows them to optimize their products and services. Through consumer feedback, they improve marketing campaigns to increase sales. Just the other day, I filled out a feedback form for Spectrum’s basic cable price to help them improve their CS.
Professionals working with big data are now able to utilize the excess data and use it to enhance business operations. There are several ways of how big data is transforming businesses these days.
Improving Business Intelligence
Business intelligence can be defined as a set of data tools that allow you to analyze a business in a better and efficient way. Business intelligence has existed for a long time however, it only flourished with the help of big data. Businesses now look to people who are experts in Big Data and Business Intelligence. Such professionals help companies optimize their operations and processes so that they can generate a higher revenue stream. In simpler words, big data helps businesses to address the needs of their consumers in a better way.
Enhancing Target Marketing
Big data is the reason behind drastic changes in marketing strategies that countless businesses had to make. Companies now utilize big data to analyze their consumers’ digital footprint and devise better target marketing policies. This allows them to find out what their customers think about a certain product or service and find ways to make quick improvements. Using big data, businesses can market a particular product or service by targeting the right users.
Optimizing Customer Service
Businesses now use technologies that use big data to assess consumers’ behavior and address customers’ issues well in time. This helps them improve their customer service and attract new ones. In addition to this, big data has enabled businesses to figure out what their customers want and they generate new products or services accordingly. Many businesses use predictive analytics to become proactive and get in touch with users who may have problems with their products/services in the future.
Increasing Efficiency of Business Operations
Big data can help businesses increase their operational efficiency in a number of ways. For instance, using big data, companies can reduce various indirect expenses, monitor, and decrease employee turnover, streamline human resource management, and so on. Moreover, manufacturers use predictive analysis of big data to analyze production costs, user feedback, and product returns. Businesses also use it to examine production quality and overall profitability.
Providing Protection Against Operational Risks
Operational risk is a key factor in all businesses and can be defined as a potential loss that can occur due to human error or dependency. For instance, cases of hacking, fraud, response to catastrophes, and so on all come under the umbrella of operational risks. What’s the role of big data in reducing the operational risk you ask? Let’s talk about cybersecurity. Big data has enabled security analysts to identify and detect any anomalies in a network faster than before. This, in turn, has reduced the time it takes to resolve a problem.
Businesses that Use Big Data
There are numerous businesses that use big data to adapt and thrive in this competitive world. Businesses that deal with healthcare, retail, financial & banking services, education, manufacturing, agriculture & farming are just a few examples.
Big data has cast a lasting impact in every sector and is spearheading revolutionary changes all around. Several companies, such as the telecommunication businesses, use big data to generate new niches based on their customer feedback. I remember when the Spectrum phone number (1-855-837-6837) was introduced based on customer feedback. That was a major upgrade! Today more and more businesses are using big data to streamline their already existing processes.