How is Big Data Transforming Businesses
By Allan Stuke Director, Professional Services
Have you ever heard the phrase “big data”? When the internet was brand new in the early 1990s, most of the biggest minds in the world thought about what would one day be “big data”, and it was something defined in the early 2000s.
What Is Big Data?
The collection of datasets that are so big that normal statistical methods cannot be used to analyze it is what big data is. That can include maps, words, numbers, phrases, videos and pictures, and even things like electronic medical records are all examples.
There are plenty of professionals out there who work with big data and are able to talk about how big data is changing the way in which we do business. It’s important for big businesses and we’ve got six ways that companies across industries are using analytics to improve their processes. More and more businesses are collecting and analyzing big data, with 9% of companies believing that they will benefit from it. Let’s take a look:
Expanding Business Intelligence
Business intelligence has been around for a very long time, but it’s big data that has made business intelligence bigger than ever. Analysts are able to use data to look at the past and look to the future, and business intelligence is a technology-driven process to analyze data properly. With the help of big data, companies around the world are better equipped to get an enormous amount of information together. They can empower the capture and storage of bigger data sets, and big data will allow a company to better understand their own operations with Data and Analytics for businesses. Big data will enable businesses to streamline their business intelligence process, which will enable businesses to better address their consumer needs.
Enhancing User Targeting
Big data has been a key player in enabling some huge changes in the way businesses are targeting their consumers. This means that big data is there to analyze the digital footprint of the user, using that information for better advertising and refined campaigns. These are better targeted to the right demographics. We rely on this data to see what audiences want, and most of the audiences’ interactions with technology are going to help you to be more informed about what they want from their adverts.
This will help you to create the correct adverts for your audience, preventing any wasted budget on adverts that won’t matter to them! This doesn’t just benefit businesses, either. It can improve the overall user experience for your clients, with consumers able to enjoy an increase in the personalization of the products and services that they want to see. These are all tailored to their unique needs, from the use of geo-targeting for location advertising and other competition that a user has visited recently. It all helps your business to better its offering to your customers.
Improving Customer Service
For almost all businesses, it’s all about the user experience. With the implementation of technology that relies on big data, businesses are better equipped to address the concerns of their customers and they can do it in the right time frame, too. With the help of things like chatbots, customers are able to gain a much better experience from businesses, which really does matter when a company wants to impress.
Increasing Efficiency & Cost Reduction
Big data enables a business to improve its operational efficiency in a big way. You can gain better insights with the analysis of a range of data sources. Big data allows your company to analyze everything from production and customer feedback to determine the product quality and profitability, too.
With predictive analytics, you can pivot your business to ensure that you can increase production efficiency. Big data will enable you to reduce your overall operating costs for your business. From minimizing indirect costs to the monitoring of any potential security attacks, you can use analytics to help.
Influencing Consumer Behavior
With the right data and analytics for businesses, you can better influence consumer behaviour and nurture customer decisions. You can use big data to analyze each action that a customer takes through your website. You can examine their behaviour and predict the moves that they next make. This will make you better equipped to determine when a sale or conversion can be made.
Protecting Against Operational Risks
This refers to the possible losses that are related to human error. Human errors occur a lot, especially in terms of things like fraud and being hacked by outsiders. Big data can help with your cybersecurity efforts, and it can help you to examine the irregularities in your network and this will lead to a reduction in the time it takes to resolve issues.
Big data is transforming businesses to enable them to operate more efficiently, and with the help of ExterNetworks Services, you can understand more about big data.
