The world is creating tons of structured and unstructured data every day. Thus, the need for its utilization has become bewitching for businesses.
Basically, Big data and Analytics market is expanding at a faster pace. It is expected to grow up to $77 billion by 2023. Here are some big data facts that slightly unveil the importance of big data in 2020.
- Every day, people around the globe are generating 2.5 quintillion bytes of data
- Almost 90% data has been generated in the last three years.
- For 90% of businesses, unstructured data is the biggest hurdle in this space.
- In 2020, big data largely depends on automated analytics.
Another apparent fact is that Big Data is revolutionizing industries and helping improve marketing and sales.
As per a report, Customer Analytics (48%), Fraud and Compliance (12%), Operational Analytics (21%), Enterprise Data Warehouse Optimization (10%) , and New Product & Service Innovation (10%) & are major big data uses in marketing and sales.
Thus, it makes sense why businesses are driven to utilize this technology stream.
People around the corners of the world are eager to know the use of big data analytics. However, it is hard to tell how this sector will undergo the flourishment, and gauge its potential.
Its uses are significantly growing every year. Here take a glance over its usage across industries.
Big data uses in business can allow people to gain benefits from huge heaps of data.
Don’t you think big data and analytics can help you grow your business?
As per my research and analysis, usage of Big data analytics will reform the sales and marketing practices by giving businesses a comprehensive insight into consumers’ needs and demands.
Let’s understand the Big Data Analytics aspects and learn how big data is used in businesses.
Big Data Analytics
Before you get into its depth, I would like to shed some light on what is big data and analytics.
The popular theory about big data is that it is an extremely large set of data. As per the National Institute of Standards and Technology, big data is all about extensive datasets with primary characteristics of velocity, volume, and variability, which needs scalable architecture for storage, analysis, and manipulation.
So, when a huge amount of data is being gathered every day, it becomes essential to utilize this data for the welfare of humankind. Thus, Data analytics comes in the picture.
Basically, enterprises can utilize huge data sets to improve their customer experience from scratch, and reframe organizational operations. Thus, business data analytics is the most primary step to gain significant benefits from this aspect. However, the process is complex and intensive to execute.
If you are thinking about leveraging big data to enhance your customer experience, this is the right time to invest-in. Get big data development services to secure the best software products matching your expectations.
Why Do Businesses Need Big Data Analytics?
Surely, you would be thinking "why should I use it?".
Undoubtedly, many businesses are unaware of the need for big data analytics. They must know that uncovering valuable insightful information can allow a business to improve value for consumers. It can be done by analyzing patterns in market shifts, trends, customer behavior, and correlation between data. Presently, 96% of worldwide companies have confirmed the increased investment in Big Data.
Besides, Data devices allow you to carve a whole information scene over the organization. Data investigation is the major perk you can relish. Besides, you can also guard delicate data through Big Data statistics.
The fact is that Big Data is very useful for most businesses, as it allows you to guarantee information well-being and insurance. By enabling advanced software and analytics systems, having high-power computing systems, big data provides a myriad of advantages to enterprises such as:
- Opportunities for revenue generation
- Improved customer support
- Enhanced marketing strategies
- Improved operational efficiency
- Competitive advantages, and more
However, amidst all of these advantages, the single question still remains looming in the head of business owners that is “How to use Big Data in business?’’. Surely, you too would wonder about this. Thus, I am enlisting some effective uses of big data in businesses.
I am sure after reading this blog all your doubts and questions will fade away and you can come to a conclusion for embracing big data and analytics for the welfare of humans and gain competitive advantages.
Marvelous Uses Of Big Data In Business
In 2020, companies are expecting to use big data in various enterprise vertices. Here look at the potential uses of Big Data that will help your business grow globally.
Clearly, there is no end to its potential uses. Though, some have gotten on the expectation of industries with positive outcomes.
So, want to know the benefits and uses of big data and analytics for your business? Here take a glance over the uses of Big Data in business.
1. Improve Customer Engagement And Retention
Every business owner understands the value of customer engagement. Surely, your first preference would also be creating an unmatched quality user experience to ensure customer engagement
However, sometimes, it becomes very daunting for businesses to retain customers even with a higher customer base. This happens when you don’t understand the need and desire of consumers.
If you are slow in understanding the desire of your customer, you may end up losing your customers. Here comes big data in the picture. This technology stream allows businesses to analyze and observe customer behavior, patterns, and trends in real-time.
Simply, the more data a business collects, the more it can find patterns and trends to spruce up user experience.
Currently, it is easy for businesses to collect data that means it will be easy to understand modern day consumers by real-time data analytic strategies.
Real time customer analytics is very important to achieve business goals in current market scenarios and Big Data offers that insight.
How can you use big data for real-time customer analysis?
- Analyze customer needs and behaviour
- Gain insights over reason customer stop picking your services
- Track customer reactions
- Monitor trends among customers
- Lure new customers, and more
As per Mackinsy Global Institute, Data driven organizations will acquire 23 times more customers with 6 times more retention and 19 times more profitable.
Succinctly, a business will be able to drive customer engagement and retention by serving customers’ needs, learning from insights provided by big data and analytics.
Example: In 2015, Coca-Cola came up with incredible customer engagement and driving plans through big data analytics. It created a digital-led loyalty program and boosted its data strategy. In an interview, Coca-cola director said that big data analytics is the major factor behind customer retention.
2. Eradicate Advertisement Roadblocks And Gain Marketing Insights
The naked truth of advertising and marketing is “businesses have lost millions in devising the right strategy to boost the conversion rate. “
Surely, you would have also spent a lot of money in running advertising and still you won’t be able to get fruitful results.
Big data analytics has the utmost potential to improve this operation for your organization by enabling you to match customer expectations. Besides, it also supports changing your company’s product line and devising powerful marketing campaigns.
If you think it is not viable then let me tell you that “ after years of research and cautious enthusiasm, the advertising and marketing technology sector is now embracing big data”.
This sector is now making a more informed and decisive analysis of marketing and advertisements. The major aspects of these analyses are: online activity, monitoring point of sales transactions, and detection of changes in customer trends.
Gaining insights about customer behavior and their buying patterns allow you to understand the likings and preferences of consumers. This similar approach is being illustrated by marketers and advertisers resulting in creating targeted and focused campaigns.
Apparently, you will be able to save money, ensure efficiency by leveraging targeted, and personalized campaigns. As per a report, big data analytics allows you to
- Predict Audience
- Improve targeted advertising
- Develop new content and monetization
- Better media scheduling and more
So now you would have understood that gathering your customer data and analytics is the most powerful armor in the current scenario. So, get in touch with a big data consulting and development company that can help you create a futuristic system for big data analytics and data handling.
Example: YouTube and Netflix are the best examples to show you the potential of big data in content and advertising. If you use these applications, you must be aware of how these platforms send suggestions and also show advertisements. Basically, past search and the watch history of users allow them to send the right interest to users which is all done through Big data analytics.
Businesses have to deal with several issues over the course of time. Thus, it is essential to be prepared for any unprecedented risk and problem.
To ensure damage control, industries opt risk management processes. You already know how critical risk management investment is for an organization.
Foreseeing potential risks and finding mitigation policy is daunting for every enterprise. You may also visit business consultants to find a full-proof risk management strategy for your company.
In recent couple of years, big data analytics has greatly contributed to this stream for developing robust risk management solutions. Now it can be used in several ways for risk management. Here take a glance over that.
- Fraud Management: Big Data systems compare external and internal data and offer faster fraud recognition with damage control caused due to fraudulent activities.
- Mitigate Money Laundering: Big Data analysis can provide identification of suspicious transactions faster and alert the organization beforehand.
- Credit Risk Management: Big Data includes predictive capacity and provides sources of data to foresee user behaviour for credits and loans.
- Operational Risk: Companies have to face several operational risks at times. Big Data provides improved control and knowledge over company interactions with clients to strengthen safety.
Apart from these, Big data can be used for integrated risk management. So, it makes sense to use big data to ensure high-grade security in various company processes.
Example: Several financial institutions are using Big Data to mitigate risks and take timely action in the rise of crisis. One such example is UOB bank from Singapore that uses big data for managing risks. Using this technology, the bank is able to reduce the calculation time of value at risk. Besides, big data systems enable it to carry out a real-time risk analysis.
So, don’t you want to procure these features for your organization to gain competitive advantages through big data.
If I keep on writing about uses of Big Data analytics in businesses, there will be no end to this write-up. The fact is that big data analytics has numbers of expected and unanticipated usage across industries.
It depends on how you want to use business intelligence for the betterment of humanity and customer experience. If you are thinking out loud to use big data in your business, then it is a wise choice.
You must hire a developer and big data scientist team that can unlock the treasure. Which can implement big data tactics as per your organizational need and transform the customer experience.
In this endeavor, an experienced and reliable industry partner for the best software product. Don’t fret over its potential usage, you can take help of expert big data developers and scientists for enterprise big data solutions.