5 Big Data benefits for your company
by Gaurav Gupta
For several years several benefits of the Big Data have been known, which can often be associated with images of science fiction films, instead of real world uses; For example, that data analysis could cure cancer or create incredible experiences for users of a website and achieve an exponential increase in a company’s income.
Benefits of Big Data
Beyond the exaggerated affirmations it is possible to take advantage of the business benefits offered by Big Data. Below you will find five.
The business lives or dies depending on the loyalty of consumers. It is no surprise, then, that you need every possible opportunity when it comes to satisfying current customers and attracting new ones.
Big Data plays an integral role in enabling companies to discover the current needs of users: how well existing offers meet demand, along with the changes needed to make the business model attractive to the users of goods and services.
With a good data analysis solution, linked to your CRM, it is possible to know the habits of the users, to study them, to rethink them and to have quick and easy access to that information – like history of purchases and resolution of previous problems – and with it to create Personalized experiences for consumers. What’s more, large data models offer an ideal platform to test new product implementations against market demographics and see where the trend comes from.
Transparency in information technologies
What happens in your organization in the day to day process? Not just in information technology, but everywhere. Do salespeople use applications that are not approved by technology professionals? Do executives have access to data that is not related to their current assignments or projects? Great data tools provide real-time information about the entire organization so you can see who accesses your data, when, where and why. The result? You are never working blind.
Each company wants to lower its operating costs. While cloud computing is the technology often associated with reduced spending, Big Data’s great solutions can also help your business reduce costs.
This is how some digital tools or cloud-based solutions allow you to examine data as you enter your business network, all in real time. Equipped with specific information you can decide if the data should be kept on hand for quick change, go to cold storage sites or discard completely. Bottom line? You are not wasting time or money saving the data you do not need, while the necessary information is always within reach.
Great data can also help your business take advantage of critical social media in a world where the digital word means more than most advertising campaigns. Big Data is now used as a key element to help solve major social problems such as poverty and hunger.
By using data tools, you can tackle smaller-scale projects at the local company level while sharing that skill and effort in social networks. With this it is possible to gather the most coveted type of “free” advertising: organic actions. The warning here? Social efforts must be backed by true enthusiasm. Great data like a social blog is something that smart clients will see through corporate actions and their reaction can be harmful to strategies.
Big Data is coming increasingly stronger and with more complications in its use, if you do not have real specialists in your analysis or with technology that helps you to take into account new working strategies. However, that does not eliminate potential Big Data benefits: increased loyalty, transparent networking, cost reduction, improved learning, and increased social impact are potential business increases.
It is important to understand that buying the right software and hiring the right talent are among the most important investments an organization can make in its Big Data initiative. Having the right people in place will ensure you the right questions and that the right ideas are extracted from the data that are available.