Whether you run a brick and mortar business or an online venture, it is clear that big data has become an essential part of running any kind of business operation. There are so many things you can do with big data that will push your business comfortably ahead of the competition. From running analytics to building scalable data infrastructure and using data to make unique decisions, here are a few ways big data can keep your business ahead of the curve.
Remember, however, that the only useful data is that which is always available when needed, so make sure to have a backup system for your data so that you always have the information you need within reach, no matter what happens.
Business optimisation –
One of the major features of big data is that it is not one-size-fits-all technology. You will need to familiarise yourself with it to be able to customise data for your business use. That being said, big data brings a lot of benefits to the table, such as the ability to predict trends that will help you understand demand, reduce costs and forecast difficulties. Additionally, you will be able to make adjustments to your pricing system so that you can identify and sell to customers that you would be unable to reach otherwise.
Increase in personalisation –
Not many people understand the concept of big data creating personalised experiences, but this happens a lot, especially in online businesses. Considering that about 74% of consumers are annoyed by lack of personalisation, it is obvious that this should be a prime focus for both businesses and marketers.
To stay ahead of the industry curve, part of your responsibility should be to gather data from your customers so that you can create the personalised experience they need. And, while 39% of your industry is decrying the unavailability of the data needed to create a personalised experience, you are using big data to solve that problem.
Understanding consumer behaviour
As an internet marketer, it is safe to say that you understand the need to create content that reduces bounce rate and increases conversion. The same applies to brick and mortar businesses that need to improve customer visits and sales. Big data helps make this possible in a subtle way. The insight you get from big data analytics will help you understand how your traffic moves from one point to another. It also provides insight into those areas of your sales funnel where potentials are falling off.
If you consider the fact that about 48% of big data relates to customer analytics, you will understand that gaining insight into the behaviour of your customers can give your business the much needed competitive advantage.
Improved productivity –
Big data provides you with the feedback you need to understand how customers see your products and services. This insight helps you make the necessary changes in your business offerings so that they meet the expectations of your customers. Additionally, big data provides information on almost every aspect of your business operations including lead times, cost, performance and savings. This allows you to increase productivity and efficiency in the different production processes of your organisation.