6 Ways Big Data is Changing the World of Business
Over the last couple of years, we saw some changes in the ways large companies operate, and one of the reasons for these changes is the ability to collect big data. This is the case because data is a core function of everything we do. Therefore, when you have access to all the important data, you can make better decisions, evaluate which direction you want your business to go etc. That being said, we’ve come up with 6 ways big data is changing the world of business.
Improved Business Intelligence
Business intelligence goes hand in hand with big data. It’s a whole set of data tools that are used to analyze the way a business is operating. Before the appearance of big data, business intelligence was quite limited and there was more pressure on business owners to make decisions regarding their businesses. Big data has changed the way business intelligence works and today, you can even go for a career in it. A lot of large companies are hiring people specialized in business intelligence in order to improve their work. Even small companies try to collect as much data as possible, in order to help their business grow.
Targeting The Right Customers
Another great thing about big data is that it can play a huge role in marketing efforts made by any business out there. If you collect all the necessary data and analyze it properly, you can identify the customers you should go after. This means you’ll be able to predict what kind of customers will be interested in buying from you in the future and aim your marketing efforts towards them. For example, if the data you’ve collected shows you that teenagers buy your product the most, you can try to come up with commercials or events teenagers will like.
Proactive Customer Service
Big data has been making a lot of changes in the ways customer service looks today. Companies know what their customers are looking for even before they voice their concerns, which can play an important role in persuading that customer to stick around. So, if you analyze your customer’s account properly, you’ll be able to know exactly what kind of issue they’re experiencing and offer them help even before they ask for it. Furthermore, analyzing big data can help your Customer Support proactively contact some of your customers and check if there’s something you can do for them.
The ability to collect big data can even help businesses reduce their expenses. Businesses are now using big data to predict future trends within their industry. The data they collect combined with a bit of forecasting can help them prepare for the future and save tons of money. Just take a look at it this way, many businesses out there spend much money on their inventory. But if your collect data properly, you’ll be able to predict when the sales will occur and supply your business with all the inventory you need. And the bigger your business is, the more money you’ll save by purchasing cheap inventory.
No matter what industry you’re in, you’ll always want your employees to be as efficient as possible. This is also something big data can help you with. Many large companies hire people who analyze the way things are being done in their company and try to come up with more efficient alternatives. So, if you start using a business analytics software designed to help you improve your operational efficiency, you’ll manage to get more work done in a shorter period of time. This will allow both you and your employees to focus more energy on other aspects of your work.
As mentioned above, big data can help you improve your customer service. Still, it doesn’t only do that - it also helps you make customer-responsive products. This means that you can base your product design on the data you’ve collected. For example, instead of running surveys, you can collect data that can help you predict what kind of changes they want you to make on your product. That way, you’ll be producing stuff according to what your customers want which is always the right move. And more likable products means there will be more money for you to invest in making your business grow.
It’s safe to say that big data is changed the business world we know. Large companies are relying on big data quite a lot and it seems that the approach is serving them well. Therefore, no matter what kind of business you’re running, you should think about acquiring all the necessary tools for collecting data and try to use it to make your company even better. With the right tools and a bit of effort, you might just manage to stand out from the crowd and join the big league.
Dan Radak is a marketing professional with eleven years of experience. He is currently working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies. He is also a coauthor on several technology websites and a regular contributor to Technivorz.
Fivenson Studios is based in Ann Arbor, Michigan, our graphic design team specializes in logo and web page design, as well as marketing campaigns for social and print media. From flyers and brochures to targeted landing pages, we aim to bring your company into the spotlight and reach a greater range of potential customers.