Stop Fortune-Telling, Use Big Data for Smart Business Decisions
Discover the potential of big data technologies for your business.
Data is a valuable asset for any business. Unfortunately, many companies still either ignore its value or don’t use its potential at full capacity. Meanwhile, big data analysis can prevent strategic mistakes and budget waste. In this blog post, we will tell you what big data tools to use and how to do it correctly so that you benefit from it and see the ROI growth.
What is Big Data?
Let’s begin with the essentials. The term comprises data that is large in volume, various by format, and growing at high velocity. This big data definition indicates the impossibility to process such information with the help of traditional techniques like balancing and comparing. Voluminous datasets consist of the elements belonging to different classes, i.e. videos, photos, personal information, voice recordings, and require far more sophisticated approaches to be processed and interpreted in a correct manner.
Internet users create 2.5 quintillion bytes of data on a daily basis. These disparate pieces should be stored, labeled, scrubbed, and enriched so that you could draw any conclusions for further steps. All the processes are impossible without powerful software.
The game is worth the candle, though. With the help of data-driven decisions you will be able:
- to identify risks to products and services at the earliest stage;
- to protect your business;
- to improve customer service;
- to increase in revenue
The big data market is estimated to reach a $103 billion value by 2023. This is a sea of opportunities for those who aren’t afraid to sail.
Big Data Sources
To avoid getting lost, It would be helpful to know the big data sources for business.
If you somehow engage the Internet of Things in your business and your customers are connected to your system with the help of smart devices, you may count on streaming data. Watches, medical devices, or refrigerators share tons of data. You should decide on which part of it to keep and subject to further analysis.
Social media is another opportunity to learn more about your customers’ preferences and behavior. Users generate and share content on Instagram, Facebook, TikTok, YouTube, and other platforms. The content formats include texts, photos, videos, sounds so you’ll have to deal with unstructured data in most cases. Nonetheless, its significance for sales and marketing cannot be overestimated.
Open data sources like World Bank Open Data and Global Health Observatory - WHO provide publicly available data for free. With its help, you’ll see the whole picture when focusing on a local or an international issue.
You may find more information in data lakes and warehouses or buy the datasets of interest from big data supply companies. The more sources you use, the more comprehensive picture you’ll get.
What are the Best Ways to Use Big Data?
97.2% of companies are estimated to start investing in big data technologies. The question on everyone's mind is what exactly they buy and how to utilize the technologies to benefit from them. Let’s consider the most convenient solutions.
Personalization and Higher Conversions
As a business owner, you must understand the importance of building high-quality relationships with customers. When a person notices attention from a company and gets the right offers, the loyalty towards the company grows. Big data will help you to segment your clients and target them properly. Enrich your CRM, update PPC strategies, and interact with people on a personal level so that they feel more connected to you.
Staying on Guard
Big data development can also contribute to cybersecurity. Cyber attacks are getting more sophisticated every year, which is also influenced by the general shift to online due to the coronavirus pandemic. A successful attack can result in financial damage for a company as well as destroy its reputation.
The big data developers create smart tools to protect corporate and client software from cybercriminals. It can include voice and video recognition, language processing, and automation technologies.
Working on a product, businesses keep in mind it should solve customers’ problems. It is rather challenging to catch the essence of these problems as an enterprise needs a lot of information.
If you already have customers, encourage them to share more information keeping all the data safe. The following step could be an integration of the given data with the results of other companies. Since open data sources and warehouses are getting more popular, companies can exchange their data and complement their understanding of customer needs and create the best offers eventually.
Make a Profit
Analyzing big data, you may come to certain conclusions that will change your business strategy. You can understand that it’s time to come up with a new product, to concentrate on another target audience, or change a marketing strategy. Companies using big data raise their profit by 8%, which looks like a good investment plan.
You Don't Have to Be Big to Utilize Big Data
Sometimes our clients may be scared by mentioning big data because they believe that it’s something for the use of corporate giants. That's not entirely true. Small and medium businesses can also introduce certain solutions appropriate to their size and budget. For example, you can get a custom CRM and analytics tools, work on reporting, and integrate your data to diversify and automate further communications with customers. Take a look at the resources you already have and maximize their potential with the right technologies.