Big data is the modern day game changer in the world of business. While there are still those who believe that big data is irrelevant or a fad, they are increasingly becoming the minority, thus even those who are skeptical, are being proved wrong.
Big data, when used effectively can increase revenue and improve bottom lines, and that’s why the field is expanding in and of itself.
Here are the top ten areas where big data can make all the difference:
1. Take the opportunity to actually know your customers
No matter what the field, the client is the backbone of a business’s success. They are the ones largely responsible for whether or not a business thrives. It’s a grave mistake to assume that you know what the customer wants or expects, especially in today’s ever-evolving consumer landscape. Big data can save you from making that mistake. If you know your customers, then you can respond to and exceed their expectations and tailor their experiences. Understanding them isn’t just a matter of thriving, it’s necessary for surviving at a base level.
2. Overhaul your marketing campaign
Big data can give critical insight into what will or is working and what isn’t; it allows businesses to see exactly who is purchasing their products. Customer ages, locations, ethnicities, and even the things that impact them when they’re buying becomes available for analyses and application.
Having the ability to properly assess and utilize that information can potentially revamp efforts that theoretically could have resulted in a marketing flop. Where before there was guess-work, there are now actual numbers.
3. Big data will allow your company to become social media savvy
Approximately 75 percent of consumers utilize the internet for research before committing to a brand or business. Social media is crucial and it’s not going anywhere. Big data allows you to see where and how your business is is being talked about and linked to. It provides a clear picture of how people are using platforms to both recommend a company and complain about it. Performing a social media audit is a worthwhile investment of time and energy.
Due to the volume of users and the weight that social media currently has, it’s also vital to do what you can on the ground floor to promote positive customer experiences. When they mention you, responding to them in a timely manner will bolster the level of connection that they feel with you.
4. Can you imagine being able to track and assess almost all of a company’s workforce? Big data can
Companies have already begun to track employee’s movements, and that’s just the tip of the data iceberg. The potential is there to assess not just their movements, but their stress levels and health as a whole.
Big data has the means to scope out worthwhile CEOs, and it’s likely that all tiers of recruiting and hiring would be well served by what big data has to offer. Consider having the ability to analyze all the markers of successful members of your teams, before they’re even team members.
5. Anticipating the needs of company equipment
In a perfect world when equipment is faulty, a company would be able to asses the situation and understand instantly why issues occurred. Equipment failures cause productivity interruption for professionals, and can result in irritated customers at best and lost customers at worst.
Companies are already using big data to predict when appliances, planes, trains, and automobiles will require maintenance. If you can predict the issue it becomes less of, well, an issue.
6. Improved financial outlook
Forward-thinking finance departments are those that recognize that periodic reporting and BI aren’t going to cut it anymore. They’re recognizing opportunities and bolstering the budget.
Beyond that though, big data can provide finance departments with the means necessary to more accurately recognize the strengths and weaknesses of customers, and suppliers; it can also give insight into issues with both fraud and potential leaks in revenue.
7. Product development
Developing new products can be a challenge, whether you’re interested in expanding your reach within a market or working to innovate something new entirely. Big data can help ease the development process by reducing costs and the learning curve associated with new product development.
With 66 percent of products failing within two years of development, and 96 percent of innovations failing to return the cost of capital, the risks in product development are clear. Big data can help, when utilized correctly, to keep firms more agile and predict things like changing markets and competitor threats. Using predictive analytics, analysts are able to forecast the performance of new products throughout the product lifecycle.
8. Making smart investment decisions
Investing has always been risky business because returns aren’t guaranteed. But big data provides a far more comprehensive picture of the potential success or failure associated with a company’s investment.
The risk connected with investments will never go away, but the level of the risk attached to an investment is not static, and there’s a sense in using big data’s compilation of information to decrease that risk as much as possible.
9. Supply chain management
Big data has obvious applications in the supply chain, but companies have been slow to apply big data as a resource. It’s worth considering how big data can be leveraged for your business.
For example, warehouses can utilize digital imaging to alert workers when a product needs to be restocked, and forecasting can be implemented to predict when restocking will be needed. Using big data to find predictive trends in demand can optimize efficiency.
10. The future embraced
We’ve all heard the dismal numbers: businesses don’t last long. In fact, Bloomberg reports that 8 out of 10 flop before their first 18 months are through. One of the most commonly cited reasons for that 80 percent failure rate is that companies remain the same, and in doing so become antiquated.
If a business is unwilling to adopt the tools available that will allow them to get to and stay at the front of the pack, their future will surely be bleak. The company with the evolving business strategy is the company with a healthy future on the horizon.
The numbers don’t lie. Big data provides a robust interplay of technology, analysis, and a resulting informational landscape. Already, it is believed that the amount of stored data is beyond what can even be utilized. Companies large and small thus have a vast wealth of knowledge with which to utilize to bolster their success and well-being.