The term ‘big data’ has been around for many years. In modern day, businesses collect and examine large amounts of data using advanced software systems. Analytics are done to uncover the hidden patterns, correlations, trends and also to give insights for accurate business decisions. Essentially, organisations are embracing the power of data and technology to be more objective and data-driven.
With advanced software systems, businesses are able to enjoy speedy and efficient analytical procedures. This offers a competitive advantage to organisations who use them.
Why is big data important?
Big data helps organisations identify new opportunities that leads to smarter decisions, higher efficiency operations, better profits and happier customers in the following ways:
Big data technologies bring significant cost advantages when it comes to storing large amounts of data on cloud-based analytics. Furthermore, organisations can accurately identify higher efficiency business operations such as marketing campaigns that require a big sum of budget for advertisements and branding.
Skipping the research phase has led to loss of millions of dollars spent on unfruitful advertisements and marketing campaigns. After years of cautious enthusiasm, the marketing and advertising industry is now able to embrace big data in making sophisticated analysis. This involves monitoring the point of sale transactions, ensuring on the fly detection of dynamic changes in customer trends and observing the online activity. Also, predictive analytics allows organisations to reach and carry out appropriate and effective campaigns through better defining their target clients.
This results in achieving focused and targeted campaigns, allowing businesses to save money and ensure efficiency that are likely to result in higher ROI.
Understanding the data collected around your business, including your customer’s will help a company in making smarter business decisions for the company to grow and scale. Not only looking into customer engagement and interactions, but also the sales figure for each day will help uncover trends and patterns that can help with the company’s next move.
Other than that, many organisations depend on these daily data to monitor supply chain management which involves a great network of parties.
For most businesses, consumer data offers an improved way to understand and meet their customer’s demands. By understanding and analyzing customer behaviour through reviews and feedback, companies can easily spot and improve their goods and services to better suit the current marketplace.
Other than that, data can also be used to make decisions, strategies and channel personalised messages on an individualized level. Contextualized data allows companies to know how consumers are responding and engaging to their campaigns. The analysis is very useful to cater different medium and user journeys to create higher engagement and relevancy as personalisation is the key element in the modern business world.
Another advantage of big data is the ability to give insights to businesses innovate and redevelop their products and services. With the ability to gauge customer needs and satisfaction through analytics, companies get to grasp and provide what customers want. With big data analytics, more companies are creating new products and services to meet customers’ needs. Big data has become an avenue for creating additional revenue streams by enabling service & product improvement as well as innovations.
All in all, big data analytics is an important yet worthwhile investment for a growing business. By implementing big data collection and analytics, businesses will be able to achieve:
- Competitive advantage
- Reduced the cost of operation
- Smarter decision making
- Improved customer experience and driven customer retention
- New products and services
There are various sources of customer data that businesses can leverage. As technological advancements continue, data is becoming readily available to all businesses.
Technically, it is fair enough to say that organizations already have data at their disposal but it is up to the individual organizations to grab the opportunity to collect and make good use of the standardized data. Has your business started collecting these precious facts and figures? Talk to one of your sales representatives to know how exactly can Packtica help you in collecting and utilizing your business data.