Why your business must switch to big data for achieving dramatic growth? From market analysis to predicting customers, big data helps you to get competitive advantage with these striking benefits.)
Big Data is not just the pile of structured and unstructured data stored in your servers for years. Today, it has become big thing for every business size. With such massive size of information, a company can analyze the data to know the market; study the customer behavior and locate the problems to gain a competitive edge. In this way, Big Data helps business remain competitive, profitable and develop strategies for the future, whether you’re an established business or startup. Let’s see how Big Data can make you thrive amidst the stiff competition.
Did you know? Formula 1 teams use Big Data to ensure the driver’s safety and know the vehicle’s performance on particular track’s condition. Rio Olympic 2016 has also witnessed technological advancements including Big Data to prevent sports injuries. Out of the sports filed, Big Data is even crucial for the business to focus on the right information about the customers, new markets, existing trends and many more.
Help Your Predicting Your Customers:
Many online companies use big data to know their past behavior to increase customer satisfaction and purchases. On the basis of compiled data, they know which site is visited by a customer along with his whereabouts and the time he needs customer services.
For example, big data analyses can be useful in healthcare industry to know the prescribed drugs results as well as associated risks and benefits that are not exposed in limited clinical trials. Similarly, Facebook knows where the members click on or what they like, thereby making quick suggestions of their choice. Netflix has capitalized on data analyses to know which movies are likely to be watched by a subscriber.
Some companies are going beyond that point by giving it a personalized touch. This is why Big Data helps companies to sell right product to right customer on the right platform.
For Better and Quick Decision Making:
Big data has been proved successful to improve the decision making of businesses. This is why large enterprises are inclining towards Big Data at the more rapid pace than before. A business can drill down into the big data to study the case history for better understanding. And since your rivals are data driven, you can’t afford to make decision on the intuitions or gut feeling to be at a competitive disadvantage. In other words, Big Data is essential for your business to make prudent and optimal decisions on the basis of facts and previous records quickly.
Forecasting the Performance of New Products and Services:
Without studying the market, launching your new products may be risky. And it takes a long time to go through the market analyses and trends which is hectic for your team. In this scenario, using Big Data is both rewarding and interesting to launch new products and services. It is common practice among online companies which is now widely used by offline counterparts too. GE, for example, has used Big Data analytics for deciding the new service models for its products.
With these advantages of Big Data, a business can speed up its growth while outperforming the competitors. So, it clearly means that your business model should embrace big data strategy to make the most of its potential.