How Can Businesses Properly Utilize Bit Data?

How can businesses properly utilize big data?

Apr 10, 2019

Today data is being generated from various digital touchpoints that a customer interacts with. The volume, velocity, and variety of this data is huge and the nature of the data is either structured or unstructured. Hence, tapping into this pool of data through tools that capture and analyze it is known as big data.

Analysis of big data assists in better decision making and business strategy. The strategies derived from the data analysis assist businesses in staying competitive, drive innovation and derive value. Big data helps in identifying growth opportunities and give birth to a category of organizations that can mix and analyze industry data. Such companies possess a lot of information regarding the products and services, buyers and suppliers, consumer preferences for capturing and analysis.

Benefits of Properly Utilizing Big Data

Possessing a wealth of data is good but isn’t sufficient to realize the importance of big data. Companies must know how to efficiently utilize this data to derive benefits since every company has its own way of using data. The data can be obtained from any source for analysis. This will benefit in:

1. Saving Costs

Data processing tools can assist in cost savings with respect to the storage of vast amounts of data and helping businesses identify better ways to do business.

2. Reducing Time

Data processing tools help in the identification of fresh data sources that assist businesses in analyzing data instantly with faster decision making.

3. Develop an Understanding of the Market Scenario

Analysis of big data helps in developing a better know-how of market scenarios. For instance, by analyzing consumer buying behavior, companies can identify which products are sold the most and make products as per this trend. This will help it in staying ahead in competition.

4. Establish Better Company/Brand image

Using big data tools, sentiment analysis can be performed. This will help you in knowing what is being said about you by whom. These tools can assist in monitoring and improving your online presence.

5. Boosting Customer Acquisition & Retention

Customer is the most valuable asset for any business. The success of a business depends on establishing a strong customer base and that can only be done by keeping the customers satisfied and happy. Hence, by using big data tools, businesses can keep an eye on customer-related trends and tailor products and services to meet those trends and garnering customer loyalty.

6. Drive Innovations and Develop Products

These tools enable companies to become innovative and redevelop their products.

3 Ways Organizations Can Leverage Big Data

1. Assigning an Analytics Leader

As per your company’s size, data analysis can be headed by a multidisciplinary group comprising of leaders of your organization, along with representatives of functional departments. Smaller companies can employ a data manager or seek the advice of a consultant for big data strategy and implementation.

2. Create a Unique Approach

Try to integrate usage of structured and unstructured data through internal and external sources. Value addition can be attained through translation of information into insights and solutions. Right technology without right team will never work for human intuition and judgment are critical for accurate analysis.

3. Maintaining Quality and Security of Data

Data quality must be ensured by organizations of any size and type. Organizations must implement privacy and anonymity policies along with careful implementation of practices to protect employee data from theft and abuse. Large companies have put in place governance teams for ensuring that their employee data are kept secure during the company’s reorganization, acquisition process and implementation of new systems.

All in all, big data must not be viewed as a chore, its importance must be realized and organizations must involve themselves and enjoy experimenting with its applications.

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