How Big Data Is Shaping The Business Sectors
Whether it is a small scale, medium, or big scale business, usage of modern technology solutions will surely give you better output as expected. Today, more and more businesses are going online and leveraging modern tools that save operating costs and allow them to have an edge over their competitors. Besides, users are today spending the majority of their time using smartphones. They don’t know but it creates a huge volume of data either directly or indirectly.
Now sorting huge data manually can be a daunting task for any organization. However, it takes and costs them more. So what to do? Is there any shortcut? Yes, big data technology is here that allows entrepreneurs to manage the huge volume of data with ease.
Today, Big Data is no longer a buzzword, it is in the business landscape for many years but yes awareness regarding it started to spread recently. Businesses across the globe leveraging big data technology to make impactful decisions that help them to flourish in the years to come.
Big Data is gradually making its way into business operations because it saves time, comes up with accurate results, and helps you make strategic decisions with ease. As said earlier, today we are living in the age of information and might be overloaded with information. In the end, organizations have to sort mass data in a tabular format to make informed decisions. Hence, more and more enterprises now harnessing the power of big data as it streamlines business operations and makes it easy for owners to filter huge data in minutes. Moreover, when modern technologies are introduced in order to make tasks easy, who doesn’t want to leverage them? And that's what Big Data is doing right now.
What is Big Data?
Big data is not just a technology, but it is a trending topic right now because it has the potential to transform business operations. Apart from filtering huge data, it also helps owners to make smart decisions in advance.
If we want to define Big Data in a simple term,
- Big data is a modern technology tool that filters the bulk amount of data easily and comes up with a thoughtful decision
- It is a smart way to organize messy data or information for research purposes.
Popular brands like Amazon, Walmart, and many FMCG brands are leveraging big data to analyze customer behavior, identify prevailing market trends and deliver personalized experiences to boost sales.
Eye-popping Big Data Statistics and its Usage
Big data market size revenue forecast worldwide from 2011 to 2027 (in billion U.S. dollars):
Basically, the big data market is booming rapidly as it offers several benefits to enterprises. It is estimated that it will generate $77 billion by 2023 which is probably half worth of any billionaire. Here you can see how each and every brand using big data to grow its business.
In short, big data is making its way in the businesses and it is here to stay for a long after all it boosts business efficiency and helps them to create real value through smart analytics. For instance, it would be easy for whether the department forecast the next month's weather.
Here are some uses of Big Data technology and where it is used
- Health care
- Real estate
- Public sector
- Finance and government sector
- Weather department for forecasting
Well, the list goes on. We all are aware of how online delivery businesses are making headlines today. Big-data has already significantly impacted the on-demand industry and will likely continue to do so due to its advantages. If you also want to be a part of the online industry and think about how to start a food truck business, with the help of big data, you will come to know what are the emerging trends, what customers expect from brands, what it takes to offer solid customer service.
Besides, people’s tendency towards online shopping keeps increasing, it is projected that almost 95% of total purchases will be made online by 2035. Now you can imagine how it would be daunting for enterprises to manage such huge data and make informed decisions.
How Big Data Shaping Businesses
Every organization, irrespective of its type and size, generates a bulk volume of data. It could be anything such as customer information collected from surveys, data of prospectus, or even sales and profit data. No matter what kind of data you have, to make impactful decisions, you always need them by your side.
According to Dell Technologies, here you can see more than 50% of companies have implemented big data technology to harness the key benefits. It makes overall operations automatic and allows them to study customer’s behavior. In addition to that, it is used to develop better strategies, reach customers in real-time, explore hot marketing trends, target audiences, and optimize ongoing workflow to automate business operations. These are the major benefits it offers, but how does it reshape businesses across the globe? Let's explore in detail.
Better Targeted Marketing
A solid marketing strategy might cost you more but help you attract maximum eyeballs. Usage of big data in marketing is essential as it helps companies to target better markets for the present and future benefits. Target marketing allows companies to achieve desired goals in impactful ways. Through highly accurate data and precious decisions, companies can fulfill customers' rising needs and craft their marketing strategies more effectively.
Moreover, the information collected from big data analytics will help you promote services in a strategic way. Here you can also take the help of Google Analytics as it allows organizations to access valuable information in real-time.
Along with the eCommerce, live music streaming app, Spotify uses big data for personalized marketing. With more than 155 million subscribers, It organizes data in such a way that helps them to deliver a personalized experience.
Enable Dedicated Customer Support
Offering good products is an old-aged concept. Today, customers equally give importance to customer service. Therefore, brands now using chatbots, email surveys, instant messengers that support customers round the clock and elevate the customer experience with the brand.
As per the research conducted by Business.com, they are acquiring new customers costs 5-10 times more than selling to an existing customer. So, how does big data help retain existing customers? Well, it helps you measure customer satisfaction level, you will also come to know how people reacting your product on social media.
Well-known shoe retailer company ALDO using big data technology to collects data from various sources such as chatbots, social media, and websites.
The future is uncertain. Organizations have to deal with certain issues amid their operations. Therefore, it is necessary to be prepared for any sudden risk or threat. To reduce future risk or threats, organizations usually conduct a risk assessment process but as they don’t have any clue when which thing happens and costs them more. Here, Big data rescue them by detecting future trends. Based on them, they can make informed decisions.
For robust solutions, you can also hire experienced business consultants for your company. Big data identifies current trends and help you forecast future, it also helps you prevent things before it happens.
Bank of America and Bank of Singapore are the best examples you can consider, they use big data to identify threats and risks in the system. It also represents how to deal with sudden risk in the near future.
Cost is critical for any business. With big data, enterprises can use a huge volume of information to reduce overall costs. How? The simple answer is by predicting future trends and customer behavior patterns.
For instance, if you know in advance during Christmas, demand for several products such as clothes, lightings, chocolates will be increased, you can plan in advance when to produce and how much to produce. It will help you decide how much inventory is needed to be on-hand, ensuring customer demand fulfillment without incurring additional costs.
Managing inventory is expensive, but big data helps you to reduce costs and fulfill consumer's demands at the right time. Big data analysis also helps you predict when sales will occur and when production is necessary.
If you want to achieve desired outcomes, then embracing big data is a must.
Irrespective of the size and business type, there is always a way to benefit from big data solutions. The most important advantage of big data is it helps you catch emerging market trends and study customer's patterns.
Still, not using big data?
If no, get started because failure to use big data might prove disastrous and leave you behind in the business rate race.