Big data, in the simplest of words, can be described as a massive collection of unstructured and structured data. The sheer volume of data here is so high that traditional data processing techniques cannot be used to analyze or manage it. It has been predicted that, by 2020, each person will end up producing 1.7 megabytes of data every second.
Now, we all know just how important data is for businesses today. There is an almost infinite amount of data out there that businesses can analyze and learn from. The insights they gain can be used to provide high-end service to customers, build better relationships with them and also, fine-tune their marketing campaigns.
Let’s explore a few more reasons why businesses shouldn’t take big data lightly.
Big data allows businesses to learn more about a subject by digging into various sources such as social media. The data extracted from these sources allows businesses to know more about the individuals and groups that they are catering to.
Needless to say, this creates familiarity, which, in turn, can be leveraged to provide more relevant experiences.
Big data also contains information relating to the public perception surrounding a business. Now, with the right kind of technology, you can quantify this information and use it to your advantage. Big data tools already aid this, with help from features like sentiment analysis.
Reading the market
Big data analysis can help businesses make sense of market conditions. For instance, big data tools can be used to study purchasing patterns or behaviours. The insights acquired from this can be used to determine which product sells the most and that information, in turn, can be used to develop future products based on current trends.
Improved servicing and customer experiences
Big data can also aid businesses in gaining a better understanding of customer pain points. In fact, this particular aspect of big data will expand further once IoT (Internet of Things) goes into full swing.
Businesses will be able to keep an eye on what customers want and what challenges they deal with when purchasing/using a product/service. The information gathered through this can help reshape experiences, whether it is after the purchase or before it.
If you are struggling with making sense out of your data and you would like to learn more about the benefits of having a big data analytics software, contact us today!