The Usefulness of Big Data That Business Owners Need to Know
How can big data be useful for a business? Originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
The importance of big data does not revolve around how much data a company has but how a company utilizes the collected data. Every company uses data in its own way; the more efficiently a company uses its data, the more potential it has to grow. The company can take data from any source and analyze it to find answers which will enable:
Some tools of Big Data like Hadoop and Cloud-Based Analytics can bring cost advantages to business when large amounts of data are to be stored and these tools also help in identifying more efficient ways of doing business.
The high speed of tools like Hadoop and in-memory analytics can easily identify new sources of data which helps businesses analyzing data immediately and make quick decisions based on the learnings.
Understand The Market Conditions
By analyzing big data, you can get a better understanding of current market conditions. For example, by analyzing customers’ purchasing behaviors, a company can find out the products that are sold the most and produce products according to this trend. By this, it can get ahead of its competitors.
Control Online Reputation
Big data tools can do sentiment analysis. Therefore, you can get feedback about who is saying what about your company. If you want to monitor and improve the online presence of your business, then, big data tools can help in all this.
Using Big Data Analytics to Boost Customer Acquisition and Retention
The customer is the most important asset any business depends on. There is no single business that can claim success without first having to establish a solid customer base. However, even with a customer base, a business cannot afford to disregard the high competition it faces. If a business is slow to learn what customers are looking for, then it is very easy to begin offering poor quality products. In the end, loss of clientele will result, and this creates an adverse overall effect on business success. The use of big data allows businesses to observe various customer-related patterns and trends. Observing customer behavior is important to trigger loyalty.
Using Big Data Analytics to Solve Advertisers Problem and Offer Marketing Insights
Big data analytics can help change all business operations. This includes the ability to match customer expectations, changing the company’s product line, and of course ensuring that the marketing campaigns are powerful.
Big Data Analytics as a Driver of Innovations and Product Development
Another huge advantage of big data is the ability to help companies innovate and redevelop their products.
Contributed by Abhishek Anand, Working as a Data Scientist in Prwatech