As per the survey conducted by Harvard Business Review, almost 99% of businesses tried to implement AI and big data analysis in the near future. It is true indeed that every organization, whether big or small, need some valuable insights and data for analyzing purpose. There is no doubt that big data plays a very vital role in understanding customer preferences and your target audience.
If presented effectively, then big data will help you to properly analyze and anticipate the needs of the users. Also, it helps businesses in achieving their goals. But before that, let’s know some more about what is big data.
What is Big Data?
Many leading companies are gaining new competitive advantages due to big data strategies. Implementation of it will be found in almost every section, starting from healthcare to IT. It helps the companies to predict the outcomes by analyzing them in the real world. Using Big Data, organizations use analytics to figure out the most important customers.
Here we have come up with some important ideas on how you can improve your business.
1. Help in Making Better Business Decisions
Big Data helps in providing the business the tools to make smarter decisions based on assumptions and data. Access to these data helps in improving decision making, that too in a controlled way. One of the biggest companies that have taken the help of big data for delivering insights is Walmart.
2. Assist in Understanding of the Customers
Have you ever wondered how Facebook knows your likes and dislikes and everything about you? Well, it’s all because of big data analytics. Many organizations and brands are leveraging big data technology for understanding your customer’s and visitor’s behavior. For example, Disney is using this technology for getting a closer look at its theme parks.
3. Make Improvements in Business Operations
The rise of automation and robotics in factory production lines and several other business sectors is mostly underpinned by Big Data. For example, nowadays there are AI-driven training courses that immediately spot a trainee when he/she gets some issues in grasping a lesson, and chatbots are activated for answering some common questions questioned by employees.
If you have a business providing paper writing services for those who are looking for a paper writer, then also big data will have its influence.
4. Design and Deliver Smarter Products or Services
After knowing about your customers, you can smartly design products and services as per their needs. This is what is done by Disney along with its MagicBand initiative. Not only it harnesses the potential of knowledge for meeting better needs of the customer but also it is being designed to flog additional financial products.
5. Help in Generating Income
Big Data is not only about improving decisions and processes; it is also about creating an additional income stream. Here data is also to be monetized. American Express handles more than 25 percent of credit card transactions in the US and in doing so it takes the help of big data transactions. It is also worthy to note that big data helps in saving lots of money.