Co-Founder Taliferro
Introduction
Businesses have used big data and analytics for many years to gain a competitive advantage. Nowadays, most companies can only compete with big data, especially if they're in the business of e-commerce or social media. This post will discuss how big data can help your organization grow faster than ever before.
Connecting with new customers
Big data allows you to:
- Connect with new customers
- Identify potential clients and reach out to them
- Connect with current customers
You can use big data analytics to identify potential clients and then use the information you've gathered about these prospective customers to reach out to them appropriately.
Identifying New Market Opportunities
Extensive data analysis can help you identify new market opportunities. Big data analytics allows you to study the behavior of your customers, and this information can be used to improve your product or service offerings. For example, if a large number of customers have complained about their inability to make reservations on weekends, this may indicate that they are looking for weekend getaways. You could then offer them special deals on weekend packages through social media or email marketing campaigns.
Shrinking Your Time to Market
Time to market is the Time it takes to bring a product or service from concept to launch. A shorter Time to market means more opportunity, and big data can help you make better decisions faster.
Big Data enables organizations to develop new products, improve existing products and services, lower the cost of goods sold (COGS), reduce waste, increase efficiency and productivity, and gain competitive advantage by making better decisions about customers' needs before they even know what those needs are themselves.
Providing Better Customer Service
Customer service and customer experience are two of the most important aspects of a business. The better you can communicate with your customers, the more likely they will continue doing business with you.
Providing better customer service is key to creating a great overall customer experience. And as data becomes more and more accessible through big data analytics, this process has never been easier to achieve.
Using big data analytics means you can analyze massive amounts of information in real time and make decisions based on this information, whether in person, over email, or on social media platforms. This allows you to provide personalized support based on each client's preferences at all times without manually inputting every intention before interacting with them.
Predictive Analytics
Predictive analytics is the process of using data to predict what will happen in the future. It uses historical data and statistical analysis to forecast future events, such as customer behavior, sales, or inventory levels. In short, it's the science of making educated guesses based on historical data.
Predictive analytics allows us to predict outcomes and not just react to them after they have happened (or failed), which gives us a competitive edge in our market. Businesses have used predictive analytics for years, but only recently has it become accessible to small businesses due to technological advances and cost reductions associated with sensors that collect real-time information from people's movements (iPhones), cars (GPS), etc.
Leveraging Social Media
What better place for people to share their opinions about you and your products than social media? Social media may be the best way to gather data. You can also use social media to conduct market research, get customer feedback, and gain customer insight (which is more valuable than ever in this high-tech age). Social media also allows you to engage with your customers individually.
Big data analytics uses advanced analytic techniques against massive, diverse data sets that include structured, semi-structured, and unstructured information from different sources and in various sizes, from terabytes to zettabytes. Big Data Analytics includes three V's:
- Volume: Data grows fast & exponentially
- Velocity: Speed at which data changes
- Variety: Variety of data formats
Conclusion
I've just scratched the surface here. The capabilities of big data analytics are practically limitless. This technology's impact on businesses of all sizes is enormous, but what stands out even more than its potential applications is how quickly it has become necessary for companies to remain competitive in today's global economy. As business leaders at all levels begin turning their attention to this rapidly evolving field, they should first identify the goals they hope to achieve through their use of big data and then seek out experts who can help them achieve those goals by leveraging their knowledge of advanced analytic techniques against very large scale data sets that include both structured and unstructured information from multiple sources (that may consist of social media).
Tyrone Showers