Big data analytics involves managing examining a huge amount of data. To take a proper business decision it is essential to analyze the collected data. Companies nowadays shifting their business ideologies to evolve from a knowledge organization. Businesses are embracing the power data and technology. Decades before the concept of big data was introduced to gain insight on businesses and uncover trends. Essentially, a business wants to be more objective and data-driven to perform more smartly and efficiently. It is essential to give your business a smart dimension in order to take your business to the next level. Big data analytics is managed by advanced software which reduces the time and cost of analytics time to take business decision. If you have done your work fast and achieve your goal faster than ever then will gain competitive advantages to the business. Thus, the business enjoys a lower cost using the software. However, deriving meaningful insight from data and transforming knowledge into action is easier said than done. To improve efficiency in business, each organization collects related information. However, few companies have understood the significance of analyzing data which leads your business towards the direction of improvement. Data trends can provide hidden insights to identify problems and aids to find alternative ways to work. It makes the companies more productive, efficient and can forecast future market trends.
Companies need to adopt healthy strategies before they plan to apply data analytics. It is important to manage the performance of employees. This is a monotonous task to track all the scattered and unformatted data. Thus, it would be a wise decision to manage those data by data analytics to develop and implement a further plan on how to move forward in the process to utilize the benefit.
The application of Business data Analytics covers nearly five practice domains which include:
- Recognize Research Questions
- Source of Data
- Analyzing Data
- Interpreting and Reporting Data
- Using Results for Influencing Decision Making
For easy and quick solution Data Scientists use programming languages, APIs and frameworks:
- R Programming
- Scala Development
- Spark MLlib
Big Data Analytics can boost Customer Acquisition and Retention
Image Source: https://bit.ly/37TPGC1
Customer is the most important fact in escalating business or even earning the revenue. No business has witnessed success without having a solid customer base. And when you earn a solid customer base this is not the end of the game, from here a business faces high competition to hold their position in the market. Your overall performance can evoke either an adverse situation, and it also can retain success on business. By applying big data in your business, you can observe various customer-related patterns and trends. It is very easy to collect all the customer data in the modern business world which ease the process for the business owners to know the customer. The more data a business can gather, more patterns and trends your business adopt by analyzing the structured and unstructured data. You need to develop a customer data analytics mechanism then your business will be able to derive intricate behavioural insights to retain customer base. By comprehending customer insight, allows the businesses to cater to what consumers demand from you. It is the primary step you can adopt in order to attain high customer retention.
Coca-Cola Company has set an example by using big data analytics to drive customer retention. From 2015 Coca-cola has managed to intensify the data strategy by creating a digital-led loyalty programme. The director of Coca-Cola company has clarified that big data analytics is strongly responsible for high customer retention of their company.
“How much does the role of data play in Coca-Cola remaining relevant and staying connected to its consumers in the age of digital transformation? What about data and product development?
Data plays an increasingly important role in marketing and product development. Consumers do a great job of sharing their opinions with us – either by phone, email or social networks – that allow us to hear their voice and adjust our approach. We often talk about why we have two ears and one mouth – it’s better to listen more than speak. This holds true with our approach to consumer input. Data is also helping us create more relevant content for different audiences. We want to focus on creating advertising content that speaks differently to different audiences. Some people love music. Other people watch every sport no matter what time of year. Our Brands are already visible in those spaces, and we’re working hard to use data to bring branded content that aligns with people’s passions.”
As an Innovative Driver and Product Development
Big Data Analytics has the ability to help companies to innovate and redevelop their products. Big data has become an avenue to create additional revenue streams by enabling innovation and product improvement. Organizations commence by correcting as much data as would be technically possible before they design new product lines and redesigning the existing products.
Ruben Sigala, chief analytics officer of Caesars Entertainment, on this account has delivered his idea “What we found challenging, and what I find in my discussions with a lot of my counterparts that is still a challenging, is finding the set of tools that enable organizations to efficiently generate value through the process. I hear about individual wins in certain applications, but, having a more sort of cohesive ecosystem in which this is fully integrated is something that I think we are all struggling with, in part because it’s still very early days. Although we’ve been talking about it seemingly quite a bit over the past few years, the technology is still changing; the sources are still evolving.”
Big Data in Supply Chain management
Big Data analytics serve to establish greater networks, clarity and insight to develop superior supply chain management. Therefore, big data analytics can rescue the management to solve the restraint faced earlier. Through conventional enterprise management systems and supply chain management systems the constraints can be removed. Through the use of Big Data, the suppliers get the capacity to leverage higher levels of contextual intelligence.
Different organizations collect information across various industry and organization which gives them competitive advantages to watch where the trends in marketing have increased or decreased. It allows companies to bridge the potential gap between the sale process. It will become accessible which can be used by everyone within a company to enhance productivity and ease the decision-making process. Data analytics has become an integral tool in shaping business advancements and taking decisions. Data analytics authorizes employees to view data and make smart business decisions to achieve improved products and services. It often seems difficult to manage a large amount of structured and unstructured data. Tools that are used for data visualization such as Logi, Tableau, Power BI make the delighted to present the insight in numerous meaningful charts. It allows the business person to connect between multi-dimensional data sets and it caters to unique opportunities to interpret the data via graphical representations. Data analytics gives room for prediction and knowledge discovery capabilities. It aids to understand the present state of business development or move forward to a solid foundation for future outcomes. It also enables businesses to decipher the current market scenario and change the way of dealing with your business or rectify the need for a new development process which matches the need of the market. Data analytics help companies to identify potential opportunities for streamlining operations and enlarge the rate of profits. Before a potential problem takes place in your data system, its operational efficiency eliminates the process of occurring it and take required action against it.
The task of a data analyst is to help the organization to escalate operational efficiency which helps the company to benefit with competitive advantages. To leverage data analytic technology, the organization need to understand the core of data and to regulate the outputs one aim to attain.
Role of Big Data in Startups
Launching a startup business is required full-fledged planning and programming. While implementing the desired goals several obstacles are faced by the owners. As maximum startups at their ground-level try to invest money very sincerely, they want to adopt new technology in small budged with the drastic outcome. Bag Data plays a great role in startups businesses through the extreme growth of raw data and tools. Big data has given enough scope to these small-scale businesses to compete effectively with large-scale businesses. 90 percent of the world’s most important data are managed through big data in the last few years and the status of unstructured data has given rise at the rate of 60 to 80 percent. Big data provides relevant and timely feedback and aids to keep an eye on brand progress. Business startups can gain a considerable position in their businesses and can quickly evolve the strategies using big data insights. The tools that are necessary to manage the big data system for adopting new marketing strategies are available in various forms.
On this account Murli Buluswar, chief science officer of AIG has prompted, “The biggest challenge of making the evolution from a knowing culture to a learning culture – from a culture that largely depends on heuristics in decision making to a culture that is much more objective and data-driven and embraces the power of data and technology – is really not the cost. Initially, it largely ends up being imagination and inertia. What I have learned in my last few years is that the power of fear is quite tremendous in evolving oneself to think and act differently today, and to ask questions today that we weren’t asking abou5t our roles before. And it’s that mindset change – from an expert-based mindset to one that is much more dynamic and much more learning-oriented, as opposed to a fixed mindset, that I think is fundamental to the sustainable health of any company, large, small, or medium.”
Marketing and Customer Reach
Big Data has impacted a revolutionary changed in marketing and customer reach. Through data history, one can easily track the records of your targeted customers. Not only that, you can shape your marketing policy as per your customer’s choice. Even you can offer each consumer customized offer which can attract their attention at a go. Tracking the record of the customer’s choices social media plays a great role, by creating an extensive amount of data. Through the history of feedbacks and comments, companies can have an idea about how their brands and services are mee5ting the expectation of the customers. Knowing fully well about their audience and how your business demand is, you can target marketing and content strategy campaigns. Other important factors in this field are click-through and bounce rate which notifies you how the whole process of marketing is going on. Click-through informs you about the traffic of your site whereas bounce rate shows you how many customers have left your site. The better way to understand your traffic is to measure the two click-through rate and bounce rate togetherly. It is very important for your business to understand the volume of your traffic rate. The search engine optimization can only make your websites user-friendly as well as it ranks your page higher.
Image Source: https://bit.ly/34SMvIw
Businesses are getting expanded day by day and to monitor your business properly it is very important to analyze the collected data to understand the current state of your business and make the decisions as per the records. All business uses the internet. Big Data can play a major factor in achieving the success of startups and existing businesses. They are readily using smart technologies in order to escalate the position of their business. As small businesses have less capital invested on it, they tend to grab the advantage of technology to witness rapid growth. Big Data offers both, by catering cost reduced functionality and room to gain efficiencies. Data analysts can flexibly produce the foresight for your organization in almost every possible aspect.
Header Image Source: https://bit.ly/2P2jGTq
Barry Davis is a Technology Evangelist who is joined to Webskitters for more than 5 years. A specialist in Website design, development & planning online business strategy. He is passionate about implementing new web technologies that makes websites perform better.