10 Reasons Why You Should Emphasize On Data Collection for Your Business!
Big Data is a large set of structured and unstructured data. Its complexity and extensiveness do not allow the conventional data processing techniques to deal with it. In the industry, Big Data is described using 4V’s: Volume, Velocity, Variety, and Veracity.
How we store data is associated with the volume. There is a multitude of sources from where businesses store data. Sales transactions and social media are just a few of them. Pooling of this data was difficult in the past. Today, with the shrewd big data technologies, storing this data is easier. Velocity denotes the real time data. Data that is streamed real time has to be dealt with immediately. The different formats of Data such as Video, Text, image, and audio refer to the variety of data. Veracity is the unstructured data. Businesses should have the expertise to handle every form and type of data.
Big Data is integrated into our lives so much so that it is extremely crucial. Among the many facets of Big Data, we will now focus on why and how it is important for businesses.
GETTING ACCUSTOMED TO THE INTRICACIES OF MARKET
The current market trends are understood and analyzed without any issue with the help of Big Data. Take for instance, by analyzing the purchasing patterns of the customers; businesses will get an idea of the products in demand. This way, the products most sought would be available. It will be counted in customer care, and thus it will be a tough competition for the rivals.
KNOWING YOUR CUSTOMERS BETTER
Big Data is a perfect guide to getting an insight of your customers. It can prophesize the needs in advance and hence can result in better customer service. The complaints by the users can be minimized and dealt with in time. Big Data detects any negative comments on the social media using big data tools, and urge you to take prompt action.
GUARD YOUR ONLINE REPUTATION
The Big Data tools are capable of carrying out sentiment analysis. You can thus receive an overwhelming feedback about your company. Keeping track of your online presence and improvising it requires the big data tools.
SAVING UP BUCKS
Initial implementation of the big data tools is expensive. But once started it eventually saves you a lot of money in the long run. The real time systems lay off the burden from the shoulder of the IT staff. You can then use these resources somewhere else. Not only will you be able to gather a huge amount of data, but the accuracy of the data would be guaranteed.
The starting up of a business venture is a period of much apprehension. The start up is of paramount importance since business requires care in its infancy. Every step is taken according to the devised strategies. Here are the ten reasons why Big Data is pivotal for business start ups.
LINKING TO YOUR CUSTOMER
Over the years with the evolution of every thing, we as humans too have evolved. Customers today are very different from how they used to be decades ago. Today, people search for the smallest thing they wish to buy. Extracting information and the market value of items is a piece of cake. With the resources readily available people are quick to exploit. With big data, you can profile the likes and dislikes of your clients and have a conversation with them if need be. Unsatisfied customers are quick to leave.
SHAPE YOUR PRODUCT AND SERVICES TO CUSTOMER NEEDS
You can make amendments to your product according to the customer interests. The social media data is unstructured one, but the analysis brings to light the sentiments of the customers categorizing them on the basis of location, gender, etc.
SAFETY OF YOUR DATA
Your companies entire landscape can be under scrutiny with Big Data. This helps in the identification of any potential threats. Any information that requires attention would instantly be noted and flagged.
Big Data help in picking up the preferences of your customers. The sales and marketing data tells a lot about customer requirements. However, it is important to note that unorganized data is not useful. With Big data, all the information remains organized. Targets are reached in shorter time, and it is accruing for the business as well in terms of infrastructure and market.
SQUEEZING REVENUE FROM THE COLLECTED DATA
New revenue systems can be drawn up from the extracted data as it can be sold as a non-personalized trend to other organization. The surveillance of the user dynamics is profitable since you can sell the information to the major market players for whom the information is equally important. They will go to any lengths financially to get the information.
PERSONALIZING DATA ACCORDING TO THE CUSTOMER PREFERENCE
You might have noticed on various sites how when you search for an item similar other items pop up. The items are of similar nature and are in line with what you have been searching for. This really helps in choosing things of your choice from the array of options. What has happened is that big data customize the site in real time and organizes data according to the customer interest.
CONNECTED AND SMARTER CITIES
The facilities provided by Big data are being exploited by more and more cities to upgrade the lifestyle of the citizens and to protect the environment. Big Data can claw down the crime rate significantly. The impurities released in the environment can also be reduced. Globally, every country is doing their bit to use Big Data to enhance the living standards of the people.
SPOTTING OF THE BUYING PATTERNS
The automated processes of Big Data recognize the needs of the customers instantly. The reports of sales, social media tracking and competitor analysis are collected to check the buying patterns.
MAKE THE MOST OF EVERY PENNY YOU HAVE INVEST. THERE IS NO ROOM OF ANY ERROR
Business in its initial stages runs on low funds. Using every penny prudently is the only wise devised strategy. It is for this reason that you should employ Big Data technologies. Marketing and advertising costs can be handled with the adequate usage of Big Data. The information generated from the social media can be utilized in more useful manner. Your business model can nevertheless devise exciting ways to generate revenue.
LEVERAGING BIG DATA WITHOUT THE NEED OF ANY EXTRA RESOURCES
The low cost does the icing on the already scrumptious cake. You do not require any additional resources or investment. The low-cost cloud enabled solutions can be deployed for the Big data strategies. In the starting big data technologies were expensive, but things have changed since then.
RECRUITING THE ELIGIBLE CANDIDATES
Data again comes in handy when it comes to selecting the appropriate candidate. The best-recruiting channels are chosen, and the current ones are engaged in a better way. In various organizations, there is already an HR-related data: absentees, productivity data, self-development reviews, etc. Companies are now able to squeeze out as much data as possible. This trend and ease is unprecedented and can be used in surprising ways helping businesses to flourish.
Every day processes whether business or daily life can be revamped. With any business that generates data, that data can be used to make improvements and create efficiencies. The manufacturing or industrial companies, make the tools smart, which means they can be connected, data-enabled and constantly report the statuses.
Retail companies would easily optimize their stock with the help of predictions received from social media data, web search trends, etc. The stores can stockpile the most popular items, this ensures they don’t miss any sales as well as any unwanted item doesn’t lay around useless. Another business process, Supply chain, benefits from big data analytics. The sensors and GPS are used here for tracking and delivery of goods. The live traffic data is integrated to winnow out the clear path and tracks for the delivery.
WRAPPING IT UP
The above reasons justify the statement that Big Data is not only a buzz word, but it is also a serious commitment. The term holds a deeper insight into business trends, customer behavior, market projections.
Analytics can be harnessed to its full potential and new businesses are springing up can predict the individual customer’s needs and preference of shopping. The Data can be viewed as many times as possible to learn new things and to spot any discrepancies.
Many people argue that organizations have got so much data at their disposal. No one has the slightest clue to the difficulty encountered at converting that knowledge into action. Small business set ups can use big data that encompasses it, and it has access to. Turning away from big data revolution is threatening for the new set ups. Big Data is a very useful tool with the ability to jazz up everything around!
The post is by Emma Braun a professional content writer and a passionate freelance blogger. I am currently administrating the blog at Craftedium!