How Big data Can Revive a Struggling Business
Big data is one of the best things to happen to a business. The term refers to — and this is simple terms — data that’s bigger in variety, volume, and velocity. It is basically data in-depth, using multiple resources to collaborate data to make business work better. The concept isn’t new, but it is gaining more traction since the global development of technology that has happened since the early 2000s. As the world went online, companies had more access to tangible data they could quantify into something businesses could use to improve everything about it.
If you don’t know about big data, keep reading on to see how you can start investing in it and how it can benefit your business.
How You Can Invest In Big Data
Investing in big data analytics could be the best thing you’ve ever done for your business. Big data can turn a struggling business into one that works, but how do you go about doing it? Is there a big computer that does it for you?
You can use a small personal loan to hire a big data analytics company to do the work for you. There’s also the option of bad credit personal loans if your credit score won’t allow you to get a standard personal loan. Big data analytics companies specialise in getting the most out of the data your company needs to perform better, giving detailed reports on how you can use big data to propel your business out of a rough patch.
Let’s explore how it can help your business.
Better Customer Service
Figures show that if you can increase your customer retention by just 5%, your profit will grow by 25%. Why? Consistent custom is much more reliable than fleeting purchases. In comes big data. Companies around the world are using big data to improve communication, retain customers, and improve the reputation of their businesses.
How? Here’s one example. There are millions of posts on social media accounts every single day. Not every post will relate to your business, but it might be hard to spot the ones that do. However, despite the fact it can be incredibly hard to spot social media posts related to a customer query even with a social media team, 75% of people expect a reply from a business within an hour. The quicker you respond, the happier your customer will be.
Using big data, companies can easily follow negative remarks and spot where a reply is needed. Because of the sheer volume of social media posts, big data is the only way to sieve through it. Big data can also help you to understand what social media platforms you have the most engagement on. That makes it easy to see which platform it is easier to market through as well as communicate.
Better Business Operations
Better business decisions have been made easy in other industries, such as manufacturing, thanks to things such as automation and robotics. Other sectors are following suit, harnessing big data to fuel automation and improve business decisions.
Take HR as a prime example. Big data can help to transform people-related processes such as learning and development. A prime example is chatbots which some companies are using as a form of communication to answer employee questions. Big data is used to collect information about the questions employees are asking frequently to create more simplified responses. It’s a sophisticated way of cutting out the middle man and making it easier for employees to find solutions to their problems.
Better Products and Services
The more you know about the opinions of your products or services, the more you can do to address any issues. The more you know about your customers, the easier it is to design better products and services. Take the Disney MagicBand initiative – it tracks park attendees to see where they spend the most time and money.
Use big data to focus on product quality and customer retention. You might want to send out an email survey or put one at the end of the checkout. Product insights are invaluable – and surveys aren’t the only way to gain an insight into peoples opinions about your product or service.
According to ViralRace, insights gained through social media accounts can be the most useful. It also helps you discover the type of products your customers want, rather than what’s wrong with what you’re selling. Using big data, you can easily understand market trends to create better products or services.
The more you use big data, the more you understand your business, your customers, and the global business economy. Big data has enabled brands such as Amazon to create innovative services like their same-day delivery service because it was realised how big the demand for faster deliveries was using big data. If you feel like your business is struggling, it definitely is worth it.