Which Are The Real Benefits of Big Data?
Big Data essentially refers to an incredible amount of data and information that keeps on growing exponentially with time, and needs to be properly analyzed and processed in order to uncover valuable information that will eventually benefit organizations and businesses.
While Big Data is quite famous right now, the truth is that this incredible tech innovation is quite unknown for many people around the world, even when it’s influence has been increasing so much that most analysts believe it will eventually expand to our everyday lives.
This way, in case you don’t know too much about Big Data, here are the most important benefits that this tech innovation provides to businesses and organizations that make use of it.
The Benefits of Big Data
- Predictive analysis: The first main benefit that Big Data gives us is the so-called predictive analysis, which is the feature that allows its analytics tools to predict outcomes in the most accurate manner. Naturally, we’re talking about a dream come true for most businesses considering that predictive analysis allows it to make better decisions and even reduce risks by optimizing their operational efficiencies.
- Harness data: Another outstanding benefit that Big Data provides is the ability to harness data from the different social media platforms in the market by using analytics tools. This way, businesses around the world can easily streamline their digital marketing strategies in order to improve the consumer experience. After all, this tech innovation allows you to determine the customer pain points, which is one of the most important marketing strategies anyone can use today.
- Actionable insights: Additionally, Big Data combines relevant information from numerous sources in order to produce actionable insights, which can be easily done by making use of the famous segment alternative. In case you don’t know why this is a great benefit, let’s say the reason is that it allows all companies and organizations to filter out the so-called “garbage information,” which eventually let them save a lot of money.
- Sales: Want more? Then let’s say that what most analysts point out it’s simply the greatest benefit of Big Data is the fact that this one helps companies and organizations to increase their sales leads, which traduce in a significant revenue boost. This usually happens because the analytics tool of this tech innovation can determine the way certain services and products are performing in the market and how clients around the world are responding to these.
- Using big data improves your pricing: Use a business intelligence tool to evaluate your finances, which can give you a clearer picture of where your business stands.
- You can compete with big businesses: Using the same tools that big businesses do allows you to be on the same playing field. Your business becomes more sophisticated by taking advantage of tools that are available for your use.
- Big data ensures you hire the right employees: Recruiting companies can scan candidate’s resumes and LinkedIn profiles for keywords that would match the job description. The hiring process is no longer based on what the candidate looks like on paper and how they are perceived in person.
- Ability to mitigate risks by optimizing complex decisions about unplanned events more quickly.
- Identification of the causes of failures and problems in real time.
- Full understanding of the potential of data-driven marketing.
- Generation of offers to customers based on their purchasing habits.
- Improvement of the commitment of the client and increase of his loyalty.
- Reevaluation of the risk portfolio quickly.
- Customization of the customer experience.
- Adding value to the interactions with online and offline customers.
Another way to see the benefits of Big Data is through these 8 qualities required by companies and that are present in the Big Data:
- Big Data is Timely: 60% of each work day, knowledge workers spend it trying to find and manage the data. Big Data can provide timely reports immediately.
- Big Data is Accessible: Half of senior executives indicate that access to correct data is often difficult.
- Big Data is Holistic: The information is currently stored in silos within many organizations. Marketing data, for example, can be found in web analytics, mobile analysis, social analysis, CRM systems, A/B testing tools, email marketing systems, and many other sites each with its focus on its silo.
- Big Data is Reliable: Things as simple as securing the correct contact data of customers through the review of multiple systems can save thousands of Dollars in incorrectly sent communications.
- Big Data is Relevant: 43 percent of companies are not satisfied with the ability of their tools to filter irrelevant data.
- Big Data is Safe: A breach of data security costs hundreds of dollars per customer.
- Big Data is Precise: Businesses have difficulty with multiple versions of the fact based on the supply of their info. Combining multiple reliable sources, businesses can create accurate correct of intelligence.
- Big Data is Usable: Many companies make bad decisions due to obsolete or bad data. Big Data can ensure that the data is usable without fear of mistakes.
Finally, Big Data allows all companies to check not only the market but also the way the competition is performing, by showing the different promotions that are being provided to customers. What makes this incredible is the fact the Big Data will let you know if customers are feeling attracted to these promotions or not.