Importance of Big data & ways to leverage it for your business

Importance of Big data & ways to leverage it for your business

Big Data just as the name suggests refers to the large quantity of raw and complex data that can be collected, stored and utilised by analysing it through several means. This data can be used to maximise the potential of the business.

Importance of Big Data

Big Data plays a crucial role in providing answers to several questions that the company couldn’t have even thought about. Big data acts as a point of reference. It comprises of a massive amount of information, which can be tested, moulded, shaped and used as per the company’s needs. Collecting huge data and finding out the common trend throughout helps in effectively and efficiently elevating your business. Additionally, it also helps tackle and eliminate problem areas and further promote profit pulling.

Data acts as an aid for numerous operations at all the levels. Each and every company uses data be it small or big. The more the data used efficiently, the more the potential to maximize your business. Big data if used in accordance with visuals helps generate information faster.

Leveraging Big Data for business

Big data offers multiple advantages to the companies. There are endless opportunities for companies to maximise their potential with the help of big data. Let’s look at the five ways to leverage big data for your business:

  • Personalizing customer experience

Using big data for customer decision process reduces the company’s cost by 15-20%. It also helps measure customer’s digital footprints like their purchases and opinions. This data can be used and analysed for customer behaviour. Further based on the studies, you can provide customized and personalized experiences to the customers.

  • Predicting and reducing churn

Observing, understanding and measuring customer behaviour and then acting accordingly helps drop 10-25% basis churn points. Analysing these helps you determine the average lifetime value and the reason of customers opting out. This further helps you improve on the areas that you lag.

  • Streamlining sales, staffing and supply chain

It is reported that 32% of data wasters state that they lag behind their competitors in financial performance. Big data solution can also help measure internal areas of business like labour, productivity and finance. Make plans, cut on your budgets, reorganise your business based on the conclusions of the big data analytics.

  • Targeting new customers and re-targeting existing customers

Most companies collect customer data from 3.4 channels. Loyalty programs is yet another valuable source of information which can be used to study customer’s interest and lifestyle based on the purchases they make. This data can be used to segment customers and send targeted promotions through various means of digital marketing.

  • Using social media data

More than 50% of people use social logins for the website. Make use of social media data to understand your customers in a better way. Use a social listening tool to gauge customer response of your company and product. Give your customers an option to login with their social profiles and as per the access granted to use their information on social profiles and target better customers.

Wrap up

Make the most of your big data by using the pure analytics in sync with new thinking and approach and power your business.