Why Big Data is Something Businesses Can’t Do WithoutPosted by Emma Thompson on June 30th, 2019 Every business, no matter how big or small, has something to sell. And it sells it to customers. Getting insights into what a customer wants and needs and how his mind works is an advantage that businesses cannot afford to do without. Therein comes real-time big data, which can work wonders in giving businesses what they need the most: insights into their customers.
Anticipating needs
A business can be successful if it can anticipate needs. Anticipating the needs of the customers is what it needs to do. Big data can help significantly in this regard. With big data, a business will have access to a mine of information, and by analyzing this information, it is possible for it to anticipate the needs of the customers and meet them. This can lead it to success.
Understanding trends
Big data was born out of the need to use the mine of information corporations often have access to. Today, with the internet everywhere, such information about what people need and want is easily accessible. This helps businesses understand trends, patterns, and preferences.
Customization of offerings
Big data can also help businesses find out what a customer needs and who the most valuable customers are. It also helps them offer customized offerings. For example, an online grocery shopping app can offer particular customers offers based on their previous shopping trips with it. This helps customers make better choices for which they appreciate the app. This helps the app enjoy loyalty, which leads to revenue. Customization of offerings is the need of the hour because companies are doing their best not just to meet the needs of customers, but to offer them precisely what they want.
Beating the competitors
With data ingestion in Hadoop, it is now more important than ever to beat the competitors. In competitive markets, this is extremely important for the simple reason that there will be too many thumbs in the pie. With big data analysis, it is possible for a business to beat its competitors and stand out to get itself noticed. By procuring big data and making sure that this data is utilized properly, a company can get an edge over its competitors by offering its customers more value.
The power of prediction
With data ingestion in Hadoop and analysis, it is possible for businesses to indulge in predicting what the customer needs. For example, if a customer likes a brand of chocolate and buys it frequently, it can be predicted that she will like other chocolate brands as long as they have similar offerings. When a customer gets offered more brands, the chances are that she will buy more, which ultimately helps the business increase its revenue.
It is imperative that today, any business that wants to reach a high level of success uses big data. Today, many data analyzing companies are available that perform this very task, making it easier for businesses to use data effectively.
Like it? Share it! More by this author |