Can big data analysis help?
More than 94% marketing experts think that big data helps them provide a customized experience to their customers. And it plays a very important role in expanding their business.
The power of big data can also seem overwhelming. Without the right knowledge and technology, you may not be able to utilize its predictive analysis to the fullest. In this blog, we will discuss 7 ways your project can thrive with the help of big data analysis.
One-on-one conversation with consumers
Nowadays, customers are aware of their choices as they browse thoroughly before making a buying decision.
They expect to be treated like royalty and want to be thanked profusely for their purchase. Big data can help you reach out to them and have a real conversation with them. Unless you treat your customers well, they won’t think twice before buying from your competitor.
Re-design your products or services
Big data plays a crucial role in helping you improve and redevelop your products and services. You can see how the customer perceives your products from a neutral platform. Analysis of unstructured social media data enables you to understand the sentiments of your customers according to the different geographical locations or demographic groups they belong to. Use these insights as building blocks to improve your products, so your customers are always happy.
Apart from that, big data also helps you test multiple variations of computer-aided designs within split seconds. So, you can keep testing the efficiency of your product in order to improve customer satisfaction and generate better revenues.
Perform risk analysis
Your project's success doesn’t completely depend on how well you manage or run the business. Other external forces like social and economic factors play an important part too. Use predictive analytics based on big data, and analyze social media feeds to stay up to date with latest market trends.
You can also perform detailed health-tests on your suppliers and customers, so that you are not at a risk of getting tangled with defaulters.
Improve security analytics
Almost one billion malware-related incidents occurred between June and November of 2016. This is why it is extremely important to protect your sensitive data against all kinds of attacks. Big data also provides you with the added bonus of data and information security. According to recent statistics, one in five companies is using big data security analytics at the moment.
Just map your data landscape thoroughly using big data tools, and you will get to know which threats are lingering around internally.
You will immediately be notified if any sensitive information is not protected appropriately, and you can secure it according to the regulatory requirements. By using big data analytics, all 16-digit numbers – potentially credit card data - are flagged automatically, so you can investigate their security.
Provide a customized shopping experience on your website
Big data analytics can be used to provide a personalized shopping experience to all your customers. Whenever they enter the website, they will be recommended products based on their likes and preferences. Geolocation and contextual marketing is used to deliver the right offers at the right time. This approach ensures that each customer experiences a unique shopping experience every time they log in.
Amazon is a great example here. The company uses real-time, item-based, collaborative filtering (IBCF) to suggest 'frequently bought together' items or 'recommended for you' lists.
According to research, this approach adds more than 20% to their monthly revenue. Other examples of this are the ‛people you may know’ or ‛companies you may want to follow’ option on LinkedIn.
Reduce maintenance costs
Years ago, a lot of precious time and manpower was wasted in trying to figure out the service life of a certain type of equipment and when to replace it. But this practice has become outdated now.
Big data tools ensure that you don’t have to use this unpractical approach anymore. Big data tools can spot failing devices and also predict when they will give out completely. The results in a much more organized and cost-effective replacement strategy, which helps reduce overall maintenance costs.
Come up with smart solutions
Previously, if any team member needed to analyze large amounts of varied data, they had to ask for help from their IT colleagues. But not anymore. Big data tools have made it simpler for every person on board to access information within a split second. You can analyze, view and benefit from the data and come up with better solutions.
Many cities are also using big data tools to keep up with the changes that come about as a result of rapid expansion. Oslo, a city in Norway, has managed to reduce street light energy consumption by 62% by using big data analytics.
Similarly, Memphis police department started using a predictive software in 2006, and crime has reduced by 30% from that time onwards. These spectacular examples are just a tip of the iceberg in ways big data can benefit us.
There’s no doubt that big data has a vital role to play in various areas and it is undoubtedly here to stay. So, get inspired and determine which big data tool can benefit your organization.
Additionally, take a look at various case studies that highlight how big data analytics can be used to add value to your business. Learn to engineer information to generate more revenue capabilities for your organization. Data is growing faster than ever. Don’t hesitate to use it to your benefit.
How are data and analytics making a difference in your industry? Let us know in the comments below!