Big data is clearly changing the way companies of all kinds and sizes do business. It doesn’t matter if it’s a large enterprise or a mom-and-pop shop, big data can be utilized to make big bucks.
A jointly produced study conducted by CapGemini and EMC, called Big & Fast Data: The Rise of Insight-Driven Business, shares the following important insights on how big data is changing the face of business:
- 70% of IT decision-makers consider their organization’s ability to exploit value from big data as critical to their future success.
- 65% say they risk becoming irrelevant and/or uncompetitive if they do not embrace big data.
- 64% are seeing big data changing traditional business boundaries, enabling non-traditional providers to move into their industries.
These insights clearly portray how businesses now view big data as an essential component for their success. More and more businesses believe that they can only stand to lose out if they are unable to utilize the benefits of big data.
Below are four ways in which big data contributes to a higher bottom line.
Complete Understanding of Your Customer
Customers interact with businesses in a variety of ways, which gives companies access to large amounts of both structured and unstructured data. Data management services that provide big data analytics enable businesses to have access to a wealth of important information about their customers from analyzing all data.
Having a complete understanding of your customers will enable you to anticipate better and address their needs thus increasing customer acquisition, reducing customer churn and increasing customer loyalty. All these translate to more profits for your business.
Improves Sales Leads
Big data can also be used to collect and analyze data from your sales team’s interactions with prospective leads. By looking into factors such as time of day, current events, stock market factors and more, the company is able to provide their sales teams with information that can make them more efficient and enable them to better transform those leads into new clients and increased sales.
Reduces Customer Acquisition Costs
A lot of businesses spend a huge amount of money on marketing and promotional efforts with the goal of increasing customer acquisition. However, this doesn’t always translate to more customers if the marketing programs do not effectively target and focus on them, which makes the investment a waste.
Big data analytics will enable you to accurately analyze and understand your customers through information about their transactions, social media behavior, mobile behavior, and other pertinent facts about their spending habits. Knowing these will enable you to develop more effective, targeted ads and promos that will result not only in higher conversion but also in reduced acquisition costs.
Drives Product Innovation
By having a more accurate and complete understanding of your customer, you will also be able to gather important feedback about your products and services. Knowing what your customers are happy with and what they think needs improvement will help you determine how to develop better products with better features that will result to better customer satisfaction and increased sales.
If you’re still on the fence about investing on big data analytics, these information presented above should be able to change your mind. You don’t have to have a big budget to achieve the benefits of big data. Just analyze what you need and determine whether investing on the technology will give you the benefits you desire. You can always scale up eventually for bigger gains.
Managing big data has never been easier—thanks to the ever-evolving digital technology we have this day and age. Businesses need to know how to properly handle, analyze, encode and store the raw data they’ve gathered to convert it into valuable information vital to their operation. Leave all your big data concerns to us and we will address them through our data management services, allowing you to focus on other important business matters. Learn more!