Companies using Big Data & Analytics experienced an 8% increase in revenues and a 10% reduction in costs. – bARC
Entrepreneurs found that Big Data cut expenses (49.2%) and create new avenues for innovation and disruption (44.3%)- fORBES
95% of the businesses’ data is unstructured.- FORBES
Let’s go back from the internet era, the time when businesses used newspapers or magazines to advertise and gain sales. Was it possible to track your business conversions or generated sales from that particular advertisement! No, you can’t even track the impressions that your ad made.
But now, with the internet or e-media advertising, everything is possible. The Internet made all this easy. You can even track the behaviour of users towards your product or services that you are offering through Big Data in business and it can help to create and predict the experiences, services, and products.
Business is all about making decisions and then facing its consequences. Sometimes they are profitable, and sometimes their effects are hard to digest. Most of the time, ventures make decisions on instinct & intuition rules. But, what if you can get an edge against these negative consequences! Is it even possible!
Use of Big Data and business analytics has been a revolutionary technology utilization that has totally changed the way of managerial competency. According to BARC, over 40% of companies worldwide are getting benefited by Big Data & Analytics.
This revolutionary technology offers 69% better decision making and the operational processes get improved by 54%. Big Data in business has changed the way of marketing as well the technology pushes your business towards boosted sales with customer satisfaction.
It’s not a get-rich-quick scheme but its integration with business processes for the forecast reliability and the acceleration of promising innovations can lead to greater efficiencies.
A number of companies are working on its integration with business to make the managerial processes efficient. There are multiple effective uses of Big Data analytics for business processes. Do small businesses have the same access to that data as big enterprises! The answer is yes! But, how can a small business or venture can make most of it?
Create new Experiences, Services and Products
Relevant information is really important for businesses to point the start of their services. Big Data is a great way to figure out the growing demand and other information like customer expectations for that demand. It helps the businesses to launch craving products at the right moment.
From entrepreneurial enterprises to multimillion startups, all have the same access to data. This data is a great way to gather relevant information for finding out the in-demand services or products to go for. Businesses can then target their workforce and resources to get all the possible benefits and opportunities for delivering a new experience to the market.
According to Forbes, 53% of the companies adopting this technology. Using big data descriptive and predictive statistics, any business can perform research & development for knowing the in-demand services and the best vertical to work on. The use of Big Data and business analytics and the adoption of this technology are vital for business-survival and brand success.
Analyse & Predict Consumer Behaviour
Predicting consumer behaviour is the responsibility of each marketer. But, what is your strategy to predict the behaviour of your consumer or customer towards your service? Is it market research! Because it will help you to explore consumer intentions but to forecast the consumer behaviour, data-driven predictive analysis can be helpful.
The sophisticated predictive analytics tools can help your business to produce useful data. This data-driven predictions with digital footprints provide exact data to reach your consumer in the right way or with the appropriate manner.
Big data analytics in business can be used to analyse all the consumer behaviour like buying habits, frequency of usage, purchase, and even factors affecting the decision to purchase your goods. This research and study can help businesses to better understand their consumers as well as the audience to target.
Identifying Risk & Fraud During Audits
For identifying and increasing the fraud detection rate, businesses can integrate Big Data with their systems. It can help your companies mitigate risks and can serve the requirements of risk management systems by providing required information. Big Data Analytics let businesses prepare for the mishappenings based on the information mined from the old and real-time data.
By having access to a large amount of historical data, old transactions, and customer information, Big Data can be used to identify patterns. The use of Big Data and business analytics let the organizations eliminate the risk by predicting the fraud, or any disruptive event that can create a gap between business and its goals.
Businesses can use this technology for many purposes like to reduce their employee attrition, for identifying potential risk or fraud, to predict customer churn rate and potential reasons for that, or to identify any kind of activity that can harm their business.
For Determining Product and Offer Launches
Stage-Gate process or new product development is always aligned with market demands. Big Data is a great way of developing a proactive approach that defines all the perfect launches and development strategies. Data mining, predictive analysis and various other in-techniques can be used along with the traditional methods to generate relevant insights.
All thee insights are good to make better NPD cycle for developing products that meet customer needs and increases the customer value. The products developed using these insights and the proactive approach are also associated with less risk than the traditional-way developed products.
A business can utilize Big data & Analytics to make customer involvement better. This way customers can be helpful for the brand to gather more knowledge and information to improve the product development and to determine the best product or offer to present at the right moment.
Improve Working Process & Reliability
To improve the working process and for analysing the going-on things at every business process, the use of Big Data and business analytics will be really great. The fusion of data analytics and business processes offer the most-efficient working processes at reduced costs.
It helps the businesses moving forward by focusing on the information-driven process. In the current scenario, the integration of IoT and these sophisticated tools have generated a huge amount of data that have opened the way for analysis. The insights generated from these analyses are providing a great base for decision making and improving the working process on a huge scale.
These changes or predictive programs can bring significant benefits to any organization. In turn, the businesses get improved and reliable working processes with greater efficiencies. Big Data in business also brings increased productivity and a lot of other advantages that provide a healthier bottom line for the whole organization.
Improve User Experience
For forming a great user or customer experience, businesses can use the immense amount of the data that customers or their service users generate. This data could be their social media comments, the purchase history, buying habits, or even the rate of usage. All these data footprints across the omnichannel can be used to generate a tailored experience that the customer would love to get.
Use of Big Data and business analytics can help to identify the contact or connection centres that need improvement. It gives improvisation of communications and enhances the whole user experience by removing organizational & consumer connection issue.
“80% of consumers are more likely to purchase if the brand offers a personalized experience.”- Epsilon. For improving the customer experience, businesses can also focus on customer emotions. This could help to earn the loyalty of the customers towards brands. For getting an information base multiple data sources like social media comments, forms, feedbacks, review calls, etc can be used to give a personalized experience.
Predict Customer Demand Fluctuations
Analysing customer behaviour can help your business to predict customer demand fluctuations. This also strengthens the company’s supply chain to tackle demand fluctuations. Big Data along with demand-driven planning can balance your business’s customer demand fluctuations easily.
Use of Big Data and business analytics with sales & financial reports, marketing polls, macroeconomic and economic indicators, social media indications like shares, likes or hike in followers, and more to generate insights that are reliable and accurate predictions in complex business situations.
This not only predicts the demand or sales but also lets the businesses know what drives sales, and what circumstances are favourable to improve customer & business relationships. It allows the companies to gain an edge of competition over their competitors.
Boost Sales or Influence Customer Behaviour
The way of marketing is totally changed. The modern marketers are using modern methods over traditional solutions to drive sales. To know or predict all the potential opportunities, and for getting high-value targets for your business, historical data can be used.
If we take a look at current situations, the companies are targeting customer preference, purchase history, their feedback, social media activities, and all the possible digital tracks that can help them give the best-personalized experience to influence them to buy their goods or purchase their services. This way the companies can also find opportunities where they can offer or sell their services.
Use of Big Data and business analytics can also be seen in different marketing aspects. It can help businesses to form an optimal pricing structure, refining the messaging or notifications, visualizing the data for monitoring metrics, and a lot of aspects that can help businesses drive revenue.
Eliminate Operational Risks
Operational risks take place whenever there is human dependency or error. For reducing the operational risk, predictive analytics can be used. It works on the different data sources to save a company and its internal & external data from operational risks.
Advance use of Big Data and business analytics technology with great visualization can convert basic pieces of information from email, call records, social media handles, websites, images, communicational patterns, and other data units into operational insights that can help businesses make impactful decisions to eliminate operational risks.
Companies’ unstructured data sources are helpful to generate meaningful insights. Organizational pattern and behaviour analysis are also possible using these datasets and it allows to eliminate most of the risk factors from the business operations usually carry with them.
Re-Develop Your Products
Big Data is one of the best ways to collect and use feedback. It helps you understand how customers perceive your services and products. Thus, you’re able to make the necessary changes and re-develop your products. When you analyze unstructured social media text, it allows you to uncover general feedback from your customers. You can even disintegrate the feedback in various geographical locations and demographic groups.
To work in order to achieve customer satisfaction, it is important to work on the feedback and the desires of customers. It helps the businesses to better understand “how customers look at your services and goods?” This allows the businesses to make the required changes or to reform the product as per customer feedback.
To get insights or analyze the feedback and requirements, various data sources can be considered for analysis. Use of Big Data and business analytics allows going through different social media channels, forums, feedback forms, etc to uncover useful structured insights to decide the necessary changes in the product.
Using Big Data in business, entrepreneurial enterprises can raise productivity and efficiency of various production operations. It allows businesses to go for enormous amounts of computer designs within a second to choose from. The companies can also get all the information like the cost of material, lead time, estimated product performance after launch, and many other metrics that can help to re-launch your product successfully.
These are 10 effective uses of Big Data and business analytics for all the business ventures from entrepreneurial enterprises to multimillion startups. The evolving nature of technology will help Big Data to stay long. As per Statista, the Big Data market is forecasted to grow about $103 billion by the end of 2027.
Most of the people had this misconception that Big Data is only for big shots or multinationals. But, I’ve tried to break this myth. You can use Big Data in business whether it is small, or medium, or a large one. Anyone can take help of this next-generation analytics solution for forming the best insights to boost productivity and profits for the business.
Are you willing to develop analytical solutions or software for your business that are compatible with Big Data? Share your requirements with one of the best IT outsourcing companies in India to get expert solutions.