Data is the most important element driving the world economy. Data is inseparable aspect of business, just like hard assets or human capital. Most of the world’s economic activities could not take place if there was no data. The big data technology has brought large pools of data to business owners. They can be analyzed to understand the patterns and trends which would lead to better decision making. Data will become an essential element in the competition and growth of businesses. It will lead to more productivity, better quality of products and reduce wastage. Though there has always been a flood of customer data, but until very recently this data was strictly limited to data geeks. The huge volume of data that is stored, mined or generated has become important not only for businesses but for government bodies too. Like all other technologies the data analytics capability of big data technology can not only revolutionize the way businesses run but also change lives. A recent statistics suggests that companies who have given stress on data analysis have seen an increase by 60 percent in their operating margins.
The Competitive Edge
Data analytics services using big data technology has become a crucial element in businesses outperforming their rivals. Whether you are a new entrant or a reputed name, data driven strategies is essential in innovating, competing and offering value to customers. Data analytics can help organizations from any sector – whether retail, healthcare, communication or any other sector. There are new services implemented by brands based on the data coming from customers. Data analysis helps brands read the gap in the market and expectations of the customers better. Big data not only puts forth the internal business data, but it can be used to learn the buyers, suppliers, customer preferences and the intent of customers. These will help you read the trends better. This is why every forward thinking business owner is adopting the big data technology.
The big data technology is blessed with various remarkable features. One such feature is the ability to calculate the confidence of customer. Earlier this metric used to be calculated retrospectively, but now the exact percentage can be learned in real time. This is again a great factor of big data technology, it can show results in real time so the actions can be taken quicker than before.
Reap the Benefits of Data Analysis
• Transparent Information: Even in this digital age there are huge amounts of data that are not present in the digital form i.e. they are present on paper and cannot be accessed by the online audiences. At a later date this paper data can become a significant source of headache. The employees spent 25% of their regular efforts in searching for data and then transferring them to the digital format. This will be a significant waste of manpower. With big data this hassle can be limited.
• Accurate & Detailed Transactional Data: Organizations store huge amounts of transactional data, this data can be calculated accurately with the help of big data. Right from the inventory information to employee leave status can become readily accessible and thus boost the performance of the company. Some companies have already started using the collected and analyzed information to conduct experiments that would lead to better management decisions.
• Narrow Segmentation of Customers: With modern data analysis, brands can create narrower segmentation of customers. This would allow them to learn the likes, dislikes and needs of customers better. In turn the products and services can be tailor made for a certain target group.
• Better & Risk Free Business Decisions: When important business decisions are made using data there are negligible chances of errors and thus the decisions are non risky. At times some customer insights that would otherwise remain hidden can be gathered from the big data.
• Aid for Future Product Development: There are innovative ways in which brands are using big data to create products for the next generation. An example of such innovative use would be the embedding of sensors in products to obtain information about the after-sales problems with the product. This will let the brands create a proactive after sales program including maintenance and servicing to avoid failures and make customers happy.
Test Decisions and Compete Better
Modern data analytics allows brands to make a different type of decision, which is more informed and controlled. There is scope for carrying out controlled experiments and then testing hypothesis to come up with real time results that would help in taking key investment decisions and also carry out operational changes. The data allows you to carry out experimentation which is based on causation and not mere correlation. This means financial and product performance improves. There can be many types of experiments and the leading companies are continuous testers. Though most of the large brands use controlled experiments with devices and set up, but if you are a new entrant and cannot afford to invest so heavily in experimentation then the natural experiments are perfect for you.
Big data or modern data analytics has the capability of changing the ways businesses have been operating so long. Companies using these technologies can create products that are tailored for their particular customer base. They can plan an after sales support that would help cover the inefficiencies of a product.