Why Big Data is a Big Deal
Big data is getting bigger. It’s much more than just a term that describes a large volume of stored information; it’s a breeding ground for new solutions, an innovation tool, and, increasingly, a commodity. Despite the hype, big data solutions are more and more becoming mainstream IT solutions to complex business problems and, as a project lead, it is well worth investigating big data to provide competitive business advantage.
Here’s how big data solutions may be applied to solve some common complex business problems.
The increased data generated in today’s society due to the Internet, and the rapid rise in digital technology, has resulted in a surge for both big data solutions and big data analysts. If businesses aren’t tapping into their existing data goldmines effectively, they may not be reaching their full potential. You might be seeing just the tip of the iceberg.
Can creative thinking generate great ideas? Sure. However, now imagine a holistic data viewpoint looking at all your relevant data at once. A solution pulling together your financial transactions, emails, social media interactions, customer experience feedback, customer service usage and even customer behavioural patterns could provide a consistent, ongoing fluid source of ideas for new solutions and provide constructive insight. You’d be holding a magic oracle in your hands.
An oracle that also helps your revenue stream – companies in industries such as telecommunications, banking, insurance, utilities and retail can reduce costs by prioritising effective and efficient plans of action that increase business from existing clients in addition to identifying opportunities for future growth. Optimised big data analytics can very well result in increased profits.
Knowledge is power, but knowledge is also service. The more you know your customer, the better you can service them. The future of business lies in service provision, and in such a relationship driven industry, linking big data and analytics is the go-to solution to understanding your market. The impact is so great that of businesses implementing a B2C marketing approach have turned to a big data strategy to establish the foundation of modern-day customer engagement. Through big data solutions, you can understand customers’ demands and derive insights that conventional customer engagement tactics probably won’t reveal.
Nowadays, organisations routinely capture a multitude of data from every customer’s click, call, message or interaction. However, often the disparate supporting business systems results in difficult system integration. By using a big data solution, integration can occur at the data level, often in real-time and produce the ability to enrich the data with information from other systems. These enriched data sources may even be used to provide a new revenue stream for an organisation.
Big data provides the opportunity to monitor networks and infrastructure in real time including the ability to identify and predict customer impact. By analysing and understanding customer experience tied to service utilisation, organisations can better predict and manage customer churn. Not only that, integrating a big data security analytics solution into an organisation’s overall cyber security solution can enable an increased speed of threat detection. Combined with real-time alerts enrichment and data augmentation, it can assist with a faster response to these threats when integrated with automation solutions. Security and sales can now go hand in hand.
In the past, salespeople were the main channel for a company’s sales contributions; today, big data has revolutionised the sales and marketing industry. A successful data collection, enrichment, analysis and visualisation process can lead to improved sales leads, lead conversion and more accurate sales predictions. It’s therefore no surprise that across wide-ranging industries are investing heavily in big data to gain a competitive advantage. Now is the time to get on the bandwagon.
Data doesn’t lie. It minimises risk, offers innovation opportunities, improves efficiency, and helps in maintaining customer relationships. In a competitive business world where living up to expectations isn’t enough anymore, big data can be the difference between mere customer satisfaction and customer delight.
So much data is being carried through cyber space that even small businesses will need to invest in ways to collect and process data to better understand their consumers and offerings. Big Data is increasingly becoming a hygiene factor, meaning that if business don’t invest now in data technologies, they run the risk of being left behind in the marketplace and outperformed by competitors in both productivity and revenue.
Gone are the days where investing in data was just a “nice-to-have”. The right strategies will give a competitive advantage to the companies that use it well. So start producing maximum value for your business and start investing in Big Data today.