The key to business growth is making informed decisions, which is by adopting Big Data analytics. It is the complex process of analyzing and examining large and varied data sets to uncover information such as hidden patterns, unknown correlations, market trends, and customer preferences. They not only answer basic queries that enable business giants to make decisive moves but also help in gauging the trends that the business is likely to adopt in the near future. The benefits of Big Data analytics are comprehensive and is measurable. It widens the scope of new revenue opportunities, helps ineffective marketing, enhances customer service, and improves operational efficiency. Overall, it provides a competitive advantage to businesses.
Big Data helps in leveraging the previously recorded data to break into the market, which is booming with opportunities. While businesses run on data, they grow with their customers who expect a uniform, quality service throughout their association with the company. Big Data not only ‘reads’ the customers’ mind, but it also guides entrepreneurs and companies to maneuverer their services accordingly. So, how does Big Data analytics help?
Gauging the company assets and capacities: A business has declining profitability if its daily operations are bumpy and decisions are being made on a hunch rather than actual data. Analyzing the sales data/revenue generation could help one understand where the company is heading and what is not working. The pain points can be easily detected from the raw data that the company produces. With analytics, the company can compile data to see where its logistical department is lacking. Analytics can prepare a company for the adjustments needed in the future. With every business, there are considerable financial risks involved. With Big Data analytics, companies can take informed risks more confidently.
Reaching out to the customers: Marketing a product is no easy task even in this age of social media. Each business would have its own set of clientele to tap. Big Data taps into their preferences by monitoring their activities, thus helping the marketing department to design an apt outreach. It must be remembered that social media produces a large amount of data, which helps companies understand their customers better. Businesses can now collect information on the industry chatter on social media and various digital platforms, what their customers think of them and their competitors, what their likes and dislikes are, and to an extent understand their buying behavior. Knowing who the audience is and who the businesses need to target helps plan the customer outreach. Other metrics such as click-through and bounce rates can alert businesses on how successful their marketing efforts are.
Optimizing resources: E-commerce platforms benefit a lot from Big Data analytics. With sales witnessing a spike on some of the most crucial days of the year like Valentine’s Day, Mother’s Day or Father’s Day, the labor force needs to be managed accordingly. Turning the analytical focus inward could help in improving the staff levels, thus managing operational costs.
Optimizing product management: Customer behavior can be monitored when they purchase products online, it allows businesses to understand the buying behavior and therefore ensure that the consumer does not have to search a lot to find the right combinations. If they have been looking for a particular package always, they should always be given that option first. That is exactly how Big Data Analytics helps, by reading the consumer behavior and addressing their unique requirements, thus improving customer experience.
Maximizing customer value: Identifying sincere customers who are willing to do repeat business requires a lot of supervision. This will not only help companies channelize their resources to the right audiences, but will also widen the opportunities for the business. Building long-term relations with the customers using the data exchange between the customer and the company can multiply profit manifolds.
Better fulfillment of orders: This one applies mostly to the e-commerce industry who is heavily dependent on the performance of the suppliers. For instance, it is important to supervise which supplier is most recommended or favored by the customers, who among them can be marked as fast and reliable. Big Data Analytics helps in predicting their ability to serve the customers during peak hours by understanding the impact of traffic patterns and average delivery times for each supplier in major cities.
If you are looking to integrate and leverage from Big Data in your business and would like to talk to our experts for a free consultation, you can connect with us at https://www.cirruslabs.io/contact-us/