Did you know that 76% of top global enterprises will invest more in Big Data in the coming 2-3 years? Data has the potential to propel businesses, irrespective of the industry or vertical, to succeed in the years to come. However, not everyone has been able to write a winning moment in their books with Big Data. In fact, only 23% of the 76% enterprises surveyed have a clear cut strategy in place to achieve returns on their big data investments. It means that only one among the four companies that have big data on their mind, know how to influence its power to achieve business results.
How to channelize data?
Having piles of quality structured data from across sources doesn’t necessarily equate to quick success. When a business spends money on technology, they expect returns in the best possible way. Big Data becomes significant when it turns into a pivotal decision making voice in business operations.
Big data yields results when any three of these or a combination of them happens in your business:
- It identifies new revenue opportunities by monetizing data available
- Improves and nurtures relationships between machines and human resources
- Transforms business operations from process centric to customer centric, thereby improving engagement and loyalty
Let us explore each of them in detail:
Monetizing your business data
It doesn’t mean you sell data to make money. One can utilize data to create new opportunities or drive better results from your existing business strategies. This is particularly relevant to marketing strategies, where big data analytics can pull out the most favorable market conditions, the most loyal customer groups and value propositions that can aid to improve sales.
A Forbes research identified that 8 out of 10 marketers or advertisers utilized big data analytics most of the times to find the right target audiences while contriving their campaign plans. Ads can be successful only when they reach the right target audience, convert into more lucrative deals and ultimately bring greater profits in the long run.
Improving intra-organizational efficiency
You can gain a great deal of efficiency when operational infrastructure of a business is able to dynamically respond to changing marketing trends. This infrastructure includes the workforce, manufacturing units, raw materials, vendor and supplier partnerships, etc.
Using big data analytics, it is possible to uncover hidden insights within operational environments. Sensor data from machines, work data from employees, resource and supply chain data from partners, can all be integrated into working models to achieve seamless efficiency. Big data can be used to reduce transportation costs by identifying shorter and better routes, decrease losses due to unattended machine defects, boost employee morale with timely incentives and appreciations.
Furthermore, gaining a holistic view of your organizations’ data records, helps to avoid fraudulent transactions and compliance issues. It is possible to standardize data sets for accuracy and also detect breaches in contractual agreements with suppliers, vendors, employees and even government authorities.
Know your customer better
A digitally empowered customer is the “king” today. From a business point of view, it is vital to learn how your customers spend their money on products or services you offer. Thanks to digital penetration, it is easier to collect footprints of their past behavior. In comes Big Data again to help businesses grow sales with better insights about the end customer. A typical example of a possible big data use case? During the holiday season, an online retailer could achieve 20% more profit by just increasing the price of a particular clothing line that is in demand by 0.5%. To arrive at these pricing decisions, the retailer needs to know the spending pattern of consumers during the holiday season, their preferred choice of dresses for the season, and the type of offers that have influenced their purchasing decisions before. You typically get all these data through Big Data analytics.
At the end of the day, what matters is how big data can specifically help your business grow organically and compete on a global stage. Taking calculated risks is often a smarter choice when compared to moon shot risks, unless you have the financial muscle to tide over any impending losses. Big Data can definitely help you with these calculations.
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