Everyday, the business styles are changing and big data is going to be a major player in any business going forward.Big data has proved to be useful for large corporate organizations in outperforming their peers.Before starting of with the benefits of how big data will help you change your business,let me explain to you what big data is all about: It is some thing where large pools of data are being brought together and analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions to make better business decisions.The data mining process is to extract insight and information from a large data set and transform it into an understandable structure for further analysis and use it for decision making, strategy development and implementation.
“You can have data without information, but you cannot have information without data.”- Daniel Keys Moran
“Information is the oil of the 21st century, and analytics is the combustion engine.” – Peter Sondergaard, Senior Vice President, Gartner Research.
“Data are becoming the new raw material of business.” – Craig Mundie, Senior Advisor to the CEO at Microsoft.
Did you know?
- That the data volumes are exploding, and about full 90% of all the data in the world has been generated over the last two years than in the entire previous history of the human race.
- It is said that data is growing faster than ever before and by the year 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet.
- Another interesting statistics is that in Aug 2015, over 1 billion people used Facebook in a single day and Facebook users send on average 31.25 million messages and view 2.77 million videos every minute.
- The White House has already invested more than $200 million in big data projects.
- Big data and Internet of things are like the two side of the same coin.
- Estimates suggest that by better integrating big data, healthcare could save as much as $300 billion a year — that’s equal to reducing costs by $1000 a year for every man, woman, and child.
- For a typical Fortune 1000 company, just a 10% increase in data accessibility will result in more than $65 million additional net income.
- 73% of organizations have already invested or plan to invest in big data by 2016
- By 2020, we will have over 6.1 billion smartphone users globally (overtaking basic fixed phone subscriptions).
- Within five years there will be over 50 billion smart connected devices in the world, all developed to collect, analyze and share data.
- By 2020, at least a third of all data will pass through the cloud (a network of servers connected over the Internet).
- At the moment only less than 0.5% of all data is ever analyzed and used, so just imagine the potential here.
This is going to be a large amount of data where companies will need to rely on big data to grow their business to the next level including the large as well as the mom and pop shops irrespective of the field in which they operate or the size of the business.According to a multinational IT company, the perceptions about big data’s disruptive power are not confined to technology organizations, because users see it as a new competitive weapon that has application across industries, like the financial services, insurance, and practitioners such as postal services and governments.
1.Know your customer needs before they ask
Think of a situation where you are walking into a retail store and the teller is directly taking you to the section of your taste and preference before you even told her that’s what you wanted?This is how companies are making use of big data to increase customer satisfaction there by increasing their business and eventually their revenue.The usage behavior of the customers are been continuously monitored by the companies on what they are searching for,the price range they are looking into, the brand they are interested inn , the different sites they visit, personal details of the customer etc.This will help companies gather a ton of data which can be made of use to analyze the shopping pattern of their customers and provide a more personalized experience when they come to shop again.We already see this trend wherein we search for a product online and they will be listed down as ads.recommendations when you log into social media platforms.
2.Providing customers data that’s meaningful to them
Nowadays, people are more conscious to know more about their personal fitness with the help of tracking devices and mobile applications.These apps offer users the ability to record, save, track, and monitor the various data from their workouts.This is done with the help of big data combined with mobile and wearable technology.
The same is the case with any other domain like retail, food habits , accounting, wherein big data plays a dominant role in giving back important and relevant data back to the users.Companies need to analyze through the whole bunch of collected information(data) and extract the most relevant information as an easily understandable form for customers.Customers who start using the informative data provided to them will get them hooked onto the product line offered by the company.This data which is going to be very useful for the customers will also be beneficial for the company in increasing their revenue by attracting more customers to the products and services offered by the company.
3. Mobility combined with big data means new business processes
Enterprise mobility initiatives are not new to people, but combing that with Could, Analytics and Big data will mean a lot as are the upcoming transformative mega-trends.It will improve the internal and operational efficiency of any organization can be improved by clubbing big data and mobility by making every data readily available of a mobile device in real-time.These information which are changing on the fly will also help organizations in a faster decision making process by making everything immediately actionable thereby help your organization to grow at a faster pace. Mobility also enables real-time data collection from the field engineers, there by helping the organization with knowledgeable data for strategic plannings and decision makings.
- Facebook mobile users have increased 57 percent since 2012
- Twitter gets 75 percent of their monthly active users via mobile
- Pinterest generates 35 percent of site visits exclusively through mobile
With the help of sensors to track fleet operations,driver behavior,machine performance, health analysis, optimizing delivery routes, and even better tracking of employee performance.Thus big data plays a major role.Companies will use the data they collect to improve their products and the customer experience which will help them in improving the operations efficiency of the company.
As long as people are more inclined to smart product line which offers them access to lot of data,there will be more and more data, analysis, and insights that companies can sell back to consumers.With the help of sensors embedded into the products,manufacturers benefit from the innovative after-sales service offerings such as proactive maintenance where they can take preventive measures before a failure occurs or is even noticed .
5.Will help your organization stand out among your peers
Today’s marketplace is very competitive and the use of big data will become a key basis of competition and growth for any organization.With the help of large data capture and analysis of the customer taste, organizations will leverage data-driven strategies to innovate new and re-design their existing solutions.Big data offers considerable benefits to consumers as well as to companies and organizations.Leading companies are using data collection and analysis to conduct controlled experiments to make better management decisions.