In the last couple of years people have slowly started to realise the huge potential of Big Data and the positive impact it can have on business. This knowledge has to the analysis of Big Data in terms of utility in order to gain effective results in business.
As we all know, the term Big Data refers to the numerous data channels and sources of information that can be put to use by businesses of this era. With the advent of the digital age there has been a huge enhancement in the number of these data sources.
The result has been the production of a huge amount of data, much more than ever before. However, in simple terms, Big Data can be defined as an entity that has always been regarded as the fundamental aspect of business marketing and that is ‘market research and analysis.’
Utility of Big Data in Business
Big Data makes it possible for businesses to find out customer needs, demands, choices, and requirements. It presents businesses with a means to fulfil these diverse needs and particularities.
Any company that is able to utilise Big Data for business purposes definitely holds an edge over its competitors that have not recognised the potential of Big Data.
However, data can only be useful if it is properly analysed, information is derived based on the data and assessment is done on the results of action undertaken.
Basic Principles of Utilizing Big Data in Business
The main point is how Big Data can be utilized to derive the best possible results in business. There are various answers to this query. Generally the below mentioned basic principles can serve to derive the best results in business by using Big Data.
Making Business Decisions Based on Facts
A huge plus point of data analysis is that it helps to make business decisions based on facts. This eliminates the need to make decisions depending on instinct or hunches.
Data analysis helps a company to take proper steps so as to fulfil the various needs such as customer needs, logistics needs, internal needs, etc.Data analysis helps in various business decisions.
For instance, it can help in the decision to determine whether a company needs to increase the production of a particular product or commodity. The decision can be arrived at by considering not only the sales figures but also customer demand and feedback.
This is where Big Data can be of help. Such data can be parsed through Big Data. It can lead to information like whether the product or commodity has positive feedback from customers, whether the sales figures are poor despite the fact showing that customers have a positive opinion about it, etc.
Analysis of these facts can lead to conclusions like poor marketing of the product or it being highly priced according to market standards.
While Big Data can provide the insights, it will be up to the company concerned to analyse all the facts and then take concrete steps to solve the problem in order to gain success.
Comprehending Customer’s Requirements
Social media is an important platform in this age of modern technology. Big Data involves customer data obtained from various social media channels.
If a company can find out the proper way to influence the audience of social media, they will have the opportunity to achieve positive results in terms of reaching out to a wide section of customers and reaping financial benefits.
In other words, if a company can comprehend a customer’s needs and requirements and his or her journey of converting from a shopper to a buyer, then the company can be assured of success.
To achieve such success a company will have to be very active on the social media platform and find out unique opportunities that these platforms offer.
The company will have to listen to customer feedback and make changes in their services and products as per the feedback. Keeping customers posted about the recent developments and the action undertaken based on feedback will also have an impact on the customers.
Finally, all such activities will lead to much exposure for the company and its products or services on the social media and hence, help the company to achieve success.
Staying Focused on Priorities and Goals
There is no doubt to the fact that parsing through Big Data can open up new opportunities to achieve goals and bring in positive results.
However, it is important to note that it is the actions based on the analysis of Big Data that will bring in the results. If a company forgets this basic rule and loses its focus while being involved in data collection, research and analysis, then the very purpose of parsing through Big Data will be defeated.
It is very important that a company or a business analyze the data and then takes action based on the recommendation of the analysis.
Maintaining Speed and Simplicity
Big Data is not a magic potion. A company will have to act on the result derived from data analysis in a proper manner to achieve the desired result. It is not only action that is needed it is timely action that matters.
While it is essential for a company to adopt and involve Big Data in its business in order to stay ahead in the race, it is equally crucial to understand that Big Data cannot be the anchor of any business.
A company will have to act in a timely manner on the results and recommendations derived from data analysis. Maintaining speed and simplicity in the actions will be important to achieve success in business.
Moreover, it will be helpful to invest in hard and soft solutions as they will be useful in automation, data gathering and analysis as well as undertaking some steps of the required action.
For instance, a company may invest in customized software that offers discount on the products in e-commerce sites when the sale figures are not very encouraging. Such investment will introduce simplicity and speed in the business.
Big Data can be compared to a tool with a lot of potential. It is up to the companies to utilize Big Data properly to achieve success in their business.