There is a common misconception that Big Data is confined to large corporations. Most business owners believe that Big Data has no value for them. This is wrong. If you look at modern-day business marketing, you will find it has changed drastically over the last 10 years. In the past, when organizations wanted to customize their advertising campaigns, they had to check their sales data and click-through carefully to understand the general attitude of their customers.
How is Big Data changing the business world?
However, with the advent of Big Data, everything has now changed. Businesses now market their products and services to customers in unique ways. Organizations are encouraging employees to take up Big Data Training for a better understanding of its tools and technologies. This helps them to boost their sales and profits. As per a research report by BARC, many businesses were surveyed, and they state that the deployment of Big Data helped them get a profit rise of about 8% along with a 10% reduction in total costs.
How can Big Data bring value to your business?
There are multiple ways via which you can make use of Big Data to make adjustments to your business model, suggest modern DBA experts. You need to accurately certain your need to get the best results out of it. When it comes to the field of advertising, Big Data does play an important role. The following are some key ways on how companies are using Big Data in their organizations today-
Predict the services and products that your customers desire to buy in the future
When it comes to your business, how often have you taken a look at the recommendations on Amazon and wondered that you could use them for your business too? If you take a closer look, you will find that Amazon deploys Big Data to precisely figure out the sort of products you would want to purchase for the future.
This retail giant, who accumulated an astonishing net worth of one trillion dollars in the later phase of 2018, gives its consumers insight into the factors that go into determining the recommended products. Amazon gives a range of data points to know what its customers might need in the above context. These factors cover-
- When their customers make their purchases?
- How their customers rate these purchases?
- What customers with the same buying habits purchase?
It is obvious that the last factor is the most vital of them all as it relates to Big Data. Amazon can precisely determine the sort of products you desire to buy based on its customers’ buying habits that are the same as yours.
Now, the question is, how can Big Data transform your business and bring value to it? From the above example, specialists from the esteemed name of database administration and management, RemoteDBA, state that in the same way, you can even use the same sort of data to ascertain predictions for your business customers. When you see a surge in sales, you will begin to notice trends. For instance, Amazon saw people who purchased TVs also buy a TV mount. Amazon started to upsell the above with the hope that customers will buy them with the TV.
Enjoy an edge against risks for business operations
Before the advent of technology, there were fewer issues of fraud on the Internet. However, today, most people are connected with each other somehow, which can also bring down a whole business in just some strokes.
The operational risks are high for financial companies and institutes. You often find scammers constantly attempting to evolve schemes to take advantage of companies and people. However, as Big Data has evolved, these companies are now aware that they can use this information to curb scammers in their tracks.
Take the example of banks, and you will find they are deploying Big Data to closely supervise their transactions on the front-to-back line of business to assist in the mitigation of fraud altogether. They examine information about who is sending and receiving money and how often those customers engage in such behavior, the place of residence, and the amount of money they send. This technology is helpful for every business and not just banks alone.
Deploy the prime data to ascertain customer behavior-
Big Data is very important for figuring out how customers can make vital decisions when they land on your business website. Organizations use this data to learn from the behavioral patterns of their customers. This directs them to conversion and sale.
Big Data analyses every action that the customer takes when he/she lands on your page. You can see the customer behaving and how he/she moves the computer mouse. This is how the business is able to predict the next actions of the customer.
As the business owner, you can use the data to offer your customers what they want. For instance, if you manage a good marketing site and a customer visits it to read a post, Big Data can predict when the customer will leave the page. This is where you can use the opportunity to make a curated pop-up appear on the screen, offering the additional visitor information by entering a prompt where the customer can join your email list or fill in space for their email.
Therefore, it is evident that Big Data can help businesses in the above three ways from the above. Since technology is growing at a large pace, it is obvious that Big Data will grow and is here to stay for a long time.
It is recommended that businesses should pay more attention to Big Data and start collecting it effectively. With Big Data and the Hadoop database, they can boost the profits of their company with success. Experienced and skilled DBAs in the market say that Big Data has value for small business owners. This is why they should pay attention to it so that they can reap its benefits and gain a competitive edge in the market with success!
Pete Campbell is a social media manager who has worked as a database administrator in the IT industry. His research has helped thousands of users and brands with marketing campaigns too. He loves to travel, write and play baseball