These days, enterprises of every size across all industries use big data in one form or another, and it isn’t hard to see why. After all, these datasets can potentially reveal trends and patterns in consumer interactions and behavior when analyzed computationally. And the insights they present can help organizations thrive and flourish. But before we dive into its benefits, we must first define what it is.
Big data: What is it?
As its name suggests, big data refers to significant volumes of data sets growing at a perpetually increasing rate. It covers all the information, speed, or velocity at which they’re generated and collected, and the scope and variety of all the covered points of data. In other words, it’s a resource with various data types and the potential for rapid and scaling updates. So, with that out of the way, let’s look into how big data can improve business.
More precise consumer insight
When modern businesses turn to big data for understanding consumers, be it individually or categorically, it’s got a range of different sources from which it can choose. This can include support calls, purchase and transaction histories, credit reports, and activities on social media, to name a few. In addition, relevant news is another valuable source of data that can aid in understanding customers apart from monitoring media and public relations or finding investment opportunities, which is why investing in news API solutions is recommended.
Improves marketing intelligence
Just as data can aid enterprises in analyzing consumers’ shopping behavior in great detail, so can it broaden and deepen their understanding of the market’s dynamics. For example, social media is one of the most common sources of market intelligence because users share their recommendations, experiences, and preferences on the platform. And this insight can be invaluable to enhancing an organization’s marketing efforts.
Agile management of the supply chain
Whether it’s trade disruptions due to logistics concerns or the shortage of goods caused by the pandemic, every business owner must know that supply chains can be surprisingly fragile. Most fail to notice their supply chains until significant major disruptions happen. With big data, real-time predictive analytics becomes possible, which can help keep companies’ global demand network, distribution, and production in excellent order.
Data-drive innovation
Contrary to what some might think, inspiration alone cannot yield innovation. It takes a considerable effort to identify promising subject areas for new experiments and efforts. With big data technologies and tools, organizations can enhance their R&D, creating novel services and products. Sometimes, the data can potentially become a product in and of itself.
Conclusion
Big data can require effort and time to transform the information into valuable insights, but its advantages make it worth the investment. It’s the lifeblood of every modern business and perhaps the best resource for driving sustainable and intelligent changes to gain a competitive edge over rivals. So, be sure to leverage data if you aren’t doing it yet.
Infographic created by Fiserv CMM, a commerce solutions company
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