Before we understand how Big data is a potential asset for business success, let's understand what is Big Data at first place. Big data is a collection of structured and unstructured data, which is quite large and so complex that ordinary data processing techniques cannot deal this types of data. From the industry point of view, the 3V model describes Big Data. The 3Vs include volume, variety, and velocity of data.
This huge data can keep businesses at the winning edge of competitions. Analysis of Big Data helps to attain good results with lesser time and money wasted.
How to gather data?
One way to collect data is using lead forms or opt-in forms to get users' permission. Often, tracking software is used to get information from devices about habits of browsing. Another popular method to collect data is by using cookies.
What is the real challenge?
One big challenge is a collection of the right type of data. Web visits, email clicks, and video watch might not be the best sign of success in business. The biggest challenge is not gathering data but structuring it, or deciding the right tools to analyze it, and what challenges a business would like to address.
There are several online data points available that assists business to solve challenges. Below mentioned, are a few examples:
With this can understand sequences of clicks that brings a user to a website and respective conversions.
Wells Fargo makes use of sentiment analysis for strengthening its call centers. Through this voice, recordings are collected during conversations with customers and analyze the emotions, voice pitch and tone.
Buyer's geospatial data
This helps to understand the consumer's sound of a footstep to a restaurant, branch and retail locations.
Through search analysis, understand relevant keywords for a product category to write SEO-optimized blogs, etc.
As the businesses learn more about a situation, they can get more idea and make the best prediction about future happenings. And comparisons among data helps to develop connections about things which were prior hidden and make wiser decisions.
Now making sense of Big Data, businesses require advanced analytics which involves machine learning and AI which helps in building models with collected data. Simulations are carried out and the value of the data points are adjusted to see the result. All adjustments are done automatically, leading to the formation of insight or pattern. To say, machines are more efficient in recognizing patterns than does human.
There is a revolution in the business world of business across almost every industry. With this, a business can exactly predict customer's choice of purchase, and when, with better accuracy.
One efficient benefit of Big Data is getting better customer information. A customer's profile comprises name, location and purchase history. And with adding cookies to a website helps businesses to gather more data as mentioned below:
Efficient billing with the right prediction about customers and making on-time payment versus those who are slow or fail to pay in time.
Though Big Data has immense opportunities, but also huge concerns. With data leakage, there is lots of fear and suspicion as well.
When data is provided for some reason, there must be assurance of its safe use.
There are chances of discrimination of data. So you must be careful about prejudices that might occur due to lesser information and resources.
There must be a balance between the personal data that we disclose and the convenience of using services and apps powered by big data.
Those who are taking advantage of Big Data must also look at the fears and challenges. Without being mindful, you can risk your businesses with financial and legal losses and also reputation.
Big Data in emerging to revolutionize businesses and trends. But with both risks and advantages, leveraging Big Data would be very critical in upcoming years. Companies using Big data as a strategy can survive the competition and in a better way. You cannot choose to ignore Big Data and its presence and influence.
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