Data is no more a non-renewable substance. It’s as precious as the future. When every single data joins together to form enormous packs of informations that sound high value of possibilities from every angle. It has been remarked that data is the most valuable and critical asset for any business enterprise in the age of the customer. Many entrepreneurs have already added Big Data to their working environment by investing some handsome bucks realizing the technology is the future encompassed with a hell of a lot of alternatives to take each and every venture to the next level. If you’re an entrepreneur, running a small, medium or large enterprise; you should know why Big Data has a great influence today in the commercial world and how it could give wings to your business.
Let’s take a small instance to easily pick up your brain how Big Data gonna impact your business. Suppose, you are running a supermarket in town. You are the key person at your store. You might know almost every single returning customer who purchases from your shop. Sometimes you may even know them personally. When they come in, you give them their usual products without even asking them. It saves their time and makes them happy. They feel like you know them well. If there is an occasion coming up like birthday, you would probably remind them to take a cake. This would even build up a closer relationship with you and you customer. However, this is only a single benefit you and your end customer enjoy. Well, you should know there are much more exposures left with Big Data.
Following are the big reasons why business enterprises should start with Big Data at the earliest:
Big Data’s intelligence is beyond human IQ. It studies and tracks your customers like a follower gathering data from many sources such as purchase histories, customer relationship management (CRM) data, industry partners, social media accounts, bank transactions, hotel histories, travel details, websites visited, living location, and every single possible data (even unrelated data) needed to understand and predict customers. Sorting this huge amount of information about a customer, you could analyze and understand him better. This extensive data about your customers would provide you the assumption what kind of products and when they need. You could also suggest your customer to gift his wife if the birthday is getting closer. Probably, that would give them a ‘wow’ feel! Yep! Big Data is capable in fetching all your customers’ data.
Shares customers’ data with them
With Big Data, your end customers can visualize their data like when they wake up, how many hours they work out each day, how many calories burnt during the workout, purchase histories etc. But, there is no sense in just clustering data from different sources and displaying to the end customers. Well, Big Data stands next to the matured business intelligence softwares by being a data visualization tool displaying users’ data in the form of charts, graphs, slide shows etc. so that informations are easy to read. This influences customers to organize their daily schedules more intelligently which matters to save time and money for them.
Improved customer interaction
Treat your customer like a Rockstar! Retaining a customer or satisfying a customer is the key principle to a long term successful venture. Big Data’s input for the same is merely outstanding compared to other traditional implementations. Since the time of searching for the right product through the phase of purchasing, using, servicing and until thinking about another product or exchanging the currently using product with a better product from the same brand; customer demands an uncompromised quality service or interaction from the enterprise.
Big Data possibly uses all linkable sources to gather information about your customers. For instance, if a customer displays his dissatisfaction on a social media channel, it is easily fetched and a customer executive can reach that particular customer within no time to ensure him the best service. Biggies have already started experimenting the much successful speech analytics. Here, with a live-recorded voice of a customer spoken while complaining to the customer service executive, the system is learnt to analyze the voice and to do the needful after the call. Awesome, isn’t it?
Better Data management
Of course, Big Data manages your data better and more brilliantly. It helps data analysts to assemble, analyze and screen through all the data with some technical know-how. Interestingly, the latest trends in Big Data even enables the users to mine through the data stored and to extract all the fundamental information without much complication or technical knowledge.
New business opportunities
In this tech world whenever an electronic device communicates with another device, it’s recorded in a data warehouse. Every technically or digitally involved communication, transaction are stored in the form of data. As many communications are saved in such a way causes to form Big Data. Yep! It’s a variety of related and unrelated data from many hundreds of sources. Unlike the traditional data storage, Big Data is cheaper, faster, smarter, and larger and more diverse. As all of the data is publically or privately available and connects each other, it creates a cluster of data from which entrepreneurs can mine the potential of their customers and build business strategies accordingly to the necessities. When you club more data, more vital informations of people are driven into your pool. That means, when the system analyzes a customer’s history, it’s certain to get other people’s data who are associated in his circle. This can be converted in the form new customers. There new opportunities are opened up.
More speed, capacity and scalability
Big Data is vast. Doesn’t matter how bigger and deeper is the data warehouse you are going to create. Big Data has all the potential to meet your needs. The technology is compatible with all high-end processors, has the capability to store as much as countless data you can collect, and is scalable as well. So you don’t need to worry in your growth! Big Data knows and adapts with the growing amount of work in a very capable manner.
Helps to develop your next generation products
This is where Big Data becomes a supersaver for you. It’s nothing new that companies spend millions in research and studies especially for new products. When Big Data plays a big role in your industry, you get innumerable number of feedbacks of every product from your customers without asking them directly. Understanding from the feedbacks, you could mould out a brand new product which would be stunning subtracting all the defects you had with the previous or current ones and with some additional features that of course your customers wanted to experience!
Saves money and time
Every industry primarily focuses to cost-cut the production and service financials. Though Big Data is initially borne with bucks on a higher side, the system is economically better for a long term. Big Data is undisputedly the future of industries. It runs with all the above 7 features to boost up the service sector. It inputs a lot with least duration and technical know-how, which saves time and money for both entrepreneurs and customers.