By Demirhan Yenigan | October 18th, 2016 | Business Analytics & AI
The notion of Big Data is definitely bringing about a growing enthusiasm among companies trying to make accurate decisions and predictions on how their business is operating. Using Big Data is becoming crucial for companies as they need to outperform their competitors. An entirely new category of companies dealing with aggregating and analyzing Big Data will create new growth opportunities in this sector. Companies will have to aggressively scale up their Big Data capabilities to keep up with the volatile marketplace. Are you a bit hazy on what Big Data analytics can really do for your company? Your business naturally demands smart decision making. Today, customers want to be treated as unique individuals and select companies that provide the best quality and services. As a business owner, you would have surely thought of connecting Big Data and your business as it helps you raise the efficiency of your production process. Huge volumes of data mined for insights have become critically important to businesses, government and consumers. Digital data keeps growing and tactically managing it is challenging. So, how can companies tap into Big Data?
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Speaking with Dr. Demirhan Yenigan, Big Data Expert and Professor of Analytics at GWU, he emphasizes the fact that Big Data analytics is definitely going to be a big part of each business mission as companies have to use it to stay competitive in the current environment. How you use Analytics from Big Data really defines how competitive you are (and can be) in the market. Analytics aptitude of companies is significant as it helps in making strategic decisions out of Big Data. Real-time analytics play a key role by capturing the buying habits of customers and suggesting them specific new purchases that might be of interest to them.
When you visit Amazon.com for shopping or just to surf through the products pricing range, the website immediately shows the recommended products and deals available for you. Just think how much data has to be tracked by Amazon each second to show such real-time results to you as it is shown for each visitor. Today’s businesses focus on technology in order to track every aspect of user activities. This starts from the browsing pattern, it encompasses history, preferences, and absolutely everything customers are interacting with in the digital world. Big Data helps companies understand how customers perceive their products and services. This insight allows companies to adapt better marketing strategies and uncover the customers buying patterns among different demographic and geographic groups.
Big Data has become a new competitive advantage for companies to outperform their peers. Big Data allows narrower segmentation of customers and allows companies to tailor products or services more effectively. Companies need to extrapolate valuable insights from large datasets. Timely analysis of vast disparate volumes of data together with real-time monitoring and forecasting of events impact the business operations and performance. Big Data insights should integrate structured and unstructured data to address speed, scalability, security, flexibility and stability. Critical decisions that can maximize business impact requires a precise combination of people, process and analysis tools. Some aspects to be considered for better decision making are:
- Website Optimization
- Risk Management
- Analysis of Social Behavior
- Customer Relationship Management
- Streamline Operations for Repeat Business
- Product Customization
The major benefits that Big Data brings to businesses are faster decision making, cost reduction and much better targeting of new product and service offerings to customers. To realize the economic benefits of Big Data, companies and governments need to overcome the hurdle of sensitivities around data privacy and security. In order for companies to stay ahead in this high competitive market, they need to hire and train resources to analyze Big Data. It is expected that there will be a shortage of skilled resources in Big Data in the coming years. Another issue is the use of legacy systems and incompatible standards that will prevent the integration of data and sophisticated analytics software to create value.
It is evident that Big Data has the potential to revolutionize the business landscape by creating a wealth of new business opportunities. Are you making the most out of the myriad data sources in your company? Invest in Big Data to understand your target customers and make smarter decisions to lure customers. For more information on Big Data analytics, get in touch with us.
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