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Big data is not only elevating the business processes to the next level but is also streamlining the existing ones.
FREMONT, CA: Companies have been deploying innovative methods to analyze and systematically extract useful data from various data sets. Access to organized data set provides a certain edge to an organization that can ensure long term returns. Big data is an advancement in line with the above trend that allows processing of massive data sets that are difficult (or sometimes impossible) to process using conventional means. Big data is transforming industries across verticals. Here are some of the ways it's impacting the businesses:
Greater Business Intelligence
Business intelligence refers to a set of data tools that helps in better analysis of a business. It was there before the proliferation of big data but was limited in several aspects. Big data has fostered the growth of business intelligence as a career. Companies are hiring business intelligence experts as they assist a company with more intelligent decision-making.
Targeted marketing is an important aspect, too, which is strongly dependent on the data quality with the marketing team. Big data allows the team to create laser targeted marketing campaigns. It also allows better accuracy with a greater focus on perceived customer needs. It can assist a business to understand what products customers might require in the future.
Enhanced Customer Service
The primary hindrance to an excellent customer service arises from a distorted understanding of the customer's priorities. With big data, businesses can know what their customers require before the customer voices his needs. Such proactive customer service will revolutionize the sectors that are eyeing to differentiate themselves based on top-quality customer service.
Customer Responsive Products
Apart from improving customer service using proactive approaches, big data will also allow companies to design customer responsive products. Product design can draw inspiration from customer needs that have never been possible. Rather than relying on customers to assist with the business plans, big data uses data analysis to predict what they are expecting for in a product.
CDO and Data Departments
Big data is also transforming the organizations and their internal work culture. Businesses are now constructing separate data departments as they realize data's business importance. Blue Coat Systems discovered that companies are not just elevating data in essence but are also making efforts to protect it. According to them, an average data breach costs $199. Since costs are difficult to absorb for businesses, they need to leverage big data for the purpose.
Industrial engineers understand that a process can't be more efficient without working on data quality. Big data provides rich data over each product and process. Overall they create a picture that is guiding the businesses. Big data analysts are trying to identify the constraints. Once the constraints are singled out, they can be removed with considerable gains in terms of performance and throughput.
With big data, companies can accurately predict trends and future events within their respective industries. An accurate prediction improves planning, and there is less chance of rewriting those plans. Thus, big data is a great asset when it comes to cost-cutting too.