10 Things to Improve in Your Company with Big Data |
Posted: October 14, 2014 |
Analysing and gaining insights on Big Data seems to be the most effective way to optimize the operation of your company. However, most business managers seem to be confused about what exactly they are going to use it for and how their companies could actually benefit. If that’s you, take a look at 10 example important aspects in your company than can be improved with Big Data. Customer Experience The modern customers are far from demanding – they perform extensive online research before every purchase, talk with their friends on the social networks and also expect royal treatment every time they make a purchase. The worst thing is that if you fail to meet their requirements, they will simply go to one of your competitors. Big Data enables managers to gather vital insights on their customers and use it to improve the customer experience. For example, if you sell goods online, Big Data could help you identify customers at different parts of the buying stage and interact with them in real time. Improve Your Products With the help of Big Data you can gather customer feedback from various mediums and use it to make your products more appealing to them. Furthermore, you can even segment customer data by geographic location and by demographics. This helps greatly improve the production process and also allows you to gain vital insights on what actually your customer want. Risk Analysis Successfully managing any company requires understanding how risk management works and Big Data offers you all the information you need to make informed decisions. You will able to evaluate the efficiency of your distributors and suppliers, while at the same time you will be able to be one step ahead of your competitors by taking advantage of all industry innovations. Data Security Internal security of your company’s sensitive data is essential and with Big Data you can analyse your existing infrastructure for possible security vulnerabilities. For example, you can be notified every time when someone attempts to send information that could be sensitive such as credit card number and you can perform your own investigation on the matter. Create New Income Streams Big Data alone could be a product, so offering your parts of your database to leading industry players could help you create an entirely new income stream. Furthermore, in some cases you can even introduce an entirely new services based on the data you have gathered. Offer Personalized Experience on Your Website With Big Data you can offer personalized experience to every visitor on your website. You can use his gender, location, sex and other characters to offer them custom tailored service that matches their needs. Great example of that technology is Amazon, which based on these and other factors offers you personalized shopping recommendations. Cut Down Maintenance Costs When maintaining large infrastructure is involved in a company, Big Data could help accurately predict when a particular device will fail and when it needs to be replaced. This can help you save thousands on maintenance, especially if you operate a production plan, where there are many specialized devices. Tailored Services With companies gathering more and more data about their customers, it’s no wonder that they are able to develop highly personalized products and services. Great examples of such technology in action are the various health and running apps available for smartphones – through gathering and analysing data from their users, these apps are able to come up with health information about the particular user. Source: Mark Hurd of Oracle
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