As businesses, of all sizes, push to become more competitive in a rapidly developing global economy, there are a number of influences that are moving front and center. It would be difficult to identify one singular component of business that has had the impact of Big Data over the last several years, and there is a good reason for this. Whether you are running a training company or a marketing agency, Big Data will play an immensely powerful role in the development of effective models of customer engagement, branding, research and development, and more.
Big Data represents a massive opportunity for businesses around the world, primarily based on its capacity to transform and disrupt the status quo. If you are a business owner, it is imperative that you are aware of Big Data and how it can benefit your business.
Customer engagement is an extremely important element in the process of building trusting relationships between you and your customer base. You have to understand that while people have the capacity to make rational decisions, buying is a highly emotional act. People generally buy from a specific company because they have come to trust that company. They may not even know how they have come to that point, but they have. It could be something as simple as brand familiarity through frequent ad encounters, or something more engaging like social media interaction, but the trust is there. They like the company. Big Data provides the customer intelligence that is necessary to make sure that you engage the customer at a point of relevance, which will increase the possibility of developing that trust-based relationship.
Increase the Accuracy of Your Projections
According to CTO Vision, the metrics associated with Big Data can help take all of the guessing out of the projections that impact multitudinous business decisions. The report by CTO Vision revealed that more than 70 percent of companies admit that the analytics produced by Big Data has completely transformed how they make their business decisions. In some instances, the data can be so lucid that the decisions are already made — the company has to simply allow the data to lead them where they want to go.
More Efficient Project Performance
By the nature of competition in the business arena, companies are forced to find ways to optimize performance and productivity, in order to protect the profitability of the business, as well as to meet and exceed the expectation of the customer. A recent report by Forbes revealed that businesses that have committed to using Big Data as an instrument of transformation are reaping some rather remarkable benefits. According to this report by Forbes, out of companies that used Big Data in at least half of their marketing campaigns, 60 percent admitted that they exceeded their goals. Conversely, companies that used Big Data less than half of the time had a 33 percent success rate in meeting their desired goals.
Understanding the Impact on Clients
Maybe one of the most important ways that Big Data is impacting businesses is the manner and clarity in which it informs businesses as they are impacting their clients. When you see your customer based as highly complex individuals with immensely unique perceptions of life, it becomes easier to see that your product or service may be impacting a part of the market differently than another part. Big Data can provide the metrics that will show exactly what areas a business is being effective in, as well as identifying those areas that may need some work.
It is important to not only know how well your company is doing, but to also know how these results are produced. The less that data is used to gauge the movement and performance of a company, the more guesswork is involved — making it tremendously difficult to be consistent in the manner in which the product is delivered and the customer is served. You may have a month in which your sales soar, along with your customer satisfaction ratings, but if you don't have the analytic data to show how and why, you may not be able to repeat it.
It has become evident that Big Data is not some fancy trend. It is becoming increasingly influential in the holistic business processes of a growing number of companies. If you are looking to remain competitive in the global economy, you will have to learn how to use Big Data to your benefit.
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