A few years ago, I spoke with an older gentleman that had worked as a business consultant for decades. He had expressed a lot of skepticism about the impact of analytics on the business field. In more recent years, it has become clear that big data is changing the nature of business development in profound ways. How will big data change the role of business development? We are learning more about its impact every year. In 2015, Bernard Marr wrote an article talking about four of the biggest benefits in his post on Forbes. He said that the number one benefit will be that big data will play a role in collecting consumer data to improve marketing strategies. However, we are now seeing that there are other benefits as well. Some of the benefits are unexpected. Pantene used big data that it accumulated from the Weather Channel to boost sales by 10%. But the benefits can also extend to recruiting and much more.
How Will Big Data Change the Future of Business Development?
Business development is a process of developing a longterm business model. It governs the use of analytics and focuses on every stage of the process, from developing a strategy to executing it. The goal is to create a successful business model for all stakeholders. Of course, shareholders need to know that the model will provide great compensation for them. However, business development must also focus on the needs of customers, employees and others affected by the business. Big data has helped companies streamline all of these processes. They are using big data to get a better understanding of their customer base, which helps them deliver more effective marketing strategies. They are using predictive analytics to improve hiring decisions. They use deep learning and predictive analytics to conduct better risk assessments and optimize their actuarial practices.
Big Data Helps Recruit the Right Personnel
Finding the right personnel is very important. You need to make sure that they are going to thrive in their job and bring value to the organization. Unfortunately, finding the right employees can be difficult, especially when some people aren?t actively looking for work. You might need to identify people that are currently employed elsewhere and try luring them to your company. Once you identified possible employees, you must know what to look for when hiring them. How does big data help in this regard? A post from Yoh clarifies this. They pointed out that one study showed that a Fortune 500 company that increases data accessibility by 10% can increase value by $65 million. At least 50% of these benefits come from improved usage of human capital. There are numerous applications:
- You can use big data to learn more about people before hiring them. Data mining tools allow you to research many different databases and websites for information.
- You can use historical data on previous employees to identify whether an employee will succeed or not based on known variables.
Big data is going to turn the recruiting process on its head.
Client Satisfaction
Keeping clients happy is another very important part of running a business. The easiest way to ruin your company is by alienating customers by under-delivering on your promises. Big data helps you learn more about your clients. You can mine data on individual clients and try to see what they need. You can also look at aggregate data on multiple clients to see how you can optimize the business model as a whole.
Conclusion: Big Data is the Key to More Effective Business Development Strategies
To conclude, big data can aid you with your business development. By focusing on the correct development practices, strategies and procedures, you?ll find it easier to create an effective team and grow your business. Have any additional questions about business development? Let us know in the comments below! This article is a guest post from Trust Sourcing.