By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    data analytics in sports industry
    Here’s How Data Analytics In Sports Is Changing The Game
    6 Min Read
    data analytics on nursing career
    Advances in Data Analytics Are Rapidly Transforming Nursing
    8 Min Read
    data analytics reveals the benefits of MBA
    Data Analytics Technology Proves Benefits of an MBA
    9 Min Read
    data-driven image seo
    Data Analytics Helps Marketers Substantially Boost Image SEO
    8 Min Read
    construction analytics
    5 Benefits of Analytics to Manage Commercial Construction
    5 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: What Is the Value of Big Data to Your Business? [INFOGRAPHIC]
Share
Notification Show More
Latest News
data analytics in sports industry
Here’s How Data Analytics In Sports Is Changing The Game
Big Data
data analytics on nursing career
Advances in Data Analytics Are Rapidly Transforming Nursing
Analytics
data analytics reveals the benefits of MBA
Data Analytics Technology Proves Benefits of an MBA
Analytics
anti-spoofing tips
Anti-Spoofing is Crucial for Data-Driven Businesses
Security
ai in software development
3 AI-Based Strategies to Develop Software in Uncertain Times
Software
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Uncategorized > What Is the Value of Big Data to Your Business? [INFOGRAPHIC]
Uncategorized

What Is the Value of Big Data to Your Business? [INFOGRAPHIC]

sivakumar
Last updated: 2015/11/06 at 12:04 PM
sivakumar
6 Min Read
SHARE

With the constant flow of data from multiple sources including the internet, social media, news, and CRM tools, it’s important to figure out what all this data means to your business and what value it brings.

With the constant flow of data from multiple sources including the internet, social media, news, and CRM tools, it’s important to figure out what all this data means to your business and what value it brings.

Most companies collect data in one form or another and to each company, data represents something different. The value of data to every organization lies in the volume of data collected, its complexity, variety and the speed with which the data is received.  

The goals of organizations are evolving into visualizing Big Data into the larger scheme of things specific to their businesses. With the spike in allocated budgets, the applications of Big Data in different industry verticals have become mainstream than they were before.

More Read

big data improves

3 Ways Big Data Improves Leadership Within Companies

IT Is Not Analytics. Here’s Why.
Romney Invokes Analytics in Rebuke of Trump
WEF Davos 2016: Top 100 CEO bloggers
In Memoriam: Robin Fray Carey

But no matter how varied or complex data is, the relevance of big data to any business will always boil down to 3 main things:

1. How big data impacts your customers

Big data will improve your customer interaction in the following ways: 

Staying Relevant

Understanding the needs and wants of customers is essential for every business. Using business-relevant data, you can segment your target market and thus improve strategy and service delivery. 

Real-time insights into customer behavior

Though a company can get useful insights through a market research company, the process takes too much time, it’s expensive and is more concerned with past information as opposed to future trends.

Big data eliminates this problem. A combination of daily data from your CRM systems, the news and social media will always yield up-to-date insights into the market. We have seen this time and time again with companies such as Apple, Samsung and Microsoft where every product release is met with a flurry of social media and news activity, which information is then used by these companies to make decisions.

Expanding to new markets

Sometimes the opportunity for growth and revenue generation lies in new markets. By analyzing patterns in your company’s data, you can discover new markets and new customer target groups.

2. The impact of big data on product

Big data gives your company to improve product delivery in the following ways:

Personalization

Companies such as google, Amazon and Nordstrom, have perfected personalization by using the data they collect. Google for instance, uses search results to personalize the information offered to every user. Nordstrom also uses data collected from Pinterest to personalize their product offering in their stores.

Better service delivery

Collecting data on customer satisfaction levels is important for improved service and support in the future. Airlines such as Emirates, British Airways, Qantas, Delta, among others, use data analytics to deliver high-quality service to their customers. Flight attendants are for instance able to monitor allergies, special medical conditions, loyalty programs and special occasions such as birthdays and anniversaries.

Innovation & Product Improvement

When a company launches a product, it will monitor how the market responds to it. The automotive industry for instance uses telematics to collect data which they use to make future improvements of automobiles. Industries dealing with fast moving consumer goods can also use simulation analytics to create the perfect iteration of a product.

3. Big data and how it shapes your company

Big data is at the center of many decisions in any company. It will allow your company to:

Reduce and manage risk

Without data, organizations are vulnerable to many risks. Big data allows financial institutions to profile their customers when giving them credit facilities. Insurance companies can also create risk profiles which will allow them to set appropriate premiums for different customers. Agricultural enterprises as well, can use data on weather and food pricing to control production.

Better decision making

Collecting data on employees’ interests, behavior, interactions, work time, resource use and resource allocation can be very instrumental in creating better structures, improving the flow of information, increasing inter-departmental cooperation, increasing efficiency, saving time and saving resources.

Get a competitive edge

Monitoring competitor products, marketing activities, sales and pricing will help you to respond urgently with your own counter measures. If you are selling your products on a platform like amazon, you can keep an eye on your biggest competitors and respond accordingly when they seem to be outselling you.

Bottom Line

It’s clear that big data is a powerful tool that can shape the direction of any business regardless of size. The first step to reaping the above benefits is to start collecting data to be used in analysis.

This infographic presents how applications of Big Data are driving Industries and bringing innovative practices of growth in respective industries.

How applications of big data drive industries

sivakumar November 6, 2015
Share this Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

data analytics in sports industry
Here’s How Data Analytics In Sports Is Changing The Game
Big Data
data analytics on nursing career
Advances in Data Analytics Are Rapidly Transforming Nursing
Analytics
data analytics reveals the benefits of MBA
Data Analytics Technology Proves Benefits of an MBA
Analytics
anti-spoofing tips
Anti-Spoofing is Crucial for Data-Driven Businesses
Security

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

big data improves
Big DataJobsKnowledge ManagementUncategorized

3 Ways Big Data Improves Leadership Within Companies

6 Min Read
Image
Uncategorized

IT Is Not Analytics. Here’s Why.

7 Min Read

Romney Invokes Analytics in Rebuke of Trump

4 Min Read

WEF Davos 2016: Top 100 CEO bloggers

14 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai in ecommerce
Artificial Intelligence for eCommerce: A Closer Look
Artificial Intelligence
ai is improving the safety of cars
From Bolts to Bots: How AI Is Fortifying the Automotive Industry
Artificial Intelligence

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?