BIG DATA, the entire business community seems to go gaga at the possibilities that new concept offers to businesses. From refining customer experience to delivering products and services as need arises it is being termed as the next ‘big thing’ in the world of business. By definition big data or rather big data analytics involves analyzing large volumes of data to interpret trends, patterns and customer aspirations. In this short write-up we try and look at how this can be used to deliver more value to your customers.
# Going Beyond Big Data
Data analytics has been the norm in the industry for many years. But big data analytics goes beyond mere classification and interpretation of data. It is focused on gaining deep insights into customer behavior both collectively and at an individual level. It is important for businesses to know what kind of offers would arouse the desire of their customers and improve their odds. It is more about making inroads into the minds of the customers rather than seeing them merely from the prism of sales data.
# More Data & Granular Look
Traditional methods of data analytics are proving to be insufficient when dealing with big data. In the traditional approach businesses would focus on ‘who bought what’. While this approach did pay dividends it didn’t factor in much more than basic customer profiling in terms of when customers are likely to need a product and in what quantity. This is where a more granular approach to analytics is important and this is only possible with big data analytics. This allows businesses to create targeted marketing campaign and inform customers about offers when they are likely to look for such products.
# Predictive Analytics Simplified
For many years now businesses have been focusing on predictive analytics as a means to add teeth to their marketing efforts. But the success of this method always depended on the volume and quality of data generated at the ground level. Big data has simplified the predictive data analytics and has reduced the risk involved in predicting the future in market. Since this data is being generated from multiple sources the final analysis is closer to actual market trends when compared to predictions made in the past.
# Improved Decision Management
Today most businesses have moved their operations to the cloud and in this world of high velocity business decisions have to be taken fast and be based on facts. This is where big data analytics is assisting businesses with improved decision making. This methodology is also helping businesses in averting risks by identifying the pitfalls and tectonic shifts in customer behavior and aspirations.
Adopting big data solutions can help you stay ahead of the competition and develop strong relationship with your customers.
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