Do you want your business to maintain a competitive edge in your industry? Well, big data analytics is one of the tested and proven techniques that have the potential to catapult your business to the top in 2019!
Statistics show that approximately 83% of corporate organizations in the US have embraced big data projects. If you’re yet to adopt this approach, then your business could face extinction. Research shows that institutions that fail to accommodate the use of big data in their operations are overwhelmed by the cost of operations and their efficiency dwindles with time. As a result, customers will migrate to better service providers (those that have leveraged the benefits of big data analytics), thus leaving you destitute.
Why You Should the Use Adopt Big Data
Do you love your business? Well, everyone does. However, failure to adopt big data analytics is a sign that you’d like your company to become obsolete.
The corporate world is highly dynamic, and you cannot assume a static position and expect to survive the competition in your industry. The more you become flexible with your operations, the easier it’ll be for your business to endure the test of time.
Recent statistics indicate that approximately 53% of all businesses globally have adopted the use of big data in their operations. This is a tremendous increase from 17% in 2017, which highlights the value that organizations are getting from adopting this approach.
The businesses that use the big data are harnessing the benefits, thus reducing the cost of operation and enhancing the decision-making process. As such, they understand the needs of their clientele and address all the security threats arising from technological developments.
Benefits of Using Big Data in Your Organization
The primary reason for adopting big data analytics is to improve efficiency and reduce the cost of operation. This is how you’ll achieve this:
1. It Improves Customer Experience
Whether you’re in the service or manufacturing industry, your primary goal should be to achieve customer satisfaction. If you fail to provide phenomenal experience to your clients, you can be certain that they will move to your competitors.
You can use big data analytics to address the needs of your customer real-time. This will ensure that you incorporate their suggestions in your decision-making process, thus guaranteeing high customer retention and improved business.
2. It Shapes Your Marketing Strategy
Innovative marketing helps you to stand out from your competitors in the industry. If you fail to incorporate big data when designing your marketing strategies, you’ll fail to address the major concerns of your customers. This will render all your adverts irrelevant with a significantly low converting potential.
The use of social platforms to obtain your client’s concerns and preferences can help you to modify your services to satisfy their needs. While this may sound simple, it involves the analysis of a lot of data. As such, you should adopt big data analytic tools to help you in the analysis process.
3. Reduce the Cost of Operation
A report published by NewVantage Partners shows that organizations that adopt big data analytics have significantly reduced their operational expenditure while maintaining topnotch service provision to their customers.
If you adopt this strategy, you can be confident that you’ll reduce your expenditure by approximately 49.2% while getting an excellent avenue to obtain business improvement ideas. This will leverage your business to achieve the best return on investment, thus helping it to outshine the competitors.
4. Essential in Risk Management Programs
Use of big data analytics allows any business to assess the potential risks that pose a significant threat to the operations. The early detection of both the internal and external threats will enable your organization to formulate a framework that safeguards your customer’s data from security infringement.
This approach analyzes economic and social data available on different platforms, including social media, magazines, and daily newspapers. The predictive analysis ensures that you scan through all the information that’s relevant to your business. This will keep you in touch with the trending developments in the industry, thus enabling you to make competent decisions.
How to Ensure Data Security
One of the biggest challenges when dealing with big data analytics is to ensure that you protect all the data at your disposal. The rising cases of cybercriminal activities and the heightened application of internet of things (IoT) call for stringent measures to guide your data use.
You should comply with all regulatory bodies to guarantee data security. For example, if you are handling payment data for your customers, you should comply with the Payment Card Industry Data Security Standard (PCI DSS).
The use of big data analytics helps in reducing the cost of operation for your business. As such, you should adopt it if you want to get a competitive edge over your competitors.
During its application, it’s necessary that you comply with all the standards to avoid data breaches which would expose your clients to criminals and fraudsters.