It’s a fact that big data helps companies to easily outperform their peers. But unless and until you analyze the right data and with the right tools, it is not possible to get the best value out of it. So, in this article we will discuss how big data and predictive analytics can help companies in standing out among competitors.
It helps in reading the mind of consumers- Nowadays, attracting the attention of customers with relevant products and lucrative deals is proving as a tool to do business. Frankly speaking, consumers are looking around a lot before they buy a product or service from companies or retailers. They talk to their entire social network about their purchases, demand to be treated as unique and want to be sincerely thanked for buying your products.
Big data analysis allows enterprises to sieve through their real time conversations and offer them the best deal or product based on their interaction. For example, when a customer enters a bank, big data tools allow the clerk to check his/her profile in real-time and learn which relevant products or services they might be interested in buying. Here, big data plays a key role in uniting the digital and physical shopping experiences of the customer and makes the retailer suggest the best offer, based on the consumer’s recent social media interaction.
Helps in redeveloping the products- Big data can also help understand how others realize your product in the market. Here, analysis of unstructured social media text allows you to uncover the sentiments of your customers and even helps in segmenting those in different geographical locations or among different demographic groups. Thus, all this analysis helps in redesigning the product as per the likes of the customer.
Helps in performing risk analysis- Social and economic factors play a crucial role in making your company successful in business. Predictive analytics, fueled by big data allows users to scan and analyze newspaper reports or social media feeds so that you permanently keep up to speed on the latest developments in your industry and environments. For instance, suppose you have introduced an insurance policy which is not as per the user expectation. Media reports, internet reviews and customer care interactions can help in analyzing how the service/product is going to perform in future. If the result is not as per their expectation, then firms can divert their resources to other business development methods, instead of wasting on promoting it further.
Big data analysis creates new revenue streams- Remember, the insights which you gain after analyzing your market and its customers with big data are not limited to you. You could sell them as non-personalized trend data to large industry players operating in the same segment as you and create a whole new system of revenue.
Big data analysis helps in reducing maintenance costs- In manufacturing units, supervisors have a predictive insight on the equipment which is wearing out after many years of operations. Consequently, they replace every piece of that technology within that many years, even devices that have much more useful life left in them. Big data tools do away with such unpractical and costly averages. The massive amounts of data that they access and use and their unequaled speed can spot failing grid devices and predict when they will give out. As a result, users will get much more cost-effective replacement strategy on hand allowing them to face less or either zero downtime.
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