Big Data Transforms Business | Big Data
Summary
Big Data presents challenges, but its potential is even greater. It enhances customer intelligence by identifying valuable customers through structured and unstructured data. Operational efficiencies are improved as analytics-driven processes become commonplace, offering real-time insights and actions. The combination of Big Data and mobile technology makes decisions actionable and efficient, transforming industries like delivery services. As many can't afford internal Big Data setups, the rise of analytics-as-a-service democratizes access to its benefits, allowing companies of all sizes to harness its power.
Table of Content
The Challenges of Big data are big. Its Opportunities are bigger. Discover the meaning of Big Data and what this technology shift can mean for your business.
Expands Customer Intelligence
For an Enterprise of hundreds to millions of customers, Recognition of customer does not always happen. That is changing now. Every Enterprise is using Big Data to identify the most Valuable Customers today. All this is done without penalizing customers who are not frequent renters.
Big Data examines a wide range of sources which includes structured information like CRM(Customer Relationship Management) Data, Purchase histories, intelligence from industry partners. Big data also examines unstructured information like Social Media.
Big Data analytics also brings unstructured data into the fold. The data gathered form Social Media, Blogs, Feeds, and other various sources. Sorting through these types of unstructured data would have helped many enterprises answer a big picture that companies struggling form decades.
Expanding Customer Intelligence is only one trend. As technology grows, Using big data will accelerate three other trends.
Improves Operational Efficiencies
Big Data helps Companies to drive more Operational Efficiencies from existing Investments.
A feedback loop is created by data generated in the field, and it is growing at a pace that’s hard to comprehend.
Big Data is moving from a kingdom of data scientists to everyday business transactions and encounters. Analytics-infused CRM systems can can review multiple data sources in real time to suggest offers to a representative can give to a customer. At a medical source analytics integrated into a health maintenance app improves outcomes by giving physician with suggestions and steps to consider in treating a patient.
Insurance Companies with a huge data will be benefited on the introduction of big data. Analytics will help them to process claims to reduce costs and spot fraud by using analytics-backed solutions that can determine whether it can be processed automatically or should be flagged for review.
Big Data + Mobile means
Mobility will accentuate the impact of big data on both Customer Intelligence and operational efficiencies.by making everything immediately actionable. You will be able to implement new business processes that will change how business is done just by adding immediate decision-making capability and intelligence on your mobile phone.
Adding mobility to Big Data means enabling employees to real-time insights where and when they need them. Mobility enables the real-time data collection from the field, By adding proof of Knowledge that will drive insights from another part of the system.
Let us Consider an Example of a delivery company with trucks can anticipate traffic conditions along a particular route on particular by using smart tools as routing tools. A new route can be created in response to information about the traffic that just occurred or information received by the input of the driver.
No time to lose - Big Data and Analytics go as a service
Building an internal big data department with a Large amount of data storage, Lots of blade servers and a team of data scientists is not in reach to of many enterprises. In Earlier days spreadsheets were the best tool for marketing managers to collect data from campaigns and digest it into rough but variable insights.
The inputs from Social media, and other unstructured format of information that is characteristic of big data does not fit to spreadsheets model anymore. The volume, Variety and Velocity of data made it too complex to analyze the data using old tools.
That’s where big data and analytics offered as a service comes into picture. Companies of any size can employ big data by sharing a team of data scientists and resources.
Author : Lisa Findlay
