Without the right kind of data, businesses would be all but dead and in the water. Think about it: without knowing what their customers like, what they can afford and things like when their customers like to shop the most and who they listen to when it comes to product reviews, how would they know who to market to and how to project their potential income?
There is no doubt that big data analytics has done a lot for businesses the world over. If you are unfamiliar with the term, “Big Data” is what the industry calls the incredible amount of information gathered by organizations, governments and companies throughout the world. This data, when properly analyzed, is capable of having a huge impact on how people do things as well as on the success of whatever it is that they do.
Businesses, in particular, should view big data as an asset that can be harnessed to get the most out of their market share. Here are some surprising ways through which big data has a huge impact on your business.
The Impact of Big Data on Your Business
It is important to note that in this digital age, big data is no longer just important to “big business”. Big data has far reaching implications even to the smallest of “Mom and Pop shops”. If used right, things like Facebook likes, online reviews, social media mentions and localized search tendencies could help you curve out a bigger piece of the pie no matter how “briefcase” your business is in real life.
Data is Now Important to Every Business
Think about it, even if you run your business from your laptop and you only have one employee (you), there are ways through which you can collect data that, if interpreted correctly, could help you grow that business. Things like:
- Web traffic
- User experience
- Customer satisfaction
- Number of page views
- Number of sales
All these parameters represent statistics that can be used to better your business performance. What this means is that companies offering big data analytics will soon widen their scopes and start targeting even those businesses that have always thought that big data isn’t for them. This means that you need to start finding ways to gather your data, protect and use it to your benefit or someone else will do it for you at a fee.
Big Data Will Allow You to Gather Better Customer and Market Intelligence
As a trillion-dollar tech company, it is safe to say that Apple probably collects the most data on its customers today. As proof of that, it recently launched a host of new products including an Apple Watch that monitors your health and sends that information to your doctor in case of any emergencies such as a heart attack or any other anomalies.
This is an excellent example showing you watertight proof that the companies we do business with nowadays know a lot more about us than we think. The fact that Apple keeps improving and updating its products based on what they think the market needs and is willing to pay more than $1,000 shows you that they have highly specific and far reaching market and customer intelligence data that helps them make such high priced decisions. Something as simple has knowing how properly write a product description that will get the customers attention can make a big difference.
You too can be like that if you found a way to gather and interpret the kind of data that appertains to your specific business. Armed with that information, you can easily come up with:
- Better products
- Better marketing strategies
- Better pricing
You can come up with better everything to keep your customers happy and coming back.
Big Data Will Help You Run Your Business More Efficiently
Most companies now put restrictions on the internet use on company premises and computers. Many have blocked “time waster” destinations and websites such as social media platforms, YouTube and the like. The idea behind all this came about when companies started realizing that they lose a lot of man hours when employees log into their Facebook accounts instead of working. The only way they realized this is through the collection of employee browsing data.
While your employees will be free to do whatever they like on their own smartphones or laptops in their own time, they will not be able to waste your time on platforms such as Twitter when they are on the clock. That is just one example of how big data analytics can help you run your business more efficiently.
Additionally, companies can do different sensors to track machine performance, shipments, break times, check in and check out times and use all that information to see which areas need reevaluation to minimize time wastage and cost.