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November 11, 2015

The Role of Big Data in Growing a Business

The Role of Big Data in Growing a Business

Big data is the practice of using computer technology to analyze massive amounts of varied information quickly. The analysis process looks for trends and anomalies that provide insight into your business and customers, so you can make more informed decisions and gain a substantial competitive advantage when embracing diligently incorporated big data into everyday work.

 

More is More

Big data lets a business take product recommendation to a whole new level. If you run a small store you know your regular customers and you can tell which products are selling easily. This is not always that case with the large volume you get in an online business world. Big data features can help you track customer information on a large scale by gathering information on what other products they viewed and what influenced their decision making.

 

Instead of relying on your personal experiences with a product or what you observe about an individual customer, Big Data is able to discern on a seemingly limitless scale, drawing from all sorts of information, what a person couldn’t possibly pick up on.

 

Make Anonymity Personal

You may feel like just another face in the crowd when you shop online at a retailer like Amazon.com, but big data makes it possible for you to have a custom-tailored shopping experience.

 

“The more we know about our customers, the way they shop, their preferred methods of communication and habits, the more that allows us to tailor our client proposition”, – Andrew Ware, CFO, Karen Millen

Managing information on millions of customers at once, big data helps businesses form stronger relationships by identifying the most valuable and loyal customers. If a valuable customer has a problem with a sale that you normally wouldn’t refund by policy, your business’ data analysis can flag their account and let your sales staff know to cut them a break. Additionally, the data can identify customers that haven’t recently shopped with you that you can try to win back. For example, advertisers use a practice called “ad retargeting” which uses big data to single out incomplete sales and send related ads to that customer on other sites to try to bring them back to close the sale.

 

Do More Homework

Educated guesses get a whole lot more educated with big data. All that information about trends, patterns, and anomalies can help a business predict outcomes in almost any field. Big data can provide insights for a retailer looking expand into what kinds of people are buying which products and examine where they live. It can also help doctors recommend medicine based on how well a specific drug worked for various patients on a large scale.

“It doesn’t take too much thought to realise that those who know a little bit more can do whatever they are doing much more efficiently”, – Richard Baker, DFS chairman and chairman EMEA at Aimia

Growing Your Business with Big Data

Big Data isn’t something like a fast new computer that you can buy that will give your business all the answers. Instead, it’s a technique that needs to be custom-tailored to your specific needs. It can save you a lot of headaches if you outsource big data management when it’s not in your company’s area of expertise: this is where Ciklum can help.

Big Data consultants not only help you answer “what can big data do for me?” but also help you create a roadmap that will optimize your infrastructure. Businesses that do well with big data management need to determine the information they should collect and how to analyze that data.

Statistical data is provided by Cloudtweaks