Big data analytics is a very important tool, which enables companies to analyse all data relating to their customers and the market sector in which they operate. As this data contains a wealth of information concerning the brand, products, customer service satisfaction and customer sentiment, many companies have adopted the use of big data analytics.
First of all, it is important to define exactly what big data analytics is. As an earlier blog post highlighted, big data analytics is the process of evaluating large sets of data containing varying types of data. This is done in order to uncover hidden data patterns, market trends and customer preferences and behaviour. Using big data will help companies to make better informed decisions regarding many areas of their business. This data can be gathered from both traditional and digital sources.
The main advantages of Big Data analytics
Many companies that use big data analytics have benefited from a number of advantages and have found these to be of major benefit when making business-orientated decisions.
The primary goal of big data analytics is to aid companies in making more informed business decisions by enabling them to access a large volume of transactional data. This provides them with the opportunity to drive innovation and to make the best possible decisions based on these data results. It also provides them with insight into how satisfied their customers are with their products and service provision. In some cases, due to the knowledge gained from this data, companies have adapted their products, services and marketing in order to reflect their customer’s preferences.
Traditional forms of managing large volumes of data can be expensive. Big data analytics simplifies this process by performing advanced data processing and analysis at high speeds. This makes the process more scalable and flexible for users. Big data tools allows you to analyse the threats that face your company internally. You can ensure that sensitive information, e.g. credit card information, is stored according to company standards.
Big data allows companies to create more in-depth persona profiles of their customers, regardless of whether they are B2B or B2C. It allows you to combine data from social networks, blogs, online surveys, click behaviour, sales data and both public and open data in order to create detailed personas profiles. In doing so, it results in more data-driven customer-centric marketing, which provides the opportunity to deliver more targeted messages and develop a one-to-one relationship with your customers.
The real-time feature of big data analytics is also an important advantage for companies. Many companies want access to real-time data due to the need of fast data that can be immediately acted upon. Real-time big data enables companies to personalise the look and feel of both their content and website in real time to suit customers preferences and needs. For example, in terms of online advertising, a company has the ability to personalise an ad for different viewers depending on their customer persona profiles.
Consideration to keep in mind
Before adopting big data analytics, a company needs to ensure that they have the right skills and resources in order to manage the increased volume of data, customer and market insights that they will be receiving on a daily basis. Companies may need to turn to cloud based technologies in order to handle the space required to store big data. Companies also need to ensure that their employees have the skill sets needed to analyse and access the volume of data in an efficient way.
However, when implemented a company will reap many advantages and benefits from the wealth of data and information that it provides.
HAVE WE ANSWERED YOUR QUESTION?
Call us on (0)1 676 7926