Big data has become a buzzword in recent years for describing the proliferation and analysis of extremely large sets of data to reveal patterns, trends and other valuable insights. Here we look at the benefits of big data for your business.
The volume, velocity and variety of data, also known as the 3Vs of big data, can help businesses to spot new opportunities and to better anticipate and meet their customer’s needs, thereby increasing their profits.
With the sheer amount of data that businesses have access to coming from sources such as customer relationship management (CRM) software, website traffic, phone call and chatbot recordings, the rate of growth at which data is created is estimated to be 2.5 quintillion bytes of data each day.
The challenge of combing through the sheer volume of internal and external data presents an opportunity for businesses to gain a competitive edge and this requires the hiring of trained experts in the field of data science to translate the data into valuable insights. Find out more about Master of Data Science online Malaysia.
If you are considering whether to invest in big data analytics, this article will outline some of the benefits for your business.
Businesses can use big data to analyze consumer patterns and behaviour with greater accuracy, which can then be used to better anticipate their customer needs and wants through marketing campaigns, based on factors such as past purchases and browsing activity, allowing for a more personalized customer experience.
The information about their customers’ shopping preferences can help businesses to increase their customer base both in terms of the acquisition of new customers as well as the retention of existing ones.
Targeted Marketing Campaigns
Big data can help businesses make more efficient use of their marketing strategies by honing in on the right target audiences, increasing their return on investment (ROI).
Analyzing online analytics such as website traffic sources, page dwell times and number of visits allows a business to measure their efforts and to create more focused marketing campaigns that target the right customers with products or services that meet or exceed their expectations, increasing brand loyalty and profit.
Big data analytics can help businesses eliminate most of their guesswork enabling them to create customized marketing campaigns for optimum results.
Big data analytics are essential in the creation of effective risk management tools and strategies and can help businesses to identify risks to their operations with greater speed and accuracy. This is especially important when it comes to fraud prevention and cybersecurity.
The analysis of large data sets can be used to zero in on irregularities and deviations to the norm which could pose a potential threat to a business. Machine learning in combination with big data can successfully combat cybercrime by alerting a business to any unusual or suspicious activity which can prevent potential financial and reputational losses to a business.
One of the ways big data has revolutionized this area is through identity verification techniques in the form of biometric technology such as fingerprint, voice and facial geometry recognition.
By making use of this information, you can gain valuable data-driven insights to help both your customers as well as your business.