With Internet of Things permeating across the world, terms such as ‘Big data, data crunching and data curation’ are looming up as the latest buzz in the tech space. Data is mounting up in abundance from everywhere, measuring in trillions of amount. Proper analysis of this data pool can aid businesses to make informed decisions and thereby, enable them enhance its productivity leading to growth in ROI at a rapid speed.
The statistics stating — 89% of business leaders believe Big Data will revolutionize business operations in the same way the Internet did, revealed by Forbes is a strong indication that businesses have already started to capitalize on opportunities created by Big data.
Few years back, benefiting from such opportunities was a big challenge for all the industry leaders. With time, big data industry is growing more intense which is helping startups in several areas such as inventory management, marketing, operations, customer service and advertising, etc. Traditional marketing techniques can be a costly affair. Here are some interesting facts about big data that can benefit businesses significantly:
Calibrated Growth with Big data
Big data analysis can bring a significant shift in your business growth pattern. Sales and marketing data which already exists in your business can reveal a lot about your customers’ requirements. It must be organized and curated further in order to capture the complete view of the clients’ demands.
For launching new products and services, Big data can aid startups to identify and reach out the right target market faster and yield improved returns on marketing investments. It can help in understanding the needs of the customer faster and as per their behavioral patterns businesses updates or offerings can be articulated.
Right tools to track budding customer list
Considering, the growing popularity of big data applications, automating the process of churning out the best from huge volume of data and analyzing the data can help in predicting the preferences of customers. This is turn leads to fulfilling the needs of right customers. Market study such as competitor analysis, social media tracking, and sales report study can be done with the right tools to spot the buying patterns of the target audience.
For instance, website traffic can be understood better with the help of Google Analytics, mobile app usage pattern can be measured with the help of MixPanel, Impact of social media activity and its reach can be tracked by using SproutSocial and Hootsuite. Instead of using spreadsheets to analyze data, InsightSquared can be tied to the business tools that you have been already using such as QuickBooks, Sales Force and more – that can assemble and extract the actionable data.
Economical Real-Time Solutions
Big data technologies usually cost an arm and a leg. However, such outlook is changing as innovative technologies are coming up in the market. Various cloud-enabled and SaaS-designed platforms are already available, which allow organizations to take the leverage of big data without putting in any overhead costs.
Recent update by Gartner reveals the rising percentage of companies investing in Big Data. Thanks to low-cost cloud-enabled solutions which have made it possible for new startups to administer various big data strategies across diverse areas without spending much on the infrastructure costs. Without any investment into resources and servers, companies can take the leverage of big data power.
Boosting productivity with limited budget
Startups cannot afford to make errors. They have to make the best out of every penny, dollar invested. Big data technologies enable the clients and users to execute ‘Experiment-fail-learn-replay’ cycle within limited budget. In addition to benefitting from enterprise-grade experiences such as anywhere, anytime accessibility; startups can also, reduce the cost of marketing and advertising campaigns.
This way organization is able to respond to the evolving marketing needs more vigorously and develop a robust set-up. For instance, cloud-based set-up can be used to execute the complete campaign while launching any product, big data abilities can be added to churn out the information produced from social media and other channels in real-time, and administer it to do more targeted marketing. This enables startup to increase its market share in less time and faster than its competitor.
Conclusion
In every sphere of global economy, data is streaming seamlessly. Billions of organized sensors are being integrated in the physical world in several devices such as smart energy meters automobiles, mobile phones, and industrial machines that develop and communicate in this age of Internet of things. From across the globe, population from all different strata of society can connect to the amount of big data available instantly and as required.
While formulating and finalizing the business plan, it will be a wise decision to take into consideration how big data will correctly fit into the structure. Other daily tasks may seem critical at this moment, but for the longer term, it is need of the hour to develop an outline for investments in rising big data technologies that can bring dramatic change in your business.
Why vector databases are key to enhanced AI and data analysis
In a...
