The contributions that Big Data gives to businesses are substantial and enumerating every day. As it has taken on such a large and important role, it’s becoming imperative to know what it can do for you. Here we have some expert advice on what Big Data can do for your business.
Marketing and Proactive Planning Powered by Big Data
Big Data is powering two incredibly important aspects of the business: marketing and proactive planning. The two go hand in hand and Big Data is opening a whole new world of possibility. Data analytics can now be used to pinpoint areas with either lower or higher efficiency rates. The visualization of these rates helps managers make proactive decisions to improve the departments that need work and reward those who are performing well.
What It Means for Marketing Teams
Marketing teams can benefit from leveraging invaluable insights from Big Data to help them reach customers and run more effective targeted ad campaigns. These targeted campaigns will resonate with a larger audience when fed with Big Data.
The most lucrative area that marketers can implement Big Data on is social media. The sheer volume of customer interests, tastes, and information that can be harvested from social media is breathtaking from a marketing perspective.
Click through and bounce rates are things to monitor using Big Data. These metrics are useful and give actionable information to marketers.
Using AI to Assemble Client Profiles
This is perhaps one of the most interesting ideas that have come out of implementing Big Data. Using AI to assemble customer profiles is loaded with potential. The more information that is fed into these profiles the easier it will be to market to these clients.
Big Data Is Transforming Not Only Businesses But Entire Industries
One of the most important things to remember about Big Data is that it’s not just a tool for individual businesses. It is transforming entire industries including the healthcare, grocery, and manufacturing industries.
In the manufacturing industry, luxury automobile giant Rolls-Royce has been embracing Big Data and AI to monitor quality issues in the design, manufacture, and after-sales phases of their operations with great success.
In healthcare, companies like Apixio are addressing one of the industry’s greatest challenges that are unstructured data. This savvy company is implementing Big Data with a more organized approach aimed at structuring healthcare data and converting it from forms like unstructured doctor’s notes and into readily understandable and easily assimilative information.
The Takeaway: Why Big Data Is Important for Your Business
Big Data is here to stay and it comes with a wide range of actionable uses for firms to take advantage of. There will be a line drawn between firms who utilize Big Data and those who don’t. While small businesses can sometimes get away with neglecting the utilization of this technology, large enterprises cannot. Don’t fall behind the crowd, stay ahead of the game with Big Data.