Big data can simply be defined by volume, velocity, and variety. It is an enormous amount of data that is coming into a business every minute.
“Today, both small and large organizations have to deal with big data to be successful in making logical decisions.”
The practical definition is one that describes the applicability of big data in an organization where departments such as production, customer relations, marketing, and others directly benefit by improving their processes. Without further discussion, let us look at the practical applicability of big data in any business.
Big data, which is inevitable today, is utilized by businesses to improve their products. It is now easy to know what the competitors are producing even without having to ask them.
Some open databases have all this information, and businesses access the data, manipulate it, and make reports that help them to improve their products. Taking this direction means that the company has the will to grow its customer base by fulfilling their needs. A superior product is what they need in this case.
Big Data in Marketing
According to experts from Troparé, a company that offers data solutions for marketers, big data cannot be separated from the sales and marketing department. This department collects customer information every time they interact with customers. They also access product information to understand what they are promoting.
It becomes complicated when they have to compare this against data from other companies and databases. As such, they need appropriate software, apps, or online tools to make reports from the enormous amount of data. Luckily, such efforts enhance their decision making.
Again, big data plays a major role in cutting costs in a business. Look at an organization that compares the cost of maintenance from different service providers to know who is offering the best option. It is easy to do so now that data is everywhere. According to a survey, such companies are in a position to cut costs by up to 20%.
“As in other approaches, online comparison tools are available to analyze such data for the business. Sometimes, the business might need the help of an expert, which is worth trying.”
Improving Customer Focus
Another practical definition of big data is how it is used to improve customer focus. If a company is multi-channel, they are able to stay connected with customers through phone calls, text messages, social media chats, and emails among others.
All these channels are data collection points to understand what the customers really want, how their buying trends are evolving, and a lot of other things. Appropriate tools make this possible through their efficiency in collecting data and analyzing it for companies.
As you can see, businesses do understand big data in many ways depending on how it helps them. But as mentioned from the beginning, it is all about dealing with the huge amount of data that is part of businesses today.
Companies and organizations can hardly ignore it whether they are small or large. It is necessary that you take big data seriously and take advantage of it to improve your business.
Also Read, Importance of Big Data Analytics