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Business advantages of Big Data (PART 1 of 2)

Latest reply: Jan 17, 2022 13:53:26 1214 85 59 0 0

When CEOs hear the term "big data," they immediately think of the massive amounts of fresh data that are now available. This data is generated through e-commerce and omnichannel marketing, as well as connected devices on the Internet of Things (IoT) and corporate apps that generate increasingly precise transactional data and operations.


Big data, on the other hand, is defined not just by the sheer volume of data involved, but also by the diversity and dynamic nature of the data. As a result, the term "big data" now refers to innovative methods of storing, analyzing, managing, and serving the data that informs corporate choices. 


These new methodologies, particularly big data analytics, provide the big data benefits that business leaders and IT teams alike yearn for, just as much as the volume of data.


The following are some of the ways big data can help us enhance our company practices.


Improved understanding of customers:


When a modernized organization uses data to analyse its customers, whether individually or in groups, it has a variety of options. The following are some examples of big data sources that give insights on customers:


  1. If these facts are available within a company's service agreement, external sources such as monetary transactions and credit status may be used.

  2. Traditional sources of customer insight include purchases and help calls.

  3. Information gathered from other sources

  4. Use of social media

  5. cookie files


In an increasingly digitized marketplace, clickstream analysis of e-commerce activity can offer insight on how customers browse through a company's many websites and menus to find goods and/or services. Companies can see which goods users placed to their carts but later removed or abandoned without purchasing, providing valuable insight into what customers might want to buy even if they don't make a transaction.


Not just online retailers, but also brick-and-mortar locations, can gain valuable insight on their clients by reviewing footages to see how people travel around a physical store vs a website.

 

Management of a fluid supply chain:


Whether it's pandemic-related toilet paper shortages, Brexit-related trade disruptions, or a ship trapped in the Suez Canal, modern supply lines are unexpectedly vulnerable.


Surprisingly, we don't usually notice our supply networks until they've been severely disrupted. For the most part, big data, including predictive analytics, often in near real time, aids in keeping our global network of demand, production, and distribution running smoothly.


This would be conceivable because big data analytics can combine purchase patterns from e-commerce platforms and retail apps with supplier data, real-time pricing, and even transportation and weather data to provide a new level of business analytics.


These insights aren't just useful for major corporations. Customer data and real-time pricing can help even small e-commerce enterprises make better decisions about stock levels, risk reduction, and temporary or seasonal labor.


More in-depth market research:


Big data can deepen and widen our understanding of market patterns, just as it can help us appreciate our clients' intricate shopping behaviors in greater depth.


For market segments ranging from morning cereal to hotel deals, social media is a frequent source of market insight. There are people out there sharing their tastes, opinions, recommendations and their selfies for nearly any commercial transaction you can think of. Businesses can benefit greatly from these common viewpoints.


Apart from competitive strategy, big data can aid product creation by, say for instance, prioritizing diverse client requirements.


In fact, big data is used to power practically all business insights in almost any e-commerce or online market.



To be continued... Business advantages of Big Data (PART 2 of 2)

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RNT
Created Dec 7, 2021 17:10:33

Useful information to review.

P.S The font is certainly beautiful, but it makes it difficult to read
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EL.BODO
EL.BODO Created Dec 9, 2021 18:22:54 (0) (0)
 
RNT
RNT Reply EL.BODO  Created Dec 10, 2021 13:35:50 (0) (0)
 
user_4463975
user_4463975 Created Dec 20, 2021 06:41:35 (0) (0)
yes  
user_4358465
user_4358465 Created Jan 17, 2022 20:59:04 (0) (0)
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Faridrami
Created Dec 7, 2021 17:16:48

thank you
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user_4358465
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wissal
MVE Created Dec 7, 2021 17:38:45

Interesting sharing
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EL.BODO
EL.BODO Created Dec 9, 2021 18:23:05 (0) (0)
 
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user_4358465 Created Jan 17, 2022 20:59:24 (0) (0)
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Vlada85
MVE Author Created Dec 7, 2021 18:11:29

Good!
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lucian2003
Created Dec 7, 2021 19:20:39

Thanks for the post
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Unicef
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NICE
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Lucfabrice
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Great content
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MahMush
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Very detailed information, well written...
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umaryaqub
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Thanks for sharing.
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