The concept of Big Data escapes many, but those who take the time to understand and use it benefit significantly. It’s predicted that Big Data will become huge in 2014, but companies that make business intelligence solutions a priority early in January will undoubtedly gain an edge over their competition. From data-based decisions to improving customer satisfaction, here are 5 ways Big Data can improve your business in 2014.
1. Access trends through social media
Big Data and the analytics that decipher it can easily zero in on a particular trend in social media and capitalize on it in ways that are advantageous to your business. Quobole uses the example of a location-based trend. That means a business can detect when a store is getting a notable amount of buzz on social media through unstructured data. Using that information, the business’s marketing team can then send out a blast on social media encouraging users to visit the store and give them an incentive to make a purchase. That’s just one example of capitalizing on social media trends with Big Data.
2. Rely less on gut feelings
In the past, many business decisions have been made based solely on instinct. Increasingly, however, companies are relying on data collected through market research or online trends. Big Data gives companies even more information to go on, enabling them to make business decisions that are more factually based and considerably less risky. If you have actual data, you can weigh real-life pros and cons before plunging into the deep end.
3. Stay ahead of the competition
Because Big Data is expected to go mainstream in the next year, businesses can get a head start on the competition by familiarizing themselves with business intelligence solutions. The sooner businesses start to use trends found by unstructured data, the larger head start they’ll have on the competition. It’s strategies like this that can turn underdog companies into market leaders and keep these top businesses at the forefront of their industry.
4. Make customers more satisfied
One of the biggest ways Big Data is changing businesses is by improving customer service. According to The Wall Street Journal, Netflix began using unstructured data for this purpose in 2008. After an outage, the company used the data to spot problem areas and improve the technology. It also used the data to inform the future viewing suggestions they offer customers. Big Data lets Netflix know where the most traffic is on their website and helps on-site engineers plan for better network capacity. Now, Netflix is a top company for on-demand Internet streaming.
“It scales beautifully and it’s super-fast,” Kurt Brown, Netflix’s director of data science and engineering, told The WSJ.
Similarly, businesses can use Big Data to harness social media trends in which consumers are complaining about their product or service. By staying on top of these kinds of messages, companies can eliminate problems quickly and efficiently, turning a negative into a positive virtually overnight.
5. Inform your business
Marketers work to change how a product or service is perceived by the public, but Big Data uses public perception to help companies develop a product. Data Science Series noted that Big Data helps businesses grasp sentiments expressed by the consumer that might not have otherwise available. Whether it’s a mild suggestion, a complaint, or a compliment, these tweets can prove to be significant when a company returns to the drawing board or considers how it can improve in the coming year.