Big Data refers to a term that describes huge clusters of information that may be structured, non-structured or semi-structured in nature. These varied data sets having high velocity and volumes are processed using the Big Data tools for data analysis. The analytics on these sets reveal significant patterns and trends that prove to be extremely beneficial for the business organizations. There are many innovative and interesting ways in which business organizations implement and use Big Data.
Some of these ways and methods are as listed and described below.
- Prediction of Customer Choices & Preferences
It is important for all the business organizations to understand the customer needs and requirements. Big Data is a mechanism that is being used by the companies to understand the customer behavior and demands using the process of data analytics. There is a lot of customer data and information that is available on the web via the social media channels, company websites, and several other platforms. These datasets are gathered by the organizations and are analyzed using the Big Data tools for understanding user choices, patterns, and preferences.
- Strategy and Decision-Making
Big Data provides cost-effective mechanisms to study the customer-oriented data patterns and trends. The results that are achieved using such processes allow the organizations to form the strategies and organizational decisions as per the customer needs. Such practices provide the organization with a competitive advantage over the similar organizations. Also, the level of customer satisfaction also goes up as their demands and requirements are met.
- Establishment of Data-Driven Culture
With the transformation in the technological practices and digital advancements, the business practices and organizational activities have also witnessed a major shift. The present era is the data-driven era wherein the organizations are required to form their business decisions on the basis of the data that is associated with it. Big Data tools and techniques allow the organizations to form a data-driven culture. The culture enables the organization to enhance the level of customer and employee satisfaction by analyzing their needs and demands.
- Identification of the Required Skill-Set
Human resources are the most significant resources that are associated with any of the business organization. The success or failure of the organizational activities is largely dependent upon the knowledge, experience, and skills of its employees. Big Data tools are being used by the Human Resource (HR) department in its recruitment processes. These tools are applied to understand the skill-sets that are necessary for the projects being executed in the organization and the talent identification is done as per the results achieved.
- Newer Methods of Generating Revenue
Data is the most important asset for the organizations. There is a lot of data that the organizations deal with on a daily basis. This data is being used by the big and small companies to create innovative methods for generation of revenue for the organizations. For instance, some of the datasets are available for the customers for free of cost. However, customers are required to pay for certain data sets. In such a way, the revenue earned by the organization on such data sets increases. Similar value-added services are being created by the companies with the usage of Big Data tools.
- Customer Segmentation
The products and services that are provided by the companies to its customers vary on the basis of the customer type. It is necessary for the companies to form the marketing and advertising strategy on the basis of the customer group for enhancement of the customer base. Big Data tools allow the companies to segregate the customers on the basis of different groups such as age, gender, purchasing power, preferences, the preferred mode of purchase and likewise. The offerings by the company are designed targeting each of these groups that lead to increasing the customer base.
- Fraud Detection
There has been an immense increase in the cloud-based services and solutions that are being offered to the customers by the companies. With the increase in such services, there has been an increase in the cyber-crimes as well. Big Data allows detection and prevention of frauds by using historical data to reveal the common patterns that are used by the malevolent entities.
Technology has allowed the business organizations to make progress by adopting latest advancements and innovative solutions. Big Data is one such contribution of technology that has brought several transformations in the business tasks and activities. These tools are being used by the organizations to improve their brand image and gain a competitive edge in the market.