Big Data and Analytics have been one of the biggest blow-up technologies in the past decade. Every businessman has heard of it and knows the kind of impact it has had in various industries. Businesses across all industries are leveraging the power of Big Data for making competent decisions and analyzing various aspects of their data. Whether the industry is healthcare, retail, manufacturing, education, supply chain management, governance, logistics, or any other, Big Data has established itself as a technology to be possessed.
Gartner defines Big Data as “High volume, high variety, and high-velocity data assets that fundamentally require newer forms of processing, which enables data-based decision making and discovering valuable insights to power process optimization”
There are numerous benefits that Big Data and Analytics brings along with itself for businesses, and that is why they are actively adapting this technology to reap its benefits. It was recently reported that the big data global market would grow to over $1 trillion by 2027, and the software development industry would be its biggest benefactor.
It already recorded a staggering revenue of $169 billion in 2018 and is expected to generate over $270 billion by 2022. Over 45% of the market research industry professionals reported that they leveraged the benefits of big data analytics for conducting their market research.
So, without further ado, let us dive into the various benefits of Big Data and Analytics for businesses.
1. Reduced Complexity, More Productivity
The essence of Big Data lies in its capability to compute very complex datasets that are too large when compared to traditional datasets. This capability is much more efficient and effective than traditional data processing tools and applications like ETL systems, which provides much better results for businesses. High volume, high variety, and high velocity – These are three of the core features that Big Data and Analytics brings with itself.
With the rapid development across all industries that are actively implementing technologies like machine learning, artificial intelligence, and IoT, the amount of data being produced is simply too much. Moreover, with cloud computing, mobile data traffic, and the high usage of smartphones, the amount of data being collected essentially multiplies across the board.
Hence, using Big Data and Analytics, businesses can explore through and analyze gigantic packets of data, and compute them to gain highly valuable insights about their respective domains, and leverage it to elevate their success in various ways.
2. Cost Optimization
By availing of Big Data application development services, businesses can effectively cost optimize their operations. Using tools like Spark and Hadoop, which are regarded as some of the best Big Data tools in the world, businesses can cost-efficiently store, analyze, and process huge chunks of data conveniently. Moreover, these tools are more cost-effective and beneficial for businesses than employing people, as they can compute more data, operate longer, and have little to no chances of making errors.
The best example of this is the logistics industry. Where it used to cost 1.5 times more for the costs incurred by product returns, now it is minimized with the help of Big Data Analytics which helps the companies in predicting the very likelihood of this happening. Big Data Analytics helps businesses in properly estimating the products that have higher chances of being returned, which provides them with the ability to take precautionary measures to reduce losses incurred in product returns.
3. Real-Time Insights, Real-Time Benefits
Big Data and Analytics can monitor the market in real-time, and even the activities of your competitors. This allows businesses to keep a close eye on their customer trends, the changes in their activities, past strategies of your competitors, market conditions, and even assess what kind of strategies your competitors are using now.
Real-time insights with the help of Big Data Solutions are very adept in making businesses more flexible and efficient. For instance, Analytics can assist businesses in monitoring, assessing, and measuring the type of impact price changes might have on their revenue. Additionally, Big Data and Analytics can also help businesses in evaluating their finances to get the bigger picture of their position in the marketplace.
Big data analytics also bring forth the opportunity for businesses to position themselves competitively and maximizing their revenue by assessing competitor strategies. This can be done by implementing newer pricing strategies that are targeted towards customer demands, market trends, and purchasing behavior of the customers. To add to this, Big Data Analytics can also help businesses in automating their pricing process which helps in maintaining consistency and eliminating any manual errors, thus increasing customer satisfaction.
4. Boosting Sales by Bringing Customer Loyalty
Since a colossal number of customer-based datasets are analyzed and assessed with Big Data Analytics, it provides the businesses with much-needed insights about their customers and the customers of their competitors as well. Customer data includes metrics like buying behavior, preferences, searching pattern, needs, etc. This data can be effectively used by businesses to offer the customer a personalized automated experience, which is tailor-made based on their specific customer data.
Customer data also opens the door for businesses to design specific products or services that are designed to serve the specific requirements of their customer segments. This helps businesses in significantly elevating their customers’ loyalty, and ultimately sales. A personalized experience for the customers attracts more potential customers to engage with businesses using Big Data and Analytics, which further increases their sales and profits. And if the products or services a business is offering are of good quality, it will help in retaining customers and turning them into loyal customers as well! Repeat business and more customers equal a boost in sales.
While there are various other benefits that Big Data and Analytics bring for businesses, these 4 are common across all industries. And businesses availing the assistance of Big Data development services are more likely to reap all the benefits of this technology. The future of all industries is heavily dependent on Big Data and Analytics, and businesses should figure out the best way to leverage this technology to ideally use the full potential of this technology and elevate their revenue to a whole new level.