Published on February 20th, 2016 | by Guest0
Five Ways Big Data Will Change Every Business (Including Yours)
Big data is no longer for just for Fortune 100 companies. It’s for any business that wants to maintain a competitive advantage. Small businesses that take advantage of software tools that help them collect big data on their employees, their customers, and even their own market performance, can end up making wiser business decisions and reducing their risks. Those that don’t, are like fighter pilots flying blind into enemy territory. They know they have to take evasive maneuvers, but are not sure where the dangers lie. Here are five ways big data can give you a good view of the landscape and dangers below.
1. Provides Metrics for Internal Performance
There are a variety of metrics that can be helpful to determine what is working in an organization and what is not. Employee performance is almost always a prime target with big data, but it can also be used to measure business process performance, like time to checkout and inventory fulfillment. With so many small businesses relying on ad hoc marketing campaigns that generate a ton of data, they can also use software tools to collect and analyze the performance of advertising campaigns on social networks, their website, or online venues.
Automating the collection of so much data is the key for small businesses trying to figure out how to get that edge without additional manpower. Software solutions, like Hadoop, can help a small businesses collect a large amount of data, store it, and run any number of tasks without having an entire IT department to do it.
2. Can Satisfy and Predict Customer Demand
Big data can also be used in customer service to track customer satisfaction and to predict future demand. Companies that make collecting this sort of data a priority can closely follow their customer’s changing tastes to the point where that information can be used to design new products and services just as demand explodes.
In addition, by automating the collection of surveys and carefully asking relevant questions about customer satisfaction, businesses can remove bottlenecks in the buying process and be proactive about creating a favorable impression with their audience.
3. Can Collect Real-Time Market Intelligence
Businesses that collect big data can also be more aware of market trends and their competitors’ strategies in real time. They aren’t left behind because they failed to see a trend before it was too late. One example is the use of smartphones to make decisions to buy or not. Big data would track the devices being used to access the products online to understand how many of their customers are using mobile devices and how that impacts the buying process.
In addition, they might find out that people check pricing on a smartphone with their competitors even as they stand in their stores. This might impact how they offer products in-store and what type of buying incentives are used to close the deal.
4. Pinpoints Risks
Big data can also collect information on OSHA-related requirements and other types of risks. It’s true that business all buy business insurance to help them manage those risks, but no business wants to use that policy. They’d prefer not to pay out for insurance claims or because of lack of foresight. Big data collected from outside sources can also help a business see how others have fared in similar markets and what the best approach is managing risk. By using big data, the idea is to pinpoint those risks and eliminate them as much as possible.
5. Ensures Organizational Transparency
Managers and employees may try to whitewash facts to make their departments look good, but big data offers transparency for the entire organizational structure. This can allow a better view of the actual workings of each department, each individual in the department, and even the management and interdepartmental relationships. This makes it easier for executives make decisions for an entire organization and to know that their decisions are based on sound facts, not wishful thinking.
How the New Model of Business Looks With Big Data
Big data used in all businesses will lead to a higher integrity within organizational levels and a more flexible approach to doing business. If big data can make big business more adaptable to changing markets and business climates, imagine what it can do for a small business that is by its very nature more nimble on its feet than a large behemoth.
Big data, when automated, actually saves manhours and provides more accurate decision-making. It can be used to surf the changing tides of market demand with ease and grace, no matter what size business uses it. Tomorrow’s businesses will be much more responsive to changing market forces, more accountable, and more accurate with their internal decision-making processes.
Jeremy is a tech and business writer from Simi Valley, CA. He lives for success stories, and hopes to be one someday…