We live in an era where technology has almost reached its zenith and overwhelmed our lives. Today, the amount of data generated and exchanged is tremendous. Every organization, be it of any size and type, collects and analyzes large volumes of real-time data daily, which a conventional computing tool cannot process. This set of data is what we call “Big Data.”
Big Data and its analytics are two popular buzzwords in the business dialogue and are deeply rooted in organizational strategy. In essence, Big Data refers to a voluminous set of complex information. These large data sets stem from various sources and can take multiple forms. It can either be structured, semi-structured, or unstructured data.
Cisco forecasts that internet users worldwide will reach an astonishing figure of 5.3 billion by 2023. That implies an enormous amount of data will flow from machines, cellphones, and computers. And while the potential of Big Data is undoubtedly endless, organizations still grapple to draw insights from data. Truthfully, the benefits are unlike any we have ever witnessed before. Let’s take a look at some of those:
Benefits of Big Data for Every Organisation
Infographic Created By Fiserve a B2B commerce platform Company.
Help in decision-making
In today’s immensely competitive business world, merely relying on instincts isn’t sufficient. Instead, businesses can capitalize on demographics and scale-up web data to figure out if it’s the right time to introduce a product or service in the market. Not only this, Big Data allows organizations to derive valuable insights and discover patterns that can help them make well-informed decisions.
However, data isn’t of much help when organizations don’t have the right people for data analysis. Employees also need to be proficient with Big Data management to reap its benefits fully. Today, building data mining skills is critically important to help organizations realize their full potential. Being adept with data visualization and mining tools is one of the critical determinants of any project’s success.
Therefore, professionals should consider a Data Analytics MBA Degree to communicate fruitful insights, develop thoughtful strategies, and help organizations achieve sustained growth. An MBA with a core emphasis on data analytics not only allows individuals to propel their careers to the next level. It also helps them identify business areas of transformation and opportunities that are still untapped.
Improve customer experience
Customer services play a crucial role in helping organizations flourish and hit new benchmarks. Long gone are the days when organizations used to keep customers at arm’s length and treat them as just an ordinary mass of people. Today, it’s more crucial than ever to understand customers’ preferences, needs and wants.
With Big Data, organizations no longer need to conjecture the nature of customers and address their interests. Instead, organizations can understand their customers by thoroughly evaluating the data collected and comprehending concrete figures. Also, they can figure out what it will take for prospects to convert into customers.
Organizations can craft dynamic content and optimize it according to customers’ interests using data analysis. Since everyone wishes to feel valued; therefore, when subscribers receive a custom email that encompasses meaningful content and compelling images, their loyalty to the brand rises.
With the help of diagnostic analytics, organizations can figure out solutions to problems encountered by customers. Moreover, Big Data allows organizations to catch a glimpse into what the future holds. That way, businesses can deliver a better and more personalized experience to their customers.
While technological advancements have brought about a positive change in the business world, it has also uncovered new fraud avenues. As financial frauds become more sophisticated, detecting anomalies and fighting fraudulent activities should also evolve.
However, the good news is Big Data takes on a different perspective for the defense to combat the ever-evolving financial threats. Machine learning and artificial intelligence systems with Big Data can identify fallacious transactions, fraud activities, and discrepancies in data sets.
For instance, whenever a person uses their credit card to perform transactions, the bank receives a notification. However, suppose multiple transactions occur from the same credit card in a short time gap. In that case, the data generated for banks is a sound justification to raise red flags. And thus, banks promptly inform the credit card holder about suspicious activities. As a result, this helps detect fraud and prevent potential damage.
Big Data also uses continuous or behavioral authentication to detect unusual activities and suspicious behaviors. Let’s take the example of Alibaba, a Chinese e-commerce business that leverages Big Data to tackle potential threats and frauds. Any person who tries to attempt fraud will first have to go through five strict verification stages. These stages include account check, device check, activity check, risk strategy, and manual review – a lengthy order to pass through.
Streamline recruiting procedures
The secret to success for any thriving business lies in having competent individuals. And that’s the reason why hiring the right talent, retaining productive employees, and applying growth strategies have always been the priority of organizations.
Today, organizations no longer need to post job ads, collect resumes, vet them, and call a few candidates for interviews. Instead, with the increasing number of job hunters, organizations can leverage Big Data to filter out suitable candidates. Once filtered, the recruiting team can weigh the data points to determine which candidate best aligns with the job position.
Big Data analytics also allows HR professionals to incorporate talent acquisition strategies. For instance, by appraising the data collected by candidate management systems, professionals can determine how job applicants entered your talent community. Either it was through your site, any other career sites, or through job boards. That way, organizations can figure out the topmost source for accumulating talent and perfect the recruiting strategy.
Undeniably, in today’s age, Big Data is here to stay. As technology grows more sophisticated and intelligent, organizations need to keep abreast of the latest trends to stay ahead of their rivals.
Modern technologies such as machine learning, artificial intelligence, and virtual reality might be the leading drivers for the upcoming revolution. These advancements can help organizations, particularly SMBs, collect and retrieve data and perform predictive analytics to navigate tech challenges efficiently.
Thus, considering the numerous advantages offered by Big Data, it’s evident how indispensable it is for businesses in this digital realm. It’s safe to say that Big Data presents a solution to every business problem that may appear in the future.
And while Big Data has evolved lives for the better, it’s crucial to develop a robust security strategy to manage large volumes of data throughout the Big Data cycle. Also, the security strategy should eliminate any data breach risk and comply with privacy policies.