Big data may be a new term, but it has always been an essential part of the business. Earlier, the numbers were entered manually in a spreadsheet and then experienced professionals analyzed them to predict upcoming trends or uncover insights. Knowing consumer behaviour and preparing oneself for it is crucial for success in the world of business. Fortunately, business analytics software is doing this arduous task for us, that too, much more efficiently.
Everyday consumers come across hundreds of ads. How will you make sure that they pay attention to your advertisement? The answer lies in personalizing the ad as per the consumer’s preference. Using Artificial Intelligence, Starbucks in 2016 started sending personalized offerings to their customers via email. Alongside, they started gathering consumer data through loyalty cards and an engaging mobile app. As a result, they had all the important data like customers’ tastes, frequently purchased items, average spending, dates and time of purchase. It made all the difference.
What is big data analytics?
Data sets that are too big, too complex and cannot be handled by traditional data processing applications fall into the category of big data. Big data aids in storing, processing, managing diverse and constantly evolving data. Analytics software development then employs advanced techniques such as Machine Learning, Artificial Intelligence and Predictive Analytics to extract value from the raw data.
How can you use big data analytics for business growth?
Identify your business problem and then decide how the available data can help you solve it. Data collection is not important. The key is to optimally use the data through analytics software development solutions. The data -when analysed using cutting edge technologies- can provide you with valuable insights. Based on it, you can make informed decisions, prepare product and marketing strategies and put your efforts in the right direction. An appropriate analysis system can solve many of the problems businesses face.
Top benefits:
1. Better insights into consumer behaviour
Social media activity, computer cookies, financial transactions, online purchase activity... There are numerous sources to collect consumer behaviour data. Big data analytics can help you identify what exactly your customers want by uncovering patterns, behaviour and trigger points. Based on this historical data, you can customize their shopping or service experience and gain a competitive advantage.
Read More: 5 Ways you can Boost your Business Growth with Big Data Analytics
