Big data: A competitive advantage for business
With addition of technology in our lives and growing advancement in smart phones these days people are more swift in operating through websites, browsing, shopping and various bookings and here comes the importance of ‘big data’ to handle ‘big things.’
Big data is basically a lot of unprocessed, raw and un-arranged data which comes from various consumers and platforms that is in turn collected, processed and strategized to be analyzed for profit. These features of big data arrangements allow the retailers to tackle problems, find solutions easily, get more information and have a better arrangement.
There are 3V’s associated with big data…
Volume- enormous volumes of data are gathered from social media and other platforms
Velocity– incoming of a very high speed data must be dealt in time to avoid lag in positive response.
Variety- data comes in all formats that may be structured or unstructured like texts, media, e-mail and audio.
Keeping up with today’s demanding customers and analytic savvy competitors means putting data at the heart of retail business. The importance of big data lies in how well the company uses its data and puts it forward for major profits and changes for better. Here are few ways how big data gives your business an extra edge…
Cost effective option: Big data tools like Hadoop and Cloud based analytics have cost advantages where large amount of data has to be stored. Better financial performance ensures more efficient and effective ways of business.
Maximize insights: Use of big data allows you to harness, analyze and govern all the data. Collection of total data will give you a proper insight and working of your business which is critical in assessing the customer responses and needs. Any error within the organization can also be found instantly and can be worked upon for improvements.
Create new business models: Data driven products and services are created with all the data and customer requirements which helps in establishing better consumer-retailer relationships. New and advanced strategies can be developed by thorough knowledge of customer needs.
Security and fraudulence: With real-time safeguard systems attempts for any hack or malicious behavior are notified soon and the security department can immediately take appropriate action. Frauds are detected the moment they happen and proper measures can be taken to limit or minimize the damage.
As a matter of fact, big data analytics is a substantially increasing trend in the coming period and will have a large impact on any organization because of its advantages and uses.