30. November 2017 02:40
Companies have been collecting large amount of information each day. Big Data is nothing but huge chunks of data which is collected from the customers/ different sources which is further processed and analyzed to generate useful insights out of it.
As per International Data Corporation (IDC), worldwide revenues for big data and business analytics will grow more than $203 billion by 2020. These facts validate the power of Big Data and demonstrate how it has brought a substantial breakthrough.
Here we have listed some benefits of Big Data to the business organizations -
- Understanding Customer’s Need – Companies are increasingly resorting to big data analysis to leverage the benefit of customer information available on the web.Businesses can use this information to better understand the needs of the customers and then design their marketing strategies accordingly
- Risk Analysis - It allows you to scan the business environment. You can stay ahead of your competition by successfully predicting the market trends. Immediate action can be taken, whenever you sense any potential risk.
- Cost Savings – Businesses don’t need to keep a manual record of databases now. Big Data tools such as Cloud- Based Analytics, Hadoop etc. can store tons of data and help companies use it proficiently.
- Opening Up New Opportunities - It has opened up a plethora of revenue generating opportunities. The information derived from data can be used to venture into new projects and make a parallel business line.
- Personalize Your Portal – It allows you to personalize your portal in real time. You can individualize the experience for each customer depending on the kind of search they make. This can be done by showing them other related options or useful searches made by other users.
- Managing Your Reputation Online –Big data tools let you know what people say about your business on various online portals. You must comprehend on this information as it can help you monitor and control your online reputation.
- Faster Decision Making – Better analysis can help you take better decisions within no time. With faster decision making procedures, businesses can take advantage of any potential opportunity which comes their way, thereby improving their bottom line figures.
- Customer Interactions – You can actually reach out your customers and have a real-time conversation with them using the big data tools.
For more information, contact Centex Technologies at (972) 375 - 9654.