Why Is Big Data Development Important For Your Company?

Big Data Development Important For Your Company

Big data refers to the large amount of data that is generated by your business. This data is collected through multiple sources such as IoT devices, social media, sensors, and weblogs. In this manner, a significant amount of data is collected, hence, it gets the name- big data. However, what matters is what your business will do with the data collected.

Before we learn how your business can use the data generated to its advantage, we first need to understand big data better. We need to understand the 3 V’s of big data- Volume, Velocity, and Variety, for this.

Volume

As mentioned before, your business will generate a lot of data. The volume of this data might surprise you. While it was tough to store large volume data in the past, today available technologies can store your data with ease. So when you are dealing with big data for your business, you need to consider the volume of the data.

Velocity

You cannot imagine the speed at which data trickles in. The speed is such that you need to deal with this data correctly, in a timely fashion. The required data is collected from multiple sources, like social media, sensors, mobiles, business processes, and application logs. It is collected constantly and on a large scale, which can be intimidating at first glance. Hence, keep the velocity, which is the speed of data generation, in mind when looking at big data.

Variety

The data you will generate will come in different formats. They can be broadly classified into three different categories:

• Structured data sets refer to the data that can be used in its original form. You can obtain your results from this data.
• Unstructured data sets do not have proper formatting or alignment. They need to undergo more processing for a longer time so they can become structured data sets. Once this happens, they can help you obtain the desired results.
• Semi-Structured data sets are a combination of structured and unstructured data sets. While they might have a proper structure, they might lack defining elements needed for sorting and processing.

This data is found in different formats such as numerical data, text data, photos, videos, PDFs, and even financial transactions.

Now that you are familiar with the primary elements of big data, it is time to learn about how it can benefit your organization:

Big data saves costs

When dealing with such large amounts of data, you also need a place to store it. With big data technologies such as Hadoop, Tableau, and Amazon Web Services, you experience cost advantages when storing the data. These technologies go a step further and help you identify a better way to do business as well. In the following few paragraphs, we will explore how big data can enhance business offerings.

Big data saves time

The primary benefit of big data is the insights you can derive from it. These insights can help you in ways you cannot imagine. They can improve efficiency, product offerings, customer interactions, basically everything that can help your business grow. With the technological tools available today to enhance big data development, large amounts of data can be analyzed quickly. It helps your business save time overall by improving its offerings without any delay.

Big data builds brand reputation

As mentioned before, one of the primary sources of big data services today is social media. When analyzing the information available on social media, your business can understand how the brand image is perceived online. Through online comments and reviews, you can learn where you are succeeding and where you need to improve. The feedback gathered through big data can help you put a strategy in place to tackle negative reviews. It can also enable you to create a brand narrative on social media to further build your brand reputation online.

Big data increases your customer base

The only way to expand your business is to increase its customer base. Apart from this, your business needs to cater to the needs of your existing customer base. Through big data, you can analyse what customers are seeking in the market. Along with this, you also learn the expectations of your existing customer base. Both these things help you improve your offerings to your customers. You can also profile your customers and promote or push relevant products to them.

Big data drives innovation

As a business, you are providing your customers with a product or service that they need. Whenever their needs change, you innovate and update your products to suit their changing needs as well. It is where big data comes into the picture. With the amount of data generated, collected, collated, and analysed, you can draw inferences about what your customers are looking for. Based on this, you can innovate your product or your service to match their needs. Big data can help you understand your market better, allowing you to stay ahead of your competitors.

Big data enhances customer interactions

Your existing customers are the most important asset your business has. Hence, you need to ensure they are satisfied with the products, services, and interactions they have with you. The first thing you can do with big data is responding to your customers on time. You can also suggest products to them based on their previous purchases and interactions with your business. Based on what they are saying about your service online, you can make tweaks to enhance your service to suit them better. You can also use this data to identify buying patterns and trends and develop new products or services that your customers would like.

Big data helps in risk assessment

Big data services can be used to look at your business from a long-term lens. Since big data analyses all possible information about your business, it enables you to keep up with the trends in your industry, no matter how big or small, social or economic. By running through reports, comments, and social media, you can prepare for the future. The data gathered during big data development helps your business assess any possible risk that could come up. Then, it helps you prepare a strategy to tackle or mitigate such a risk should it ever arise.

Big data offers marketing insights

Suppose you have launched an extensive marketing campaign. However, you are not getting the results you expected to see. How do you identify what went wrong? It is where big data services come into the picture. By gathering relevant data, you can identify what went wrong. Then, you can come up with a plan to correct it. You can also use this data before launching a new marketing campaign. All you need to do is analyze the data, segment your customers into different categories, and market to each category in a personalised manner. By creating such targeted campaigns, you will see great success in your marketing efforts.

Big data helps you hire the right people

It might come as a surprise to you, but big data can help you get the right people to work for your business. After all, it is the people who make the business a success. So how does big data help you in hiring? Through big data, you can learn information about people before you hire them. It allows you to have a lucrative conversation with them and hopefully convince them to join your organization. You can also use big data to analyse the history and previous work record to see if an employee will succeed in your organization or not. It will help you make the right hiring decisions.

Big data helps solve problems

No matter what your problem might be, big data can help you solve it successfully. Do you have an advertising campaign that is not seeing results? Are customers posting negative comments about you online? Is there any issue with data on your website or application? For every possible problem, big data can help you solve the problem. By analyzing the relevant data, you can identify where your business is going wrong. Then, you can rectify it with relevant strategies.

Now that you know what big data is, its essential components, and how it can help your organization, all you need to do is find the correct big data service provider for you.

The process of finding this service provider is simple. First, you need to do your research. Look at company websites. See testimonials on the site to gauge if people are happy with their services. Then, ask around in your circle. Referrals can go a long way.

Once you narrow down on a few options, you need to look for a solution provider that looks after your needs. They should be able to deal with large data sets and manage and present them to you in a manner you will understand.

Once you find a provider that does all of the above, you know you have found the right provider for your big data development.