Big Data is having a huge impact on how data is processed, analyzed, and stored in 2023. No matter the business size or industry, all companies can benefit from leveraging this technology.
Big Data refers to the massive volume of data that companies collect and store every day. This data comes from two major sources. First, from customer interactions with the business, but data also comes from internal sources such as the different tools and technologies used by modern businesses to run operations.
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There are many use cases for Big Data to have a significant impact on how we manage organizations and create value for customers.
So how will Big Data impact tomorrow’s business? Let’s dive into how related technologies will play a crucial role in business decision-making.
Big data trends in Marketing applications for 2023
To combine and analyze the data collected by businesses, scientists use top-notch algorithms that can handle a large amount of information and make sense of it. Using these data models, they can draw out actionable insights that help pilot day-to-day business operations.
Learn more about Big Data use cases for marketing in this article.
Big Data in Decision-Making: How It Will Play a Crucial Role
Modern businesses are looking for innovative and performant methods to better lead operations. From distributing financial and human resources to crafting a relevant offer, Big Data is one of the better ways to glean useful information and support proper decision-making.
So, let’s explore how big data plays a crucial role in decision-making.
Get the bigger picture
Companies collect data from so many different sources: websites, apps, customer service, social media, and more. This data comes in massive volumes and in different formats that are challenging to combine and analyze as a whole.
The more this data grows, the more challenging for a business to transform it into valuable insights. But with Big Data algorithms, companies can finally make sense of unstructured data and get the bigger picture of their market, customers, and processes. They can better understand the customer journey as a whole and improve the quality of marketing campaigns.
Understand the market
A business’s ultimate goal is to have enough customers that buy, use, and recommend their solution to sustain growth and profitability. To achieve this, you must have a product in perfect adequation with your market and achieve your product-market fit.
This means ensuring there is demand for your solution, understanding the market trends, analyzing competitors, customer behaviors, and so on. In some markets, this information can represent a massive volume of data that would hardly be possible to make sense of without the use of Big Data.
Big Data also helps companies better understand customers and their feedback. For instance, Natural language processing allows marketers to analyze language and find patterns in order to evaluate how they perceive the company or products.
Improve operational efficiency
Leaders and managers have understood for a long time that decisions should not be based on assumptions but on tangible data. This is also true for internal strategic decision making: how to allocate budget, resources, and how to prioritize activities.
Leaders can also use Big Data to improve day-to-day operations. Project management tools, CRMs, and any other business software used to run the company also produces key data. Analysing this data can help companies improve operational efficiency and identify opportunities for improvement.
Big data trends: machine learning and IoT
Big data trends: machine learning and IoT
Self-driving cars and IoT
Tesla has always been a data-driven company. Elon Musk, its founder, is a disruptive entrepreneur who is always developing top-notch strategies to collect, analyze, and make strategic decisions based on data.
Tesla uses car sensors to collect data about the vehicle and the consumers. The company has gathered over 100 million miles of information on roads. This allowed them to create maps that are said to be more accurate than any other GPS.
Data is used in all areas of Tesla: car performance, customer experience, satisfaction, and product developments. Tesla uses Machine Learning to power its self-driving software, with data from surrounding vehicles and other Tesla cars in the area. It uses sensors, cameras, and radars in the car to collect data, and combines this information with external data such as GPS or weather information. This data is analyzed using Big Data models and results in a decision that translates into the autopilot software.
Keeping employees happy with sentiment analysis
IBM uses Sentiment Analysis to understand how employees feel about the company and their jobs. All 380,000 employees in over 150 countries have access to an internal social networking platform where they publish content, exchange comments, and chat in smaller groups.
Big Data gives IBM social listening capabilities: they can monitor the networking platform and identify trends and alerts. For instance, it can help them identify recurring complaints and take action accordingly in a timely manner.
For the sake of privacy, IBM claims that only public posts and comments are collected and analysed, no email or private chats are included in the process.
Preventing customer churn with predictive analysis
Predictive analysis can help companies forecast when a customer is about to churn – i.e. stop doing business with your company. These models can identify dissatisfaction or loss of interest in your solution so you can take action before it’s too late.
Preventing churn is key for businesses that have a model based on recurring revenue such as SaaS companies. If you want to learn more about predictive analysis, check out this interview with one of our Big Data experts.
Get started with Big Data
At Mowgli, we work with Big Data experts to help businesses make the most of their data. Chances are you already collect tons of information about your company and customers. What to do with it? Reach out to our team for a personalized audit and see how you can leverage Big Data to drive efficiency and revenue for your business.