Customer satisfaction, keeping up with current market trends, optimizing costs and increasing sales, are the most important things for every business. Big Data helps you achieve insights for all of the above and much more.
What is Big Data?
Big Data refers to heavy volumes of raw data from which important information can be derived through accurate analysis. This big data is being generated at a very high speed and in large quantity every day.
It is important for businesses to analyze and use big data for the benefit of their organization and business.
Role of Big Data in Business
Amazon utilizes an anticipatory shipping model that uses big data for predicting the products that are most likely to be purchased by its users. This results in Amazon analyzing the pattern of your purchases and sends products to your nearest warehouse which you may utilize in the future. Amazon also optimizes the prices on its websites by keeping in mind various parameters like the user activity, order history, prices offered by the competitors, product availability, etc. Using this method, Amazon provides discounts on popular items and earns profits on less popular items. This is how Amazon makes the use of big data in it's business. Data science has created its dominant position in the industries and has helped industries to grow and become better.
Amazon is just one example of big data being used in business. Airbnb is another industry leader that makes the use of big data in it's business, you can check out their case study as well. Below are 4 ways through which big data plays a major role in every business.
1. Helps you understand the market condition
Big Data helps you understand the market conditions, trends, needs and also study your competitors by analyzing the data.
It allows you to study customer behaviors and what they are interested in so that you can tailor your products and services according to their needs.
2. It helps you increase customer satisfaction
With the help of big data analytics you can realize the demographics of your target audience, what type of products and services do they like and much more.
This information helps you develop business plans and strategies keeping the customer needs and requirements in mind. If your business strategy is developed around customer needs, your customer satisfaction will automatically increase.
3. Increasing sales
Once you are aware of the market scenario and customer requirements you create products, services and marketing strategies accordingly. This helps you increase your sales significantly.
4. Optimizing costs
Analyzing the data collected through customer databases, services and through online resources you can understand what prices is favorable for the customers, how increasing or decreasing cost will affect your business and so on.
You can decide the most optimum cost of your products and services which will benefit the customers as well as your business.
Big Data can take your business from the bottom to the top if used correctly. This is why Big Data analysts and engineers are in demand by every business in every industry.
Mumbai and Pune have the highest number of Big Data jobs available in India. Top organizations like PayPal, Amazon, Accenture, and more are hiring Big Data professionals according to Naukri.com.