The 21st century can be categorized by an environment where data has become interwoven in the global economy. As the human capital and hard assets are important, data has acquired the same importance in the modern economic activity.
With the burgeoning data, the organizations felt the need to extract benefits for their businesses. This marked the arrival of the all-time granddaddy, yes, the Big Data!
It not only brought together large chunks of data but also provided a way to analyze patterns and hence making better decisions. In this blog, we are going to focus on major ways in which Big Data is revolutionizing the global market.
Let’s get started!
Big Data Increases Customer Responsiveness and Improved Customer Insights
According to Forrester, 44% of marketers have been making use of Big Data Analytics solutions for the purpose of improving responsiveness. Moreover, 36% of them are utilizing data mining and analytics for gaining meaningful insights in order to formulate strategies that are relation-driven in their outlook.
Some of The Most Popular Big Data Use Cases
A recent study has surfaced with some of the most interesting revelations. It found that most popular big data use cases include reducing customer churn, customer, improving existing products and increasing revenue per customer.
Improved Security of Data
Easy scalability has been made possible across the entire landscape of the organization. Not only threats can be scanned at an internal level but all the sensitive information and data can be easily stored in a secured manner. Meaning thereby, Big Data comes up with a dual package of both absolute security and improved storage. This need is more intense in organizations that deal with debit/credit information, finances and related services.
Big Data for Developing the Next Generation of Services and Products
After acquiring feedback and obtaining related information, organizations are made available with the perceptions of users about their business. Thus, enabling them to make necessary changes in the offerings and give way to the next gen of services and products.
To conclude, Big Data is one of the biggest innovations of our time and it is going to stay for a long time to come. And it is high time to extract the most of out of this innovation to watch your business ascend new levels of success.