Five ways Big Data Analytics can boost revenues
Big Data Analyticsis growing exponentially as businesses use data to improve customer experience, optimize operations and create predictability.
- A recent IDC study forecasts that the global
BDAspending will grow at a compounded annual growth rate (CAGR) of nearly 13% through 2025.
- BDA can be used to generate information that can help in optimization to ensure minimal material wastage, output maximization, productivity enhancement, optimization or establishment of sustainable operational models, and continuous incremental improvement.
AdvertisementIn the last two years, Big Data Analytics (BDA) has emerged as a key focus area for business & technology leaders in accelerating digital programs and scaling in the post-pandemic era.
While security and compliance issues often come in the way of large-scale adoption, Big Data Analytics has been steadily growing.
A recent IDC study forecasts that the global BDA spending will grow at a compounded annual growth rate (CAGR) of nearly 13% through 2025. With banking and manufacturing being the biggest adopters, the
The government sector, which is investing heavily in infrastructure management, along with the healthcare sector with growing wellness monitoring capabilities, are adopting BDA at a much faster pace. Banking takes the lead in spending, concentrating on fraud detection and improving customer experience for better customer and brand loyalty.
The overall need to mitigate supply-chain liabilities, and market disruptions while also ensuring perfect customer experiences has led to a higher investment into BDA, which assures business sustainably.
If applied strategically, BDA can assure immediate business results and tangible outcomes for enterprises. Here are five areas where big data analytics can make a big difference.
Behavior analytics for improved customer experience
Product design and delivery must be aligned with the dynamic customer demands.
In a typical scenario, a consumer would require:
- Details and product inquiry information.
- Attention during the time of purchase.
- Strong customer service medium to ensure retention and brand loyalty.
Behavior-based analytics tools are a great way to assess customer buying patterns and derive real-time insights from instant feedback. Not only does this simplify understanding the customer experience, but it also provides an insight into what the company should work on and which services can be improved.
Boosting product improvement
AdvertisementBDA can be effectively leveraged in product customization. To make differentiable, competitive offerings, BDA can help to understand the purchase history of the product, the reviews, and also the overall market requirement according to current market trends.
With this, the product can be upgraded with new features, have an improvement in its functionality, including innovative technology, or even simply change the packaging for easier access.
Enhancing operation optimisation
With the Internet of Things (IoT) being implemented on multiple devices and instruments, data collection has been simplified for businesses.
BDA can be used to generate information that can help in optimization to ensure minimal material wastage, output maximization, productivity enhancement, optimization or establishment of sustainable operational models, and continuous incremental improvement.
The results can be seen with increased sales, improved production, reduced monthly costs, decreased execution time, better asset management, and a higher turnover of products.
Facilitate planning and decision-making
AdvertisementBDA brings a 360-degree view of business decision-making. The board of directors can use BDA to evaluate the efficiency of the business – from supply chain to consumer services.
BDA can also assist with a SWOT (strengths, weaknesses, opportunities and threats) analysis of the business, along with risk and trend analysis, goal-setting, and any deviations in all areas.
Business leaders can also cut down on obsolete tasks, thus improving employee satisfaction and reducing attrition. Informed decision-making becomes easier, along with data-driven solution implementation.
Identify trends to stay competitive
The biggest advantage of big data analytics has been pattern recognition. Recurring patterns are a clear indicator of emerging market trends. By identifying and acting on these trends and opportunities, businesses can innovate and allow for new product development, adding to business profits.
Market trends can also predict upcoming risks, and create a clear path of growth for businesses, while mitigating any unwanted or unnecessary tasks in their operations.
AdvertisementOverall, Big Data Analytics is a powerful tool, with billions being invested into it to ensure sustained and continuous business growth.
Popular on BI
- I took a new job in a remote location after my divorce. There aren't many people to date, but I'm happy staying single.
- OnlyFans star Riley Reid plans to 'immortalize' herself using AI. Here's how her team built her new chatbot.
- A boomer grandma advises on how to set boundaries with millennial kids when it comes to babysitting
- India's best relaxing holiday spots for peaceful retreats
- Inter-ministerial approval board can permit demarcation of non-processing area under IT sector SEZs
- Winter wellness: 10 Amla recipes to embrace this season
- ‘Confident’ Indians might splurge on big-ticket items in 2024
- Tata Power stock zooms ahead after brokerage on upgrade