Big data is vital for all companies, regardless of their business sector. Whether a company is big or small, whether in the field of health, insurance, or sports, it can benefit from big data. With big data, companies can make the most appropriate decisions. Their work is simplified and, above all, more profitable. Everyone talks about big data, but few show concrete examples, so in this article, you will see five examples of big data implementation in business.
The importance of data analytics in companies continues to grow. Today, big data is a trendy buzzword in almost every industry, and its use by global organizations is changing yearly. Moreover, previously considered the domain of large organizations, big data solutions are increasingly becoming practical tools for small and medium-sized businesses. Thought leaders, researchers, and other prominent players agree that big data has been a game-changer in most, if not all, modern business sectors in recent years. But what is big data? Before we go any further, let’s recall the definition.
What is big data?
Today, data is all around us. But to be used, it needs to be stored and processed correctly. Big data (BD) collects a variety of massive data that is stored digitally and then processed using appropriate advanced technologies. Thus, BD enables companies to analyze, diagnose, and then based on the conclusions, plan and make the right business decisions.
However, you cannot talk about big data without the cloud. The greater the volume of data, the greater the capacity of the computer media in which it is stored. Today, it is mainly in the cloud that this data is stored. This “cloud” of information is a remote storage space that replaces hard drives, CDs, or USB media. Thus, BD offers businesses the ability to access data from any device, anytime, anywhere in the world. Thanks to that, enterprises use big data solutions for many different purposes. Let’s take a closer look at a few examples.
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#1 Offer tailored to consumer needs
Consumer demand for services or products is constantly evolving. Likewise, consumer expectations are changing, and companies that want to stay competitive should continuously look for the right solutions to adjust their offer accordingly. Thanks to big data, organizations can collect, analyze and use consumer information, create consumer buying behavior patterns, and create detailed customer profiles. Then, companies use this data to make offers tailored to different target groups.
Spotify has achieved mastery in this area. The service uses BD analytics to collect data from millions of users worldwide and then uses the analyzed data to provide individual users with interesting music recommendations.
#2 Increasing marketing
Big data is a revolution in marketing services. BD solutions allow marketers to deeply analyze the customer but also the effectiveness of their campaigns. Specifically, it will enable them to increase the open rate of their email campaigns by targeting and personalizing the newsletter with data collected previously. Moreover, big data supports you in combining multiple data flows to support marketing automation. For example, with data, it’s possible to develop scenarios to send automated information to the most relevant audiences and simultaneously conduct conversion monitoring to cross-sell or even send targeted reduction offers. In other words, big data allows you to structure massive amounts of data and then integrate multichannel into your marketing strategy, identifying repetitive actions to eliminate them.
#3 Improving production
Increasing market demand for various types of products leads to an increase in the amount and complexity of data that is difficult to process. However, companies, especially in the manufacturing sector, cannot afford not to use the available information. After all, not using data prevents improvements in product quality, manufacturing efficiency, reliability, and better profit margins. In the case of this industry, big data enables predictive modeling to support effective decision-making in manufacturing organizations and economics, as well as product quality improvement. Furthermore, with such large amounts of information, without big data, reaching the correct conclusions would be difficult to achieve and certainly would take much longer, which could negatively affect the competitiveness and profitability of the factory.
Furthermore, companies can now use data to plan machine maintenance thanks to big data and the installation of sensors on machines. Consequently, so-called predictive maintenance can reduce maintenance costs in industrial plants.
#4 Transportation improvement
Big data solutions are increasingly being used to efficiently plan the transportation of people and goods. Vast amounts of data from social networks or telecommunications can be collected and used to plan routes to save fuel or time, for example. In addition, the information available through big data can help create intelligent transportation systems that enable companies to predict traffic conditions on the road and thus avoid traffic jams or places with heavy traffic. Therefore, BD and its impact on the entire logistics is essential to ensure smoothness in the supply chain.
#5 Effective recruitment
Talents are the most valuable resource of any company, so optimizing the recruitment process for new employees for effectiveness should be a priority for organizations that want to grow. With big data and access to a large amount of candidate data, including from social networks and other online databases, recruiters can get a preliminary assessment of potential employees before the first interview. Analytical tools can even create a psychological profile of a candidate based on the content they share on their social profiles. This data allows HR departments to source the best talent to effectively support the organization’s growth.
Keep up with modern standards
Big data technologies are already permeating almost every industry, increasing revenue and productivity and accelerating digital transformation. Shortly, only companies that implement big data solutions will be able to withstand the growing competition and keep up with the modern standards. The examples in this article demonstrate the diversity of BD applications. Your enterprise has several potential BD applications to help achieve better results. So, now it’s time to choose your BD partner and start reaping the business benefits of data.