Governments use “it” to improve security measures against cyber threats. The healthcare industry even relies upon it to improve patient care and manage its resources and personnel. So, what exactly is “it?” Large sets of data—aka big data—are now prevalent in nearly every domain across the globe. As many successful business owners are aware, harnessing this data is the key to not only keeping their respective brands competitive, but also to promote growth and innovation; and many CEOs consider it to be just as important as their production, labor and capital. Simply put, there are many business advantages in regard to using data analytics.
Exploring the Competitive Advantages
Many organizations are using big data to promote product development and improve customer retention. But how does big data accomplish this? Since data provides access to invaluable business intelligence, such as clickstream information and social media streams, companies can adapt their future marketing efforts to their customers more efficiently in an effort to predict product demand. This provides organizations employing a team of data analysts with a significant advantage over any rivals that don’t, because analysts help these organizations improve their decision making and overall performance.
According to structured interviews conducted by the MIT Center for Digital Business, companies that are characterized as being data-driven outperform their competition in both the financial and operational categories. “In particular, companies in the top third of their industry in the use of data-driven decision making were, on average, 5% more productive and 6% more profitable than their competitors.” https://hbr.org/2012/10/big-data-the-management-revolution/ar
Another noteworthy advantage of data analytics includes the potential of new business opportunities. Companies using big data insights can accomplish everything from offering new services being demanded, to discovering new customer bases.
Big Data Use Cases
As big data continues to evolve leading to further discovery of its usefulness and benefits, many organizations are turning to it because of its versatility. It’s becoming increasingly difficult to find ways that big data doesn’t benefit businesses that are currently using it.
If you are in any of the following industries, then here are some of the ways in which big data analytics can be beneficial:
- Marketing – From optimizing your next marketing campaign to cross-selling efforts, data scientists can help you with these strategies and more.
- Finance – Preventing fraud, managing wealth and risk management are just a few of the ways that big data analytics can aid in the financial sector.
- Insurance – Big data is extremely useful in the insurance industry; and can help predict call center workload; and even detect fraud.
- Retail and Telecommunications – From merchandising analysis to network planning, big data also has a presence in these domains.
Contact us today to learn more about how big data analytics can lead your organization past the competition!