How Big Data Strategy Is Being Harnessed By Businesses

Progressing from its early beginnings, big data is no longer just at the conceptual level, it is increasingly becoming the backbone of businesses all across the globe. A high percentage of the businesses that have implemented big data are drawing in considerable ROI, with most of them being well-established companies. Small businesses can also take advantage of big data strategy consulting to ensure intelligent internal decision-making and polish external customer experiences.

For those of you intending on leveraging big data strategy, here are some of the benefits that it could bring to your business:

Customer Service and Retention

The use of Chatbots is one of the most popular methods for businesses to deliver high-caliber customer service minus the usual budget, time and resources hindrances. Aside from chatbots another method through which big data can raise your business’s customer satisfaction is when it acts as a guide to ensure that you create intuitive products and services based on customer insights. Once you possess the right dataset you will be able to examine and figure out the features that your consumers have the highest preference towards and which features you should get rid of.

Security

Along with the rise in online transactions over the recent years, the percentage of fraud has risen considerably as well. Loss of consumer data because of a cyber attack would wreak havoc on the reputation of your business, and ultimately may also result in financial losses.  Big data gives businesses insights to deploy the correct software which has the capacity for heightened safeguards for sensitive data using a range of technologies like speech recognition, natural language processing, video recognition, automation and machine learning.

Marketing and CRM

Customization is an aspect that marketers consider high priority. Executing big data analytics strategically allows your business to enhance product data and forecast consumer preferences in a manner that significantly increases conversions. Today, merely reaching a large number of people is not the main goal. A top feature of marketing success lies in micro-targeting potential consumers most expected to make purchases at just the right time.

Human Resources

There’s no doubt the human resources management is ideally conducted allowing a human to carry out the final decision. On the other hand, personnel data analytics is an enormously useful tool for HR personnel in any business.

Data-driven AI programs are equipped to swiftly evaluate certifications, experience, education, skill sets, geography, job titles, background checks, social media activity and a host of other parameters to narrow down on the ideal candidates for a job position. The caliber of employees generated by such a rigorous procedure will undeniably be reflected in the competence and success of your business.

Data Sharing

The main role of data sharing is to link businesses to the datasets they would need to extract important insights. The best way for businesses to go about this is to incentivize consumers to voluntarily share their information after they have given their consent. After clear consent of the user, big data service providers can be licensed to businesses in the industry to allow them to hugely trim down research time and expenses.  It should be ensured that user data is kept safe and secure.