Gone are the days when spreadsheets were used to manage the organization’s data. This is an era of Big data-huge amounts of data, a field that handles the data cost-effectively and efficiently. According to Saas Scout, the big data market is expected to grow by 20%.
In 1 second, each person is expected to produce 1.7 megabytes of data by 2020.
The data by 2020 is expected to reach 40 trillion gigabytes shown in a study by IDC.
The big data analytics market by 2023, is expected to reach $103 billion.
What is Big data?
It is a field that refers to high volume, high variety and high-velocity information assets. It deals with the data that keeps on growing exponentially with time and cannot be treated using traditional methods. This large volume of data can be both structured and unstructured data which flood the firms on a day-to-day basis. Big data lets you deal with massive amounts of data by systematically analyzing and extracting data.
Where is Big Data used?
It is already used in most of the sectors and making a huge difference with the help of predictive analytics. The sectors include IT, B2C customer services, healthcare, manufacturing, academic institutes, banking, transportation and retails.
Using Big Data to improve customer experience: Uber Case Study
It is an American company that offers vehicles for hire the major cab service in the world. The company uses customer data to know the most popular and most used services by the users. After collecting the data, Uber uses data analytics to observe the services which are used by the customers and which should be given based on the usage patterns.
Ways Big Data is revolutionizing Marketing and Sales
Accurate Big Data predictive analytics:
One of the reasons why data analysis is important for B2C Marketing is its accuracy in predicting the outcomes based on historical data. It helps the businesses and organizations to make better decisions and optimize their operational efficiencies and reduce risks.
Learn customer behaviour:
To know how to improve customer experience with Big Data, the Big Data insights should be used to gain an understanding of the customers and provide them with a highly ‘personalized’ experience based on their preferences.
Fostering B2B sales with customer Big Data analytics
Big Data analytics tools are used to understand the status of the services provided by the businesses in the market and how the customers are liking it by analyzing the thus increasing the sales leads.
Filter out irrelevant data:
Not knowing the technique to filter out irrelevant data costs the business millions of dollars as they need to spend to take out the useful data from the heaps. Big Data tools help the companies save money and time both.
Screen the market:
Big Data insights let you always stay a step ahead of your competitors. What type of strategies have been used by your competitor in the market can be analysed using the Big Data insights and then your strategies can be pulled off accordingly.
Rule over the social media data:
Today most of the customer’s and leads are found over social media. The businesses can use Big Data tools to access social media data and improve the services and products as per the customer’s choice. as all the business are run online
Conclusion
The inevitable conclusion is that Big Data is here to stay. Companies are embracing Big Data in their strategies to gain a competitive advantage, improve customer experience, increase customer retention, and revenue. Using Big Data, companies can predict many events backed by robust data, and that will help to outshine competitors.
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