The only way for a company to survive in any industry today is to stay ahead of the game. With the life cycle of products becoming increasingly short, companies that do not aggressively implement new innovative ideas today will be left behind tomorrow. This is one of the main reasons why big data is a critical issue for both small and large companies, since they should start with big data and keep up with the most recent trends.
What is Big Data?
While some companies are gearing up for the future, others may be scrambling to keep up. Whatever the situation, big data is here to stay. Big data is a common term, and it is used in the business world to define the rapid and exponential growth of information. It includes its availability as well as the use of large amounts of structured and unstructured information. Going forward, companies can expect big data to drive their growth in the industry, innovative ideas and it will allow them to differentiate their brand from others in the market. Companies that start early addressing these and other related issue will often have a competitive advantages others who do not. Here are 10 reasons to start with big data:
1. Real time Internet Business World
With the advent of the Internet, the business world and its dynamics have changed dramatically. Consumers can find the information that they need real time. With billions of consumers all over the world, businesses that have access to real-time data can use it to plan and make quick decisions.
2. More Reliable Information About the Market
In previous times, companies have made critical decisions based on all kinds of fabricated information. From various kinds of surveys to focus groups. Companies have planned their goals and objectives according to the trends that were reflected in these reports. Today, companies that start with big data will have access to genuine data and they can make more informed and better decisions.
3. Real-time Threats Increasing
While every user has the ability to send messages real-time, companies must be aware of the threats that can greatly impact their brand. The power to build up and destroy is often in the consumer's hand. From a one-time event, things can go viral quickly. Due these and other threats, companies can develop their offensive strategies by having insight into the people that they service.
4. The availability of Continuous Opportunities
While social media's influence can be negative, it can be positive as well. Which means, companies that can keep their hand on the heartbeat of critical information, will opportunity to attract new customers as soon as they enter into the market place.
5. Clobber Others In the Industry
Companies that employ the best data experts in the business can take advantage of various genuine market information schemes. From studying the competitions strengths and weakness, to developing innovative proactive business solutions, they can beat their competitors at their own gam.
6. The Bottom Line
Because there is a wealth of genuine information in these databases, the smartest companies can get a deeper revelation of what is driving the market trends, and they can add to their bottom line by giving the consumers what they need as what they want.
7. Improved Business Models
Sometimes a company has the idea product but they need an extra competitive edge to implement it successfully. By knowing what the consumers want before they say it (i.e. looking at recent marketing trends), they can improve their business model and deliver products that are in high demand.
8. Keep Investors Happy
Beating the competition to the plate, is one of the best ways to make a huge profit. Hence, retrieving and analyzing data can make a huge and positive impact in certain areas, which is one of the essential keys to building successful products.
9. Better Insight in Personnel Performance
High turnover rates can destroy a company if they do not get a handle on why it is occurring. Therefore, companies that can retrieve various kinds of information on the employees that they hire, can fix their problems before the companies loses money.
10. Customize the Customer's Experience
With all of the data that's captured today, companies can customize the communication that they send to their customers. Which means, they can send out a promotional campaign to specific target audiences, while also gaining their loyalty.