How Big Data Can Help Your Organization Outperform Your Peers

Introduction

Big data analytics is an inclining practice that numerous organization are embracing these days. Before plunging into how is it going to out-smart your competitors, let us see how Big Data is shaping up the futures of various business verticals. Big Data Analytics is substantial aspect of a business because where there is data, there are complexities and complexities are not good for any business unless they are organized.

From scientists to doctors to business executives, all will be encountered with difficulties related to big and complex datasets in due time. Reason being, our lives are surrounded by sensors. When you are into any business, there comes a time when you need to change the traditional methods of working, shrug-off old marketing strategies or come up with an impending plan to spend your finances wisely. This is the point where one needs to take decisions based on the previous and current status of growth.

Elevating your way to do business is the only way you can out-smart your competitors. Because, when you do that you create your own way to get things done which is sure-shot innovative. This is where Big Data Analysis comes into the picture. There are many tools and technologies available to get your data analyzed but Hadoop is one of the best ones.

Hadoop is an open-source web framework to do distributed processing on huge and complex datasets using clusters of commodity hardware. It has massive storage capacities and enormous power to process any data, no matter how complex and big they are.

Big data analytics keep running on huge data registries - normally, parallel working computers taking into account groups of servers, adaptable distributed computer systems, for example, Hadoop and NoSQL databases. The devices are intended to empower clients to quickly break down a lot of information, regularly inside a continuous window.

Fun Fact: "Hadoop” was the name of a yellow toy elephant owned by the son of one of its inventors.

1. Know your consumer

What is the key to selling effectively? A good marketing strategy, a full-proof tried and tested plan? Yes, of-course. But how will you devise such strategies and plans? This is where Hadoop and Big Data plays their roles. These will help you get to know the buying-psychology of your customer. This is the gold-mine or can say a blue-print to making a billion-dollar business.

The processed data will help you to give the relevant information to your customers. You will be able to portray and show the things which the user wants to see. And, the game is ON!

2. Create, Innovate, Improvise, Repeat

In the era of internet, everything changes so rapidly that one can never catch-the-fish. It’s not a piece-of-cake. You have constantly keep a check on the trends related to your business vertical and how it can help you target and engage better.

So, question is how to do it? The data can be collected from various Social media platforms like Facebook, Twitter and Instagram where the customers often drop their queries, issues or feedbacks. This will help you get real-time data and the issues will be addressed in a more effective and sentimental ways.

Sentiments are what you sell when you try selling your products. One never sells a product, one sells emotions attached behind it. In addition to it, you’ll get to know about the demographic data, geographical locations and interests of your end-customers which in-turn will help you improve your service/product on a real-time basis.

3. Personalization for your end-user

If you can improvise and innovate on real-time basis then you can also do modifications on a real-time basis. Have you observed how drastically and rapidly an ecommerce site changes its data? They keep on changing their layouts, graphics, forms, CTAs, discount offers and that too on a daily basis.

How do you think it would be possible for them to make changes with such an enormous amount of data along with managing traffic which pours down in their website in millions and billions? The number of transactions that happen per second, the way these processes are streamlined is not as easy as pie.

There are methods like Split A/B testing carried out by companies in order to know what their customers like more. But, the problem with A/B testing is that only 2 data fields can be compared, whereas with the help of Big Data, one can perform multiple data operations on a wide array of data sets. Data mining and machine learning plays a vital role in implementing operations over such a magnum of complex data are unimaginable.

This will help you showcase the products and services that are meant for a specific group of audience. Basically, you’ll customize your website according to your user’s needs. Based on the search patterns, search keywords and surfing patterns, the customizations in your website can be done. You’ll gain a significant amount of returning customers and also increase client-engagement.

4. Improve your customer-relationship

Do you take care of your customers? Do you consider their complaints/queries/feedbacks on a serious note? Can you manage your clients when they fire you with any of the above things? Have you encountered situations where your team of customer-care is unable to handle customer calls? Of-course you have, it’s as practical as it can get.

One can monitor each machine that is processing your data using telematics in real-time. The data processed is sent to the data analyst which performs real-time data analysis and detects the presence of any noise, vibration or error found in the data. Not only that, but also removes if presence of any of the above mentioned is present in your data to make it an error-proof and organized data. Abnormal behavior of the data can be detected via algorithms that can calculate deviation and support team can be notified immediately.

5. Study your data and evaluate opportunities

Business is all about exploring opportunities and expanding your reach among your target audience. Now, you know how can we keep track of our target audience, companies can discover and target the audience by expanding the range of interests, geographical locations, related Facebook pages and groups, age-group and many more.

Once you have this data, you can target and engage these audience by applying pattern and regression analysis to know more about what your audience wants. Thus, by plunging into new markets and making the most out of the new opportunities you’ll encounter; will boost your sales to an extent.

6. Do competitor analysis to out-run them

Knowing your competitors is as important as knowing your customers; when you are into a business. Instead of hating them, one must take care of what they do and how they do it. This will help your organization know what loopholes are required to be filled in order to be a step ahead. You have to be smart-enough to do so.

Say, your competitor suddenly changes the price of one their products by cutting down the MRP by 50% during Christmas. It might not be feasible for you, considering your financial status and profit margins but you can always launch offers and discounts accordingly. Pre-planning can be done before-hand and get effective results.

These are just a few ways to get result-oriented and process-driven outputs. These ways may change from organization to organization because the needs and objectives change. All you need to do is research and break-down your data at an atomic level. This way your organization will have strong pillars to sustain phenomenal results.