Big data’s wave is thriving across various industries. Its name is well heard in recent times for its work in data-driven decisions. Big data solutions are proving their mark, surpassing the technical sectors and reaching out to health, education and logistics, supply chain management etc. No matter the size of the organization, they are coming forward to optimize the advantages of big data solutions.
Big data enables enhanced decision making, and for this, what it requires is a greater variety of information, volume and velocity assets to gain better insights. Traditional systems find it complex to deal with huge volumes of data. Such data sets can be referred to as Big Data. Its three significant features include variety, velocity and volume at higher levels.
Moreover, the advancement of AI and ML technologies, the high rise of mobile data traffic, the rapid rise of smartphone technology, cloud computing traffic contribute to increased data volume sets.
Greater advantages can be derived from Big data. Thus, organizations are even moving forward to turn them into their workflow for enhanced results.
Big data advantages:
Organizations knowing how to leverage their usage are sure to generate successful results. Big Data solutions and Big Data Analytics create value for your business.
The following points explain the benefits of Big Data Analytics and tools advantages. Let us explore them:
- Data collection across various sources, including the internet, online shopping platforms, social media platforms, including additional third-party sources.
- Best assess the market standards, monitor business activities, and implement forecasts in real-time.
- Find out the key points within the large datasets so that the business decisions find a more meaningful path.
- Minimize risks through foreseen potential threats, and the resulting decisions
- Track the real-time issues within the system and business workflow
- Unleash the true potential of data-driven marketing
- Gain a better understanding of the customer data to build customized products, services and discounts
- Support quick delivery of services surpassing their expectation levels of the customers.
- Enhance the organization’s profits and ROI by choosing distinct revenue paths
- Talk to the customers, meet their requests and solve their issues in real-time
- Promote business plans, products and services
Let us get ahead to know detailed information on some of the key advantages :
The role of some of the major big data tools, such as Spark and Hadoop, is very prominent, for they can store, process and analyze data with cost optimization. Big data analytics role is vital to minimizing product return costs. The analytics estimate which products are likely to be returned, and thereby best measures can be planned to reduce the losses incurred due to return.
Enhanced efficiency :
Efficiency is enhanced with the help of the big data tools, whose role is vital to interact with customers in a better way to know their thought processes and provide valuable feedback. Big data is efficient enough to gather relevant and genuine customer information required for one’s business, which can be further analyzed to derive meaningful information depicting the customer’s tastes and preferences. As a result, personalized and customized services can turn out.
Valuable insights :
Big data does not miss out on generating some valuable insights, which include the following:
- Significant impact of price changes
- Incorporate methods that amplify company profits.
- Better analyze the financial status
- Implement pricing depending on the customer’s action.
- Eliminate manual errors with pricing process automation
Generate customer loyalty :
The customer’s past interactions leave their impressions concerning their tastes, preferences and buying behaviour, which serves to develop customized services. Consequently, sales are built accordingly. Thereby loyalty is built, and customers keep coming to you time and again for their essentials.
Customer relationship management is vital, for its role to develop brand image is very prominent. ONPASSIVE, O-Desk, is an intelligent AI tool that suggests smart ways to connect with customers and engage with them. Conversation intent is better understood with the sentiment analysis generated—leverage the AI technology rendered by the tool for better results.