How Companies use Big Data to Drive Business Growth in 2021

If you are a business enthusiast living on planet earth, then I am sure that you have heard about big data in one way or another. Big data is undoubtedly one of the popular and most talked-about business drivers across various large-scale businesses across the world. Most large-scale businesses have transformed from analog systems to digital systems in recent years, as a result of the transformation in the digital space. This means literally everything can be captured and measured irrespective of its size. 

The word ‘Big Data’ is exactly what it sounds like, signifying data that is big or the collection of a lot of data. These data are accumulated and taken to the central analysis room to be analyzed. Big Data deals with data on a very large scale, in its terabyte or petabyte form. The concept of big data serves as a huge advantage to big companies due to the fact that everyone lives a huge chunk of their lives in the digital world. This means that the data can easily be collected and analyzed. These companies know that the analysis of the data value can help them in driving their business decisions and even more importantly, the data helps the managers in knowing which questions that need to be answered. To understand how to work with big data, you should consider enrolling in a Hadoop certification training.

Most of the data we generate today is unstructured. This poses a problem for many small companies because it becomes difficult and expensive to analyze the data. But this won’t pose much of an issue for big companies because they can make use of big data analytics to analyze billions of bytes of data per day. 

The business of big data is booming because most big companies have adopted it. According to research conducted by Bloomberg Businessweek Research Services, nearly 97% of companies use big data analytics. By 2023, they also reported that the big data analytics market is set to reach $103 billion.   

There is no big company that doesn’t want to understand the behavior of their customer, what potential clients that they need, what they should buy, and where they should buy it from. A lot of money and time would be saved if a business can predict accurately where the log jams would occur in its supply chain, and there is no CEO of a business who is not interested in knowing what their competitors are up to in terms of strategies. These are questions that having Big Data will accurately answer, but a hidden question lies in how a business can convert the massive knowledge obtained from Big Data into a valuable business asset in a quick and accurate form. To answer this question, we need to know how big companies are making use of their Big Data, so here are some of the ways:

Understanding Customers.

It is important that big companies gather data about the basic information of their customers, but big data will help to access behavioral activity. These data can be gotten from their browsing history, social media, shopping, and searching. Big companies use big data to effectively deliver the price, position, place, and promotion of products through multi-channel marketing with accuracy at all stages of the buying process. This helps in saving time, saving money, reducing promotional overkill, and in the end achieving better results.  

Again, the need for Big Data analysts cannot be overemphasized and companies are actively searching for certified Big Data specialists. Big data Hadoop certification is an option if you want to achieve that. 

Promotion Targeting.

Apart from understanding customers, big data enables focused advertisement even beyond the demographics of the customers. Big Data also delivers the personalization of adverts which is a big step in the right direction, especially for big companies. In the world we live in today, spreading the right message at the right time when delivering adverts has a lot of significance.

Predicting and driving customer behavior.

Mining data to understand and predict the behavior of the customer is priceless especially for big companies in the media and entertainment sector. Big Data can be used in the analysis of past viewing, downloading, reviews, clickstreams, ratings, log files, device data, and social media. All these provide an insight Into the planning and distribution of content. Big companies making use of big data take the guesswork of identifying the interests of the audience and deliver the most likely choices based on the previous and current behavior of the customers. Lastly, the clients can analyze the data at the granular ZIP code level. This level is used for tightly targeted localized distribution.

User Experience UX.

There is no big company that does not want to improve their user experience because they know that it is one of the sure ways that they can attract and retain clients. Big Data helps in improving the user experience because they can understand better the ‘subscribe and unsubscribe’ behavior of their customer. Big data also helps in devising the best promotional activity by customers for better and improved results. Measuring and analyzing the data through sentiment data analysis helps in experience, building competitive advantage, and brand relationships.

Detection of fraud.

This can be said to be one of the most important applications of Big Data by big companies. Big Data can be used to provide a clearer picture of the patterns and behavior of the customer. it achieves this by watching and understating many behavioral details of the customer profile. If there are abnormalities in the behavioral pattern, Big data analytics detects those abnormalities, and steps can be taken to correct those abnormalities. Therefore, big companies use big data to eliminate the potential of fraud amongst clients.

Many big companies have accepted the fact that big data analytics will help in boosting their market value, but that does not mean that there is no work to be done. When dealing with big data it is vital to understand exactly what you are dealing with, what data is available for analysis. Then, you must be able to remove all abnormalities and normalize different datasets from different sources that will provide a common set to work with. If this can be done accurately, then big data will deliver good business drivers. You can learn more about being a Big Data specialist by checking out reputable big data training.