How Big Data Analytics Can Benefit An Enterprise
At the turn of the millennium, several new technologies came to light, which completely revolutionized the way organizations function. Slowly and steadily, concepts like Artificial Intelligence, Machine Learning, Internet of Things, Blockchain, etc became common in the commercial tech world of the 21st Century.
One such concept that has caught significant interest in the last few years is Big Data Analytics. The term itself indicates that it is a related to analysis of huge data sizes, and it does just that, on a humongous scale. So how can it help an enterprise? Let’s find out:
Building Effective Strategies In Ridiculously Less Time
Strategic planning is one of the core components for building a formidable business. It is not only important at the beginning, but also a continuous process. To build a formidable strategy, one needs to have a fair idea of the concerned markets, which ultimately requires huge amount of data. While traditional techniques might take hours, or even days in some cases, the latest big data analytics solutions might do the trick in a few minutes.
Moreover, the big data analytics solutions save loads of money spent on hiring marketing firms to lay down strategies for enterprises. For instance, a bakery business owner wants to know what should he should sell in a particular town. If he has big data in digital form, he can apply it to analytics, and learn the high selling products, percentage of the products being sold in total sales, most profitable products, market demand, prices, etc, all in just a few clicks.
Creating Digital Image For Brand Or Product
One of the important features of big data analytics is sentimental analysis. What is basic does is analyses what people are saying about a particular industry, enterprise, product, person, or a concept. As per the analysis, a digital marketing plan can be designed, which helps enterprises establish their online presence.
Sentimental analysis via big data analytics services helps enterprises recognize public sentiment towards a specific product over a period of time. For instance, a data of how travellers use their bikes, what modification they make, and what kind of terrains and destinations they choose, will help a company understand an automobile company whether the market is ready for adventure vehicles.
Cost Effective, Less Time Consuming, Optimizes Resources
It’s a simple math. If an enterprise stops spending money on a traditional marketing firm, a digital marketing firm, a strategic management firm, and other such firms, and spends on a single big data analytics solutions provider, it will reduce costs significantly. Also, it saves coordinating with ten different teams, and leads to higher productivity.
Focusing on a single team, rather than hopping around ten others, reduces significant amount of time and money. Moreover, the big data helps enterprises spend resources on relevant products, which reduces costs, wastages, and optimizes resources. For instance, if a big data analysis foe the bakeries suggest that about 40% of the people are buying strawberry pie, rather that an apple pie, a bakery will be in a better position of allocating resources to more profitable and demanded products.