ARTICLES — September 15, 2021

Why Big Data Is So Important For Business and Industry This Day

The necessity to handle data is unavoidable in our post-modern era, when business and industry expand at a breakneck pace. While mastering big data is critical and has a significant impact on a company, not all industries do it effectively. That’s why “Big data is like sex among teens. They all talk about it but no one really knows what it’s like.” said Oscar Herencia, General Manager of the insurance company MetLife Iberia. However, as big data grows, so does the understanding of the internet of things. The Internet of Things (IoT) provides analytics that transform big data into insights for company and industry development. Here are four examples of how big data can add values and significance to your existing business.

Customer Acquisition and Retention

Identifying accurately what customers need and observing their behavioral patterns are several keys to improve the business. As organizations master big data, they will easily apply those patterns to improve brand loyalty, spot trends, improve products and find overall customer satisfaction.

Forecasting and Price Optimization

Companies are driven by profit, while customers are looking for the best deal. As a result, companies must find the middle ground. One approach to do this is to learn about the product's demand before it hits the market. It will help improve sales forecasting and determine the optimal price. Of course, big data will help companies make better decisions by giving information about what could happen in the future.

The retail industry has petabytes of data per hour. Therefore, the companies need to optimize pricing and advertising promotion, buy inventory almost just-in-time, and manage their stock. Big data can provide opportunities to spot inefficiencies, lower costs, and optimize overall retail performance. In turn, it helps leaders make better decisions, improve operational efficiency, and produce better outcomes.

360-Degree  View of The Customer

The market’s data is scattered everywhere. Smart organizations utilize automated, distributed, and intelligent analytics tools to collect and synthesize data from disparate sources. By learning more about the sets of big data, companies will have a better understanding of individual needs. Companies will be able to enhance sales, optimize marketing, and improve customer service by combining data from internal and external sources and injecting real intelligence into their operations.

Powered by big data, advanced analytics will provide a more complete view of customer behavior.

For example, healthcare organizations need to reduce costs, while at the same time provide better treatment and improved quality of care. Big data helps healthcare organizations to create a 360-degree view of patient care as the patient moves through various treatments and improves the patient experience in the most cost-efficient services.

Personalization and Recommendation

As the internet becomes the primary need and inevitable choice, there is a must to make technology more personal than ever before. With all those possibilities that can result in dissatisfied users and customers, big data has powered some significant innovations by giving people hyper-personalized recommendations to match their needs.

The media and content industries have squeezed significant value to optimized searches, ratings, and suggestions. According to Netflix, over 75% of viewer activity is based on personalized recommendations. By collecting from their 151 million subscribers, Netflix creates a detailed profile of their subscribers. This is how analytics works and has developed into such a powerful instrument for marketing strategy.

In the end without analytics, the big data will just end up as random data. IoT can be used as a solution to gather and analyze data, then provide you with the insight you require. Visit and decide how to maximize your business, no matter what industry you're in.

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