Analyzing big data is a method that is being exploited more and more by all types of organizations as well as individuals. If you use big data right, you will be rewarded with a number of benefits that will help your business grow. There are lots of companies that analyze large portions of data in order to reduce costs and target more customers with new methods.
Big data is used on a daily basis not only by businesses and individuals but by institutions as well. It is also used by scientists for their research and the best thing is that it’s easy for anyone to use it freely. In the past, companies had to build enormous in-house facilities for storage as well as processing power.
This could be very damaging to a business especially if it’s a small one. Thankfully, nowadays people can take advantage of various affordable cloud based solutions. This makes processing and storing large amounts of data very convenient. Let’s see what you can actually accomplish by making use of big data in your organization:
Better communication with customers
Being able to satisfy each and every one customer is a goal that many businesses are trying to achieve. An easy way to make progress in the right direction is to analyze big data. Many banks for example, analyze data from previous credit card purchases in order to be able to recommend relevant services. Speaking of banks, it is a common practice to check previous purchases of a customer to determine whether or not he/she is likely to make payments on time.
Reinvent your product lines
Analyzing huge chunks of data can give you valuable information about the behavior of your customers. This can also be used to find out what customers like and don’t like about your products so that you know what to change. You will also be able to find out what your customers need so creating a brand new product based on those needs is also a possibility.
Recommendations and customization
One of the most popular ways to make use of big data is to customize your website based on different factors such as customer’s gender, age, location and so on. Here is an example: an e-commerce website can give people that buy dog food discounts on other pet related items. Other websites make recommendations based on factors like previous purchases or things that you are currently looking at. One such website is Amazon.
When you analyze big data, you will most likely be able to cut costs significantly. One great example of a company that managed to reduce its costs is UPS. They managed to save millions of gallons of fuel by traveling less which also saved money from worn out automotive parts, buying new tires and also reduced the harmful emissions from the trucks significantly.
Even though managing big data nowadays is easier than ever, there are still things that you will have to keep in mind when working with such large amounts of valuable information. One of the most important things you will need to do is make sure that your data is safe. This is important especially when you are handling sensitive information such as clients’ credit cards and so on. Make sure that you have proper firewalls and other security measures in place. Check out this great video of Mark Hurd of Oracle on the main benefits of cloud computing when dealing with Big Data:
It is also very important to protect your information by making regular backup files. This will protect you from losing or accidentally deleting important data and even restore it after a breach.