Why Investing In Big Data Is Worthwhile
Big data is the term used to describe the massive amounts of structured and unstructured data that we are inundated with on a daily basis. According to a recent report, we produce a staggering 2.5 quintillion bytes of data every 24 hours. The rate at which data is being produced is increasing exponentially year on year, so much so that in the last two years alone we have produced over 90% of all the data on the planet; a statistic that should give any business pause for thought.
It is only recently that businesses are starting to see the immense power of harnessing big data in order to predict trends, further research or make informed structural decisions. All over the world, we are starting to see just how useful it can be to capture and collate impressively large sets of data. What the world is coming to see is that big data has the functional capability to generate wealth in just about every industry. Investing in big data is a goal every company should aim to achieve, not just for financial gain, but also for the future of the company itself. Here are just a few reasons why investing in Big Data is a great idea:
Personalised Customer Experience
One of the most obvious reasons to invest in big data analytics is to customise your user experience. With big data, you can analyse behavioural patterns and trends of your customers to help you design target goods and services. The analysis of CRM’s, emails and POS will help build a marketing strategy that perfectly suits the needs of your customers.
Determining Market Trends
Market trends are ever changing and big data analysis is the key in predicting these changes in real time. Having the right information makes it easier to introduce new and exciting products and apps that satisfy your customers’ needs, while forging new partnerships at the same time. Data driven information will give you the ability to develop advanced marketing strategies with minimal resources.
Improving Business Operations
Big data analytics plays a key role in streamlining the efficacy of your business operation. By analysing big data, businesses can accurately identify key strategies that are predicted to work while avoiding those with predicted negative outcomes. By harnessing the potential of big data, you can identify and fill in gaps in your communications network, operations and technology operations so that your team can perform the most important tasks with optimal efficiency.
Keeping Tabs on the Competition
It is much easier to understand how your competitors gain potential customers using big data analytics. By analysing your competitor’s social media platform and how frequently they get involved with brand support, you can get an idea of what trends are linking customers to the brand. With big data you can analyse how their content receives shares or likes, as well as the overall engagement of users on their platform.
Big data is not something that will be around for the next five years and then fade away. Tech giants like Google, Microsoft and Amazon are already deeply invested in the future of big data. Just about every major tech company is currently trying to figure out a way to mine it and monetize it in some way or another. Back in 2015, it was predicted that within 5 years, 80% of all major businesses would invest or plan to invest in big data.
In 2016, funding for big data analytics reached the $1 billion with 2017 eclipsing that by some way. Big data is the future of business whether we like it or not, and like most tech, getting on board sooner rather than later is only going to improve your businesses current and future situation.