Big data is the Swiss army knife of data and has so many uses. We’ve listed some below and look at ways it could help your business.
A great use of big data is improving your grasp on how people perceive your services and products, so you can make changes to them or to the way you market them, if necessary. Analyzing unstructured text from social media will allow you to understand the sentiment of customers, and even segment people talking about your business in demographic groups or demographic locations.
Big Data also helps you test a variety of computer-aided designs almost instantly, so you can make minor tweaks and assess the changes they’ll make to lead times, performance, material affect costs etc. Then you can adjust the production process’ efficiency accordingly.
Doing Risk Analysis
Success isn’t exclusively dependent on how you run your company – Economic and social factors can be very important for your accomplishments, too. Predictive analytics using Big Data will allow you to scan and comprehend social media feeds and newspaper reports in order to keep up to speed with all the important developments in the industry as well as its environment. With Big Data, you can have access to detailed health tests on customers and suppliers too, which can be very useful, allowing you to take action in case some of them are in risk of defaulting.
Protecting Your Data
With Big Data tools, you can map your company’s entire data landscape. This will allow you to analyze the internal threats that you face. You’ll be capable of detecting sensitive information which is not protected correctly, and then make sure to store it according to all regulatory requirements. Using real-time Big Data analytics you’re able, for instance, to flag up all situations in which 16 digit numbers – which could very well be credit card numbers – are emailed out or stored, and then investigate. This piece from Capita IT resourcing has some interesting information on big data’s vast uses. You can see more about big data if you’re interested at this then Capita IT resourcing have a discussion on it on the 25th April in London.
Creating Revenue Streams
The insights you get from analyzing the market along with its consumers using Big Datas is extremely valuable. You could sell it as non-personalized trend data to other industry players which operate in the same segment, creating an entire new revenue stream for your company.
An impressive example is Shazam – the application that identifies songs. The use of the application is monitored, and record labels use it to identify music sub-cultures arising, associating it with information such as location data. The labels then use that knowledge to re-market their artists or sign up promising new ones.
Customizing Your Website
Big Data analytics can allow you to personalize your websites look, feel or content in a way that suits each consumer that navigates to it, depending on factors such as their gender, nationality or how they found the website. A popular example are tailored recommendations. Amazon utilizes IBCF – real time item based collaborative filtering – to suggest items according to the shopping habits of other customers. This is quite the effective approach, and amazing increases its revenue by around 20% using it. LinkedIn uses a similar method to suggest companies users might want to follow, too.
Reducing Maintenance Costs
Factories understand that certain types of equipment inevitably wear out after years of use. In order to deal with that, they usually replace every single device of a certain type from time to time – even if they still have a lot of useful life left to use. With Big Data tools, you can eliminate such costly, unpractical averages. With all the data it has access to, you can quickly spot failing grid devices or even predict when they’re going to give out. Then, you can have a much more accurate and cost-effective strategy for replacement, which will improve utility and increase downtime by tracking down problematic devices individually.