How can Big Data Boost the Revenue for Businesses?
Though big data started a little slow yet considering the unprecedented growth of data volumes compelled enterprises to take a step ahead and vest in the technology. According to Harvard Business Review, nearly 99% of the entrepreneurs in the survey were convinced about the need to embed Big data analytics in their business sooner.
However, another survey revealed that of this only 30% actually succeeded while others were still struggling. But hold on, this did not stop any of the organizations from trying as there has been a huge shift in ROI of the organization’s that have implemented Big data analytics in their work culture. Meaning that companies that base their decisions on real-time analytics are proven to have better returns as compared to others.
As a matter of fact, it is the small scale companies that benefit the most when integrating big data solution to their everyday business operations. It is seen that big data help firms grab significant insights on the users’ choice and preferences which further enables them to drive their business keeping in mind the end customer and likewise, boost revenue while enhancing the entire workforce.
Whether you are a newbie or a fifty fortune company, you would still need the flavor of big data across your business to drive maximum revenue. So, instead of debating on what, let see how big data can help your business strike maximum profit.
Big Data Rides Business
- CRM & Marketing
One of the most important aspects of any business is marketing. Where an ideal one would fetch customers, a poorly planned campaign might invite critics. No wonder why all business organizations strive to have an authentic marketing team that would target their customers so as to promote their business.
A recent trend in the domain of marketing has been personalization. Today, marketers prefer directing customized emails or messages to specific customers targeting their choices. This in a way leads to a better and sophisticated approach which no doubt ends up in increased traffic.
That is where big data analytics come to picture.
Having the ideology of analyzing and assessing customers’ data, big data can help organizations determine the preferences and choices of different customers. This data further enables personalizing marketing campaigns giving users the ease to connect to your brand and likewise boost revenue.
- Enhanced Security
A major reason why most of the startup companies fail is lack of security. Meaning that the environment they run their business in is vulnerable to hacks and attacks which question their credibility.
It is seen that the post-integration of big data in business operations, organizations now employ a much safer and secured environment. The technology includes a variety of tools that automate tasks while adhering to the security standards. Needless to state that data hacks tend to put a dent in your business reputation costing you both trust and customer engagement. Hence, the adoption of big data mechanism to streamline tasks would not only better the operation flow but also safeguard your business from intruders or hackers.
- Sharing Data
Startups or SMEs have one thing in common. They lack data, one that can help shape their product in such a way that it meets the expectations of the end-users. Problem-solving requires plentiful of information so that the product can adhere to the market standards. What if I say that all of this can be done without actually having the final product in hand, what if you can accelerate the time to market of your product? Data sharing is what big data aims to do.
The technology convinces users to share personal data while being paid incentives for the same. Such data can be used by the companies to design their product narrowing down the time required to do market research and likewise, cost. The better the product, the greater the customer engagement and the higher the revenue earned.
- Customer Retention
It’s been long since we saw the emergence of chatbots to connect with customers and serve them with their requests and queries. But this is just half of what big data has to offer in terms of chatbots.
A recent study revealed that big data bots can be used as a guide that would help you design and develop your product in terms that satisfy the needs and preferences of the end-users.
Having a dataset of customers opinion help determine which users prefer which particular feature and so you can then decide, which one to keep and which to omit. Surveys, polls or technology tracking is few methods by which one can gather user data to drive business insights and then make a real-time decision.
- Manage Inventory
Big data over the cloud keeps track of all your goods in inventory and keeps you updated on the same. Merging big data tools and technologies to take over your inventory helps you attain a summarized view of the unit, eliminate bottleneck and further enhance the overall efficiency. Having access to real-time information enables store managers to better track goods and prevent stock outflow. An integrated system is more likely to etch success and drive profits when compared to a poorly managed system.
Conclusion – The Verdict
Having said that, it is no surprise that most of the tech giants are actively investing in technology and making use of the same to streamline their business operations while enhancing the entire infrastructure. This is just the tip of the iceberg and the technology has a lot to offer. Enterprises no longer think about why to implement but what and how to do ERP implementation.
According to Bloomberg Businessweek Research, 97% of the companies that have adopted big data in their business mechanism report the prime reason to be better management of risk, increased profits and reduced costs. While some might debate on the data accuracy, but the ones that are using it, know about it. It is your job to find the best way to implement the technology, once done, revenue would automatically follow.