If you are totally convinced about the massive potential and powers of Big Data but a bit in the gray with regards to its worth for your organization, then you are in the right place. Here, we introduce you to some practical and realistic uses of predictive analysis and Big Data metrics in the existing economic scenario. These practical applications of Big Data will help you reckon its worth and think about the same for your workplace too.
Communicate Better with Vendors and Customers
Regardless of whether your business is dealing with customers or vendors on a regular basis, you know how tough they are to crack. Big Data helps people like you to compartmentalize their profiles and engage in real-time conversation with each one of them. Going a long way in unifying digital and physical purchase arenas, Big Data apps are working on the double to gain access to consumer preferences, their purchase modalities, and future demands. This, in turn, aids all the communication that end up having with your stakeholders, and in profitable ways, too (also consider checking out this perfect parcel of information for a data science degree).
Ensure Data Security
The datasets of your organization are forever exposed to internal and external threats—right? Big Data tools allow you to analyze these threats in time and take the appropriate actions for saving all potentially sensitive information and in line with the regulatory requirements. For instance, by using Big Data analytics in real-time, you can flag all 16-digit numbers (such as credit card data) that are stored/emailed out without the administrator’s permission.
Customization of Websites
Are you looking for better ways of personalizing the overall feel and look of your website? Think on the lines of Big Data analytics and how you may like to integrate real-time data for all traffic reaching your site. Citing an example, Amazon’s item-based, collaborative filtering (IBCF) helps in fuelling the site’s Customers who bought this item also bought’ and ‛Frequently bought together’ features that encourage higher sales; an approach that makes Amazon generate 20 percent higher revenues!
Understand Product Perceptions
Big Data helps you get an insight into the ways in which others perceive your products and services, thereby allowing you to re-develop the same, as and when required. With the right data-driven inputs in place, you can analyze unstructured social media sentiments, redefine your marketing strategies, or understand the specific requirements of different target segments (demographic groups too) located at diverse geographical locations. Additionally, by gaining more information about the impact of your lead times, material costs, and performance--via numerous channels--you can look forward to increasing the overall efficiency of your production processes too.
Predictive Analysis for Risk Assessments
The success of your company depends on various economic and social factors driven by predictive analytics and other Big Data metrics. These are essential for the purposes of advanced risk analyses, keeping up with latest industry developments, and taking constructive actions with much reduced risks of failing. Careful estimations of all risks that may or may not arise in future keep you on your toes, and if your predictions are backed by the benefits meted out by Big Data, you surely cannot ask for more (also consider checking out this career guide for data science jobs).
Creation of altogether New Revenue Streams
The data analyses conducted by you with respect to knowing your market or customer profiles can generate further revenue for your business. Big Data sets are invaluable and can be sold as non-personalized trending data to other large players in same or different industry verticals.
Reduction in Maintenance Costs
Big Data does away with the costly and impractical averages recommended by traditional estimations of maintenance costs, order placements for depreciating equipments, and predictions of performance failures in devices alike. The massive amount of data that’s available at unequalled speed leads to better cost-effective replacement strategies, higher utility quotients and faster tracking of faulty tools to reduce downtime.
So, instead of waiting any longer, incorporate Big Data analytics in your current business too. Reliable, fast and robust in every conceivable way, modern-day predictive analysis and other data tools are the right way to go!