Big Data and its superpowers
In my previous article, I discussed machine learning and how it can improve any business, regardless of the industry but now, I want to share with you some interesting insights about Big Data and the vital role it plays in business development.
The Digital Universe is constantly growing, evolving, and changing, opening new doors to a whole new level of information. To get a better sense of this evolution we need to take a look at some statistics. In 2013, the digital universe was sized around 4.4 trillion gigabytes, in 2020 it is expected to reach 44 trillion gigabytes, according to an IDC study. Now that we have a better picture of the big data landscape let’s see what’s possible.
Big Data – Today’s hot topic
Big Data is, in fact, your business’ data, customer transactional histories, production databases, Web traffic logs, even social media interactions, and it has been with us since 2001. Companies can use all this information to increase efficiencies in the overall processes. It is safe to say that big data will give you a competitive advantage.
Leveraging your business by using Big Data’s benefits, it’s very easy once you understand the concepts and know how to apply them. Let’s see how this is done:
- Understand your customers – This has always been an issue for all companies since customers are the ones that decide if the business is a success or a complete failure. Understanding what makes your customers tick, and how you can satisfy their needs, is a huge competitive advantage. Big Data is the solution for understanding your customers and growing your business.
- Explore trends – Identifying and monitoring what customers are asking for and what the market has to offer, can give you a valuable insight that you can use to improve your products and services. Moreover, knowing where businesses are heading, and exploring the trends and patterns among the consumers can give you additional advantages in this extremely competitive market.
- Monitor social media– In the last couple of years, social media has completely changed the world and has become a vital process for any business. This is the best and most efficient way to identify, monitor, and interact with your customers or potential ones. Facebook with 1,871 million active users, Twitter with 317 million and LinkedIn with 106 million, are the three platforms that have contributed to unifying voices around the globe. All the information from these platforms could help your business to stand out. Hearing what customers have to say about the market trends, various services or products and industry insights can provide you with the right set of information to develop innovative products, efficient services and increase your brand awareness.
Since we are living in a digital world, we need to adapt and make the most of what we have at our disposal. Big Data is one of the concepts that has much more to offer, and we need to find the way to get it. Looking forward to receiving your thoughts on this article.
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