We are in the modern era where digital information plays a vital role in every business sector. An enormous amount of data is generated each day and it is projected to rise to 44 zettabytes by 2020. This data can be converted into meaningful information that can be helpful to create value for small enterprises and big companies. Big Data is one of the fast-growing technologies that has transformed the way businesses work with enhanced insights, faster decision making, and process automation. Today, many companies are using Big Data and Analytics Solutions to make improvements in their existing processes, build a new business strategy or create targeted marketing campaigns to cater to evolving customer needs. Let’s find out how analytics will shape the future of business in coming years.
Significance of Big Data in Business
Customers have more choices than ever with so many services available in the market. They want their service providers to offer personalized experiences without any sort of compromise. To get meaningful insights in real-time, every industry needs to focus on data-driven decisions by understanding customer data based on purchase patterns, feedbacks, etc. Listed below are some of the main industries that use Big Data to examine their data for better analysis. Let’s see how analytics will shape the future of business in some specific industries.
- Data Analytics in Loyalty Solution
A solid customer base is what you need to run a successful business. However, there is always competition. Using big data in customer loyalty program enable businesses to retain their customers with the capability to derive critical behavioral insights. This can help in several ways as stated below
- Track and examine customer events such as dropped calls, purchase errors, delayed delivery, etc. to identify problem areas enabling companies to focus on them.
- Make use of past data to determine how customers will react to problems in the future. Many situations can be controlled by using automated responses like compensation & coupons.
- Find patterns using advanced analytics to draw conclusions that will help to target customers more precisely. Big Data can be used as an effective tool to enhance customer loyalty by avoiding negative experiences.
- Big Data Analytics in Restaurant Solution
From optimizing the ordering process to improving the targeting efforts, using data analytics in restaurant and food business has become an essential part to offer tailored services as per customer’s preferences. Restaurants are using the latest technologies to keep a record of data that will help in improving their efficiency and the dining experience.
- With tools like kiosks, apps, and tablets, customer data can be analyzed like how they order and make payment for the meal.
- Data sensors can be placed in the restaurant to track how guests use the space that will improve efficiency related to waiting times and traffic flow.
- With the convenience of app-based reservation and food delivery, customer data related to the food choices can be collected and analyzed to provide relevant offers and services.
- Big Data in Health Care Industry
With the help of Big Data, the healthcare sector has been able to understand the condition of the patients better as they are able to analyze the warning signs of illness at an early stage. This helps in providing effective treatment with lesser costs.
- Analytics has transformed the way physicians identify and treat illnesses using data from wearables, trackers, etc. helping patients enhance their quality of life and prevent deadly diseases.
- By extracting insights from medical data, healthcare providers can prescribe the right medicines on time, reducing the chance of false treatments.
- Human error rates can be reduced using Big Data as it will help to analyze the patient’s records more effectively & provide the desired medications.
- Many healthcare organizations make use of this technology to predict health outcomes and provide preventive care accordingly in the early stage.
- Analytics in Real Estate
Big Data has changed how every industry works and Real Estate is no exception. Impact on big data analytics in real estate can be witnessed as data allow real estate agents to predict trends.
- Big Data acts as a powerful tool for better decision making, which allows easy processing and interpretation of a huge amount of data related to properties.
- The data are then analyzed to get information like history of the property, the cost, locality details and many more. This will help individuals and companies predict the future revaluation of the property based on several parameters.
- Big Data helps buyers and sellers to adjust their behaviors & align with the market to make better purchase decisions.
- Using geographic information systems will provide real-time access to the property data aiding consumers with home prospecting and help in making informed decisions.
Closing Statement
It is clear from the points stated above that Big Data holds great potential in unlocking immense benefits to various industries including cost reductions, better customer experience, strategic decisions, etc. This technology has a long way to go and it is transforming many industries like never before! It’s time to gear up your business with the latest data services from top big data solution providersto extract data-driven insights. No matter what kind of business you are dealing with, Analytics is what you need to gain a competitive advantage. Though Big Data may be a new concept for some organizations, its proper adoption will help in delivering better customer satisfaction and faster decisions with more sales. Talk to the data experts and start integrating big data into your business today! I hope this article gave some insight on how analytics will shape the future of business in the years to come. Do share your thoughts by leaving a comment below!
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Hey Praveen,
Great Article! After reading this article I’ve got a clear vision of what you mainly write about. This article was truly well written and a delight to read.
yes you are right future is all about data. how effectively we use analytical tools the more effective our business will be.making up good restaurant is not only fine but also managing data of customer to focus on pros and cons of restaurant and to target customer according to their needs are pro to business.
Hey Praveen,
I have been experimenting with a more formal blog, with links in place of footnotes or in text citations. This seems to be working very well. Thank you for taking time to read and comment!
Analytics has been a big help for us deciphering which pages that are weak and pages that are strong. We have been improving our content through this and we are able to identify keywords that bring us the organic traffic that we are always after. Today with the roll out of big data business are able to improve their business performance and maximize efforts by having this data.
Hello Praveen,
Every business organization – small or big, needs valuable data and insights when it comes to understanding your target audience and customer’s preferences, big data plays a very crucial role.
It even helps you anticipate their needs. The right data needs to be effectively presented and properly analyzed.
It can help a business organization achieve various goals. Indeed, Big Data tools allow you to map the entire data landscape across the company.
Eventually, thanks for sharing your worthy information with us.
With best wishes,
Amar Kumar
Analytics have always been a vital point to be considered in any scenario. Thanks for sharing this !!
This is an interesting topic “how analytics will shape the future of business in 2020 & beyond”
I really appreciate your efforts could you please make a case study about social media marketing 2020
Hello Praveen,
Thanks for sharing this article! Every business owners need to know the latest trends and this is worth reading. I have truly enjoyed this topic.
Komal Trivedi recently posted…How 3D Interior Rendering Can Boost Your Business?
analytics is the vital part, its more important how we utilize it as in near future or further it will be and is all about data and its analytics and how we are utilizing it
thanks for sharing this information.
your content is amazing truly i am delighted to read thank you for sharing data and analytics in this detailed post
in my opinion analytics plays a vital / esssential part in business it all depends how we utilize it as in near future or further it will be and is all about data and its analytics and how we are utilizing it
thankyou for the content you shared it was a delight to read.
Yup, Analytics is a very powerful way when you use it properly. Businesses would eventually rely on analytic for a more accurate and profitable outcome! Thanks again Praveen for another helpful post!