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.
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!