In today’s tough competition, big data analytics is playing a vital role in deciding the winner of the market place. Today’s business is mostly centred on the customers, especially retail sector. So, companies prefer to craft personalized marketing strategy according to the changing behaviour of customers. If ‘Technology’ brought big data concept; then ‘Marketing’ used it most for the organization’s growth.
In a recent survey from accenture and general electric showed that 87% of enterprises believe that with the use of big data, the competitive landscape of their industries will be changed in upcoming few years.
89% of them believes that companies without using big data analytics strategy in the next year, they will lose their market and be as competitive.
73% of the companies are investing twenty percent of their technology budget in big data analytics.
From these results we can imagine the role of big data analytics in an organization. Let’s see how big data analytics can help in competitive growth.
Customer insight – As we know that today’s business is customer centred and customer is the focus. So, companies collect data about their customers from various customer touch points and after analysing those data they understand more insight about customers. Companies who missed these valuable analysis result is nowhere in the competition today.
Personalized and dynamic Marketing– For better increased sale, companies need personalized marketing strategy and it is only possible when companies have detailed information about their customers or potentials.
Improved of customer experience– Big data helps companies to improve their customer experience not only in after sale but also to provide new products to the customers according to their needs.
Innovative ideas– Big data helps companies to develop next generation of products and services. For this, manufacturers are using data obtained from sensors embedded in products to create innovative changes new product development after sales services. Analysis of those data helps them to do some innovative way to serve their customers and delight them. If companies not using these benefits and serving them in traditional way; then they are likely to lose their customer base. Getting a new customer is far tough than holding an existing one. So, you always need to do something new for your existing customers. NOKIA is one of the victim of this case.
Minimize risk- A decision based on the real time data is always far better than that decision which is based on historical data – meaning way old data. If you have no information about the current market and trends, then you are making a decision then there is no guarantee that it will work. But after analysing the behaviour of market and making a decision; then it is likely to have less risk.
Improve internal capabilities – Use of big data make an organisation well organised. Companies can know about their internal capabilities using the analysis of these data and can make decision for the improvement.
In summary, the insights that we collect from big data and analytics can be used in different industries and can be paramount in exploring competitive growth. In the upcoming years we will be the witness of big data and analytics to decide the winner of the competition. So, organizations that are not leveraging big data and advanced analytics for decision making; then get on it; else you may lose your position in the game.