Data are now key factors for every sectors and functions in any size of company. Every sector and department couldn’t strike without dealing with data. So, Bigdata is playing an important role in the improvement of a company. The use of Big Data is to retrieve important and useful information from the large amount of unstructured or semi structured data.
Today, retail is driven by data and technology. Big data is becoming really important to retailers. Retailers must adopt big data and digital skills to get succeed in a sector. According to a survey from “101Data”, 96% of retailers reported that big data was important to them and 48% of retailers reported that big data best fit with their marketing department.
As we know that the thumb rule of online retail marketing is: to know every product across your service area, to know every person to whom they interact and with having the best ability to connect them in a transaction.
We all have probably seen the big data and digital in retail sale. If not then you may experience this. For this you will need to go to a shopping site for online shopping. Add a watch in your cart and after sometime remove it from the cart. Now move out from that website. After onward every site you visit may found a watch ad of that shopping site. Online retailers use the data of your interest and customize the ad to you according to your interest. As a research of Amazon states that they had 30 percent of sales due to their recommendation engine. That is the use of big data and digital in the retails.
One of the famous example of taking advantages of big data by a company to drive success is Rolls-Royce. As we now that Rolls-Royce is famous to manufacture large engines which generate a large amount of power generally used in airplanes and ships. They generated a large amount of data during the manufacturing of a jet engine. They used these big data information in mainly three areas i.e. design, manufacture and after sales support. After using these data they found huge change in every field of their industry. They were getting more appropriate and best designs, Product went more error free and sales increased
These are the few application of big data and digital in retail sale:
Expected buying behaviour– To find the expected buyers of different products using the analysis of data. It’s like if a retailer has to sell a game then they will love to advertise for keen gamers and with the help of big data they may easily find those people.
Opinion about brands– To find the famous product among the buyers and organise their product on the basis of buyer’s choice. It also help us to get real-time opinions & responses.
Personalized Shopping– To provide discounts based on past shopping details like preferences and give discounts on the basis of their previous transactions. It help any organization to keep their customers for a long period of time.
E-Commerce optimization– In retail marketing customers are on driving seat. Companies are totally dependent on what customers want, it doesn’t matter what you sell if it’s not according to the customers need you will never get success. So, it’s essential to understand the user behaviour on the website to optimize sell. Big data analysis can provide the user behaviour.
Optimizing the store– Have you ever noticed that why essentials are at the far end and luxury goods at the start. This is the optimizing store. Using big data analysis they track user movements to understand their behaviour.
Price– Big data can also provide the base for prize optimization model.
Big data is the biggest reason for getting success in retail sale. It creates a lot of opportunities for marketing and sales. So, retailers are moving quickly into big data. Some companies are already using big data and digital and getting benefits of using big data and digital in retail sale and they got 5-6 percent increment in their productivity rates and profitability.
Today Big Data is changing the way of our thinking. It’s changing the way of living and working. We are leveraging Big Data in our growth so that everyone can contribute and take advantages. The big data analytics makes life easier and more goal centred. Analysing huge amount of data gives us more accurate decision making ability. With these benefits it is also affecting our social life. Our social life can revolutionize after applying the big data analytics. There are many area from which Big Data can revolutionize social welfare. I am listing out some of them with reasons that how it can revolutionize social welfare.
Online life will be safer– Now a days everything went online. Our life is almost dependent on online services. From Shopping to Education, Transaction and many more we used online services. But this method is no more so safe. Others may hack your information and misuse those data. Big data can help us in this problem. By analysing the hacker’s pattern it can improve the security of your website.
Education– Today’s education cost is rising twice than any other sector. So we need to find an alternative of these traditional education system. Big data can help us to provide these study materials online. So that all could have easily access to the education.
Health Care– The most impact of big data on our social life is in healthcare sector. It helps doctors to find the pattern of any disease and on the basis of that pattern medicines for that disease can be invented.
Transport- The advantage of big data is also in transportation. In transportation there are multiple of uses of big data from analysing the traffic to road safety and security purpose. Data scientists can find the behaviour of people on road. By analysing the transportation data the pattern of accidents can be identified and their solutions can be generated.
Career opportunities- There are many websites which help job seekers and employees to find their jobs or employees. Job-seekers find the opportunities according to their skills and employees used to get their best meet on the basis of candidates skills
Business future- To plan the future of our business we need to go for big data analysis. Those business decision will take your business far away from your competitors because those decision will be based on the real experience of your customers.
Weather forecasting- Big data can also help our social welfare in weather forecasting. It will give great benefits to all but specially to farmers because most of time they dependent on weather. So use of big data in this area will revolutionize the whole society welfare.
Big data creates a lot of opportunities for every sectors people just need to catch those opportunities for the development of their own and as well as society. One more great use of big data towards revolutionize social welfare is in anti-poverty programs. Big data helps to create difficult policies for the anti-poverty programs. For these type of applications a large database set is needed and linked to different social data sources to get huge amount of information regarding our social life. Then only we can apply these benefits to revolutionize social welfare.
Small business owner may think that big data is for large companies with big time technology budgets. In reality, it is not. Small business can also stand for big data benefits within available – small budget. A small business needs to look at big data in different perspective as they may not know how to start and where to start or may not know if big data exist in the company.
Big data and analytics has become indispensable for any business to stay ahead in this competitive world. If we look at any small or large enterprise having outstanding financial performance over a period of last 4 to 5 years, all will have one thing in common – all of them leverage big data for their decision support.
What does this mean to a small business? Yes, it is the time to start with a first step – if not started.
Today, most of the small companies know that big data is playing a vital role in success of small company. Knowingly or unknowingly many small size business are missing out the benefits of big data because of some wrong believes. Recent studies states that small business thinks that utilizing big data is too costly. Quite often, it’s not really so. You don’t always need to invest huge money in storage, hardware or not even on resources. You may choose cloud option for storage and outsource it to a right vendor for processing.
Let’s look at some ways a small business can leverage big data
Increased customer focus – Small companies can look at all possible data sources – internal and external data, which can help generating better customer insight. Focus on customer preferences can bring increased customer base, lead conversion and revenue. Big data can help finding these hidden insight which can eventually lead to increased lead conversion.
Generate innovative ideas & New product development – Recent trends shows that companies do not require decades to build a billion dollar business. It all can happen in few years leveraging big data. Big data and analytics play a vital role in this journey of quick growth and increased ROI. A small business need innovative ideas which can bring them out from the common line. With the help of big data and analytics, business can have different and accurate information to make innovative ideas and products. It can help small companies to gain competitive edge in marketplace.
As long as you are not investing on big data hardware and software, it is all about testing the water and check whether you can make better informed decisions and leverage them to stand out in the competitive market place.
Massive data-sets on everything from demographic to social data, weather to GPS data, consumer spending habits to government budgets – many are freely available online – if you know where to look and how to pull it. Also, there are many free big data tools available to make sense of this data.
Data monetization means generating more and more profit from Big Data. Today, every business owner is trying to focus on Big Data to get values from it. These values help them out to make business strategies and increase ROI. By the analysis of the data, organizations come to know more about their customers, vendors, and their behaviour, pattern, etc. This information helps them to make their strategy according to the needs and demands of the customer – effectively serve the entire stakeholders better.
A Big data related survey on July 2015 showed that 60% of CEOs around the world now use data analysis to run their decision making process.
In July, 2015 an Economist Intelligence Unit survey surveyed upon 600 CEOs around the world and of different sectors about the use of big data in their organization. This survey showed that 60% of CEOs across the globe now use data analysis to govern their decision making process. 75% of them was ready to accept that their organization should be data-driven. 90% decision was better in last three years when they had made it after analysing the different and relevant information. 42% of CEOs was facing difficulties while dealing with unstructured data. This survey result is enough to make things clear – Big Data is how much important.
Every company is trying to monetize data in different ways. Here, there are 7 ways that can look at data monetization.
Look at your business – various data sources– Take a deep breath and find all sources of data within your organization. There are always some data which won’t be used by the organization due to different reasons like highly unstructured but if you are capable to analyse those data
Search potential application of the data – Let us not leave any data sources unturned. Today, technology evolved a lot and there are various ways and means to convert any structured and unstructured data in to meaningful. So, look at data sources and try improving the way business run, customers are treated, vendors are considered, etc.
Assemble the right team– For analysing data you need to have a well organised and skilled team. Monetizing the data is mostly depending upon the analysis result and ability to generate insight out of data. So, get the right people on boat.
Look for your company size– For monetizing big data- size of your company also matters. If your team size is small, then look for a vendor who can help monetizing the data.
Analytic skills- Your team need to have good analytic skills because big data not just about the size of data it is all about converting the data – identify hidden pattern and leverage them for decision support. Also, experience in working on different big data tools and technology regarding the analysis of data is one of the important way to monetize big data.
Look for the patterns – identify and prioritize areas to monetize. Here patterns refer to the type of data and hidden pattern. While analysing data, similar pattern to be analysed in separate attempts. It can save your time and effort and you can expect more benefits from the data.
Leverage internally or sell the data to external parties– On which role of big data analysis your company is playing. Here the ‘role’ refers as a consumer of data, an aggregator or a creator of new data product. Which one will suit better to your organization go for that, it will help you lot in monetizing big data.
Data by nature may not be helpful unless processed. Data in a proper context make sense and provides information. 10rs doesn’t make any sense but 10rs for a ‘Dosa’ in Kerala in 2015 make sense and also gives an information. Same story is about Organization data too. Those unstructured data never going to help you to make profit but putting those data in a proper context can help monetize.