Companies are sitting on huge amounts of under-utilized data.
There’s no denying that Big Data has changed the way companies target and interact with their customers. Predicting trends used to be a guessing game implemented by trial and error. Now, years of aggregated data can make accurate predictions and create sophisticated customer profiles.
Big Data refers to large or complex data from a wide range of sources, such as regular business transactions, omnichannel platform monitoring, email, video, internet traffic, social media, CTR, and beyond.
Businesses small and large are leveraging the power of Big Data to make more informed decisions and improve their customer’s experience. So how is Big Data disrupting industries today?
Accurate Predictions
Analytics tools and services can help manage, streamline and unify data sets into business operations, predicting user behavior and transactions. These indicators can curate, automate, and manage data in real-time. Making marketing decisions based on consumer data instills confidence on the ROI
Personalization
Big data can deliver relevant messages in a timely manner to customers at every point of interaction by monitoring high-value customer trends. Analyzing customers’ daily habits and patterns online can identify the opportunities where businesses can align its programs with how customers make decisions.
Optimized Pricing & Payment
According to McKinsey, a 1% price increase translates to an 8.7% increase in profits. Specific insights can help companies make decisions on the optimal price a customer is willing to pay. Measuring a company’s closest competitor’s product pricing against the value to the customer can develop pricing patterns that reflect what a customer is willing to pay.
Data as an Asset, Not an Expense
Big data is a technology phenomenon that has the potential to unlock business value and innovation around the world. Data-driven insights develop better customer experiences and extend to stronger internal and external communications and interactions.
