The implementation of big data technology can be used by companies to better respond to the needs of their customers and thus constitute a real competitive advantage. Unfortunately, there is a belief that only large companies can afford analytical platforms, and the return on investment does not always justify the implementation costs. That was true at the beginning of big data, but the currently available solutions of this technology bring many benefits for SMEs and large enterprises and affect people’s daily lives. Let’s look at the seven most important benefits of using big data.
Today big data is of great importance. Think of the biggest tech companies in the world. A large part of their value comes from their data, which they constantly analyze to produce more efficiently and develop new products. However, big data technology is not only intended for the grandest organizations. In fact, in many ways, big data is better suited to small and medium-sized businesses. Unlike large corporations, small businesses are agile, meaning they can run faster on data-driven analytics and then use it to improve performance and growth. But before looking at examples of the benefits of using big data, let’s find out the meaning of this technology.
Understand big data
Big Data is a general term for a considerable amount of structured and unstructured data from many different sources. These collections of information are so extensive that traditional computing software cannot handle them. However, you can use this massive amount of data to solve previously impossible or difficult to eliminate problems.
Collecting large amounts of data and identifying trends allows you to be more flexible and operate faster and more efficiently. Big data also enables you to remove problem areas before actual difficulties arise, jeopardizing the profit or reputation of the brand. So let’s get down to concrete facts and take a look at the seven most important benefits of using big data.
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1. Big Data Improves Efficiency
Big data technology is about processing large amounts of data. However, the effective use of data depends on their volume and their processing method. In this regard, BD solutions can significantly improve the operations of SMEs thanks to their rapid ability to: collect, structure, analyze and sort vast amounts of data from various sources.
You can improve your operations by reviewing all the operational information your company has collected over the years and effectively analyzing it. For example, implementing big data in a hotel can help a company predict the number of visitors likely to visit the hotel on a summer weekend and plan and manage other services accordingly to best meet the expectations of hotel guests.
2. Big Data Ensures The Cybersecurity Of Your Website
43% of cyberattacks target small businesses. The costs of liquidating such incidents are severe. For this reason, about 60% of small businesses which have fallen victim to a cyber-attack close their operations within six months. In conjunction with network flows, logs, and system events, big data and extensive data analysis can detect irregularities and suspicious activity on your website. Thus, they enable the anticipation and prevention of potential cyber-attacks. Cybercrime costs SMBs over $ 2.2 million annually, so implementing BD solutions should become an essential part of the entire business management process.
3. Big Data Improves Recruitment
Big data is becoming a part of HR services more and more often as it allows to identify the relevant candidate profiles from commercial databases, job search engines, and social networks much more broadly and more reliably. In addition, BD technology objectively assesses whether the potential candidates meet the recruitment expectations and the received candidates are consistent with the company’s policy. In recent years, thanks to big data, the HR industry has developed many new methods of recruitment optimization. The result is a reduction in costs, recruitment time, and even the ability to anticipate future recruitment needs.
4. Big Data Enables Retargeting
Retargeting is a technique that we all know very well. It is about Internet user-targeted advertising during his future visits to other websites. Thanks to big data, it is, therefore, possible to ‘track’ a potential buyer based on behavioral data from your browsing history, even if they are no longer on the brand’s website. Advertising agencies whose goal is to obtain the maximum advertising space using big data technology collect this data and then effectively use it to display promotional banners in a targeted manner.
5. Big Data Influences Price Flexibility
The dynamic price technique is particularly often used in the aviation industry. Thanks to the data and their analysis, airlines can adjust ticket prices to the current trends, profiles, and travel habits of passengers by offering more affordable fares to new customers. The principle is simple: the company first identifies the person looking for a flight and then uses their data accordingly to match the ticket price. With dynamic pricing, businesses can improve their conversion rate, and passengers can take advantage of interesting offers.
6. Big Data Allows You To React Quickly To Changes
Big data helps companies to access high-quality data on time. Combined with machine learning, it provides companies with the knowledge and experience that enable them to adapt to market changes in real-time and, at the same time, to introduce the necessary modifications in the functioning of the company. That is one area where large companies are lagging. That is due to the traditional hierarchy and strict conformism in the workplace. Therefore, the implementation of BD tools is a chance for elastic and agile SMEs to be competitive with large corporations and enterprises.
7. Big Data Build Customers’ Trust Towards The Brand
Big data analysis helps refine the classification of customers with the help of data, thus supporting salespeople in their daily efforts. Prior knowledge of customer expectations and needs is an approach that enriches business relationships, enabling companies to offer the right services.
Big data is not a fad!
The future is in the data, but the data is only a means to an end. BD technology is a tool that allows you to approach data differently and turn it into useful information. The further technological development of the world will only support the growth of big data. Therefore, we should begin to explore the possibilities that data gives us. These opportunities can effectively serve not just companies and, most of all, people in everyday life.