Technological advancement is considered as one of the greatest enabler for businesses. Businesses that adopt to new and advanced technology stand a better chance of competing in the ever-competitive markets. Those that remain adamant or reluctant in adopting new technology risk being wiped out into oblivion by their competitors. It is therefore in your best interest to embrace the changes happening in your business environment. Big data is the new kid in the block and its influence in helping firms gain competitive advantage in business is something that cannot be underestimated.
What is Big Data?
The term “Big Data” has been defined variously by different authors. However, for the purpose of this article, we will adopt the definition proposed by sas who defined Big data as data sets that are either too large or complex to be handled by traditional data processing application software. These large data sets can be analysed computationally to show trends, patterns and associations in data which can help generate business intelligence which can be used by businesses.
Why is Big Data Important for Businesses?
Big data can help businesses to understand trends and patterns in consumer behaviour thereby designing products and service offerings aimed at addressing the needs of the market. The patterns revealed by Big Data can be explored to create competitive advantage to a business enterprise which can be in form of more effective marketing campaigns and increased revenues.
How Can Big Data Help Make Your Business?
Your business can benefit from Big Data in a big way. Here are some of the ways that your firm can benefit:
i.Cost Reduction
bi tools and other Big Data technologies can help in reducing your cost substantially. Many businesses are expanding their existing architectures by the use of big data technologies. Your company can leverage the use of big data technology in the processes of retrieving, analysing, transforming and reporting data for the purposes of boosting your business intelligence capabilities.
ii.Faster decision making
Big data technologies can be relied upon to help you make business decisions much faster and more effectively. The large set of data collected can be analysed and reports generated which can then be used to make decisions which can help your business move forward.
iii.Development of new products and services
One of the most amazing use of big data is in the development of products and services for your clients. The big data technology equips you with information concerning consumer or customer behaviour and trends. Big data can also reveal gaps in demand in the market. You can then use this information to come up with products and services which can meet the demands in the market.
Granted, Big Data can help you accomplish many things in your business. Let us look at some practical benefits that can accrue to your business for using Big Data:
- Re-developing the product- Big data makes will make it possible for your firm to gather information which will reveal how the market perceives your product. If the market desires changes in the product, the data will reveal this fact and you will be able to come up with a product that will be more acceptable to the market.
- Performing risk analysis- The success of your firm will not only depend on how best you handle your business in the now but also on how best you can predict the risks that might affect your business in the future. Big data technologies make it possible for you to conduct predictive analysis which can help you pre-empt risks and come up with mitigation measures before the risks ever happen.
From the discussion above, it can be inferred that Big data technologies can help make your business and ensure that you compete effectively with other players in the markets.
