Over the past few years, big data has become the best hope for the business world. Understanding how big data is used in business is crucial for success. According to the Harvard Business Review study, 99% of companies surveyed said they intend to implement big data and AI analytics in the near future. Still, only about 30% are already enjoying advantages of big data.
The difference between plans and implementation is huge as it’s the big companies that improve their technical capacity. They also get the biggest benefit from it. Still, small and medium-sized enterprises could also benefit from big data. How does big data help businesses in 2019:
1. Marketing and CRM
Personalization has always been a priority for marketers. If the brand knows its customers well, their loyalty is likely to increase. So how do businesses use big data for marketing? According to Vincent Muller, the founder of HYGH startup, it’s the implementation of big data analysis that will help not only to clarify and predict the preferences of customers but also to study a product further, which will help to maximize conversion. Previously, marketers tried to attract as many people as possible, but now the focus has changed to the most suitable audience, which will turn into steady customers.
More data in your CRM means better customer engagement opportunities.
2. Security Improvement
In recent years, the level of online fraud has grown in proportion to the volume of online transactions.
Several hacker attacks can be destructive for the company reputation. Losing data on steady customers might result in serious financial losses. How can big data help businesses to ensure security? With the help of big data, you can implement software that provides increased protection of client information, including video recognition, natural language processing, speech recognition, machine learning mechanisms, and automation.
3. Data Exchange
When new products and services appear, problems often arise when finishing the product. It might be impossible to get the required data without entering the market. This problem is solved with data exchange - connecting enterprises to data sets obtained with the consent of users. It can reduce costs and save time.
4. Customer Service and Retention
Chatbots are becoming increasingly popular as they help to provide high-quality service for customers.
Beyond them, there is another way to increase customer satisfaction with your business. With the right data set and enough knowledge of how to use big data in business, you can get everything you need.
Data can be obtained from surveys and various tracking systems, but what’s important is that modern software can conduct research and provide valuable business ideas at a level that has never been achieved before.
5. Human Resources
HR data analytics can be useful for HR personnel in any organization. The previously popular recruitment method is losing its effectiveness. Many factors should be considered before making a hiring decision. Big data-based AI programs can quickly evaluate education, experience, skills, positions, certificates, geography, social media activity, biographical data verification, and many other parameters to determine the best candidates for the position. A high level of staff leads to better efficiency and profitability of your business, so this is yet another way how big data help business.