How Can Organizations Benefit from “Big Data”?

By now “Big Data” is not a new concept. Daily consumers are overloaded with hundreds and thousands of messages. It is up to individual organizations to push their messages above the clutter to get the attention of consumers. Companies such as Apple, Zappos, and Tesla have been very successful by promoting the convenience, innovation, and hipness of a product. Their consumers by from them because of the ease of the purchase, ease of product use, and the guaranteed quality of the product. Companies like Starbucks began using AI in 2016 to assist in customizing beverages for their customers (Forbes, 2019). Customers have the convenience of using the Starbucks app to avoid lines by purchasing items in advance, collecting loyalty points for rewards, and tracking past purchases. The AI that Starbucks is using allows Starbucks to not only customize beverages, but it also allows for Starbucks to track when and where the consumer purchases. For the success of any organization today, learning how to read, examine, and utilize big data is imperative to its survival.

For organizations big data analytics carries many benefits besides being able to track their customers locations and purchase sites. Big Data analytics can assist with targeting and retaining customers. This however goes hand and hand with organizations being able to push their message above the clutter with unique marketing strategies and messages. Big data analytics allows companies to focus in on their niche market. By studying the patterns of potential clients, his allows for them to grow a solid customer base and produce products or services to make and keep them happy. The happier the customer, the more likely they will return. This builds brand loyalty, in return having customers tell friends and family members of their amazing experience with the organization’s product or service. This is great for an organization as it turns the customer into a “Brand Ambassador” allowing the customer in turn to sale the service or product for the organization at no cost. Word of mouth can make or break a company. With big data, this allows organizations to monitor feedback from customer experiences. They can respond to the customer directly and try to put out fires for any bad experiences. They can also look to see what customers feel that they are doing well and not doing well.

Big data analytics allows for organizations to tailor their marketing campaigns and make them more streamlined. In return this can pay off in big dividends for an organization. First, it allows them to not just frivolously throw money into random advertising, hoping that it will reach the right audience. By reading customer trends, they can create successful marketing strategies and campaigns. By understanding the target audiences needs and wants, and organization can go above and beyond, exceeding customer expectations that will convert into brand loyalty. This also allows the organization to monitor online presence and sales transactions.

Big Data analytics also allows an organization to take a closer look at potential risk management challenges. By being able to monitor the needs and wants of customers through targeted marketing campaigns, an organization can improve upon their risk. By being able to see feedback from real customers within a responsible time frame, organizations can work smarter, not harder when creating strategies. They can approve upon on products and services that are not moving or selling. By the collection of data, organizations can stay competitive, and not go into creating products or services blindly. It assists with the innovation of the organization to continue to have a competitive advantage over the competition while simultaneously being able to see what the competition is producing.

Another benefit of big data analysis is the supply chain it creates. Organizations can create supplier networks that provide insight and precision when dealing with targeted customers. An organization executive can look at concrete intelligence which is imperative to the success and survival of an organization. By building supplier networks, it allows organizations to collaborate with various producers of raw materials, producers, and manufacturers. By collaborating, this will in turn allow them to give feedback and assist in problem solving efforts. With information being widely accessible to organizations, they can invest in systems that will allow them to streamline process and problem solve.

Most organizations have been collecting data on their clients for a decade of so but, this does not guarantee the success of the organization. Organizations must focus om data that will provide the most critical information that will lead to its success through innovative product launches and services. Understanding customers buying patterns and cycles can minimize waste in regard to time, money, and production. Therefore, understanding and using big data to a company’s advantage is imperative to its longevity.

Article:

https://www.forbes.com/sites/forbestechcouncil/2019/11/06/five-benefits-of-big-data-analytics-and-how-companies-can-get-started/?sh=29e1dc0e17e4

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