Among so many new features in technology, big data for companies comes with a special emphasis and the proposal to significantly modify the way companies deal with data and information, both those already collected by their customers and those available from other sources. Although it is something relatively new and has not been adopted by most companies, and it is very likely that those who fail to follow this trend will be left behind soon in the market, which will have a considerable impact on sales and success of business.
According to Google, the same amount of information is generated every day as in the last two thousand years. With this data, it is time to realize the importance of knowing how to manage that information. It is what we know as Big Data. In this article, we will explain what it is and why it is so essential for your business.
Digital technologies have turned the consumer into a ceaseless data generator. This includes both structured (master data, transaction data, etc.) and increasingly unstructured data (content in social media, forums, images, videos, etc.). Three dimensions make this data big data, the so-called three Vs: Volume (amount), Velocity (speed), and Variety (diversity). Big data is an enormous amount of data that is collected and analyzed in real-time, comes from a variety of sources, and is available in different forms (structured vs. unstructured).
Besides, two other factors can be counted as part of big data when it comes to using it profitably: correctness and value. It therefore also depends on the quality of the data sets and whether they can be used to create value for the company and its marketing activities.
Companies that have to deal with large amounts of financial transactions are always looking for innovative and effective approaches to countering fraud. In traditional models of fraud detection, investigators would have to work with BI analysts to execute complex SQL queries that compare the data from invoices with the claims for benefits. It often takes weeks or months before the results are available. This process leads to delays in handling potential fraud cases and can lead to enormous losses for the company.
With Big Data techniques, billions of data records from invoicing, and service requests can be processed and included in a search engine so that the investigators can analyze the individual data records using intuitive searches using a graphical user interface. Predictive analytics and machine learning processes continue to enable the big data platform to carry out automatic fraud detection in which patterns are automatically identified that resemble known cases of fraud.
More effective marketing campaigns
When you are planning to start a marketing strategy to boost your sales, you need to make sure you have an abundance of data at hand that can guide the creation of the perfect campaign. Big data is important because you can do more with this data by analyzing it accurately.
This allows your business to focus on increasingly segmented markets. This resource is excellent to help you define the ideal market for your products, analyzing your sales history, trends, and other information that would be impossible to compare manually.
Monitors performance indicators (KPIs)
A big data solution makes it possible to cross and compare data from a variety of sources. Volume, Velocity, Variety, Veracity, and Value are known as the 5 Vs of big data and allow the manager to make the best decisions and analyze the business with a broader view. The business performance and evolution reports prepared by big data allow to implement improvements in the internal sectors and to boost the productivity of the employees, identifying the strengths and those that must be improved within the organization.
To conclude, big data is extremely essential for a business, but the first step is to determine whether the advantages of using it outweigh the disadvantages. At the end of the day, it all comes down to whether you know how to use big data for your business. Because all these analysis tools and data processing services are still new technologies in the making and their use is not very obvious.
This is also why a large amount of data is still unused by companies. The digital transformation towards Big Data is a certain risk for companies, but this risk will pay off for those who will have the courage to take the bandwagon!