Big Data: How to get value from data with Business Intelligence & Marketing Technologies in Management 4.0 (Artificiali Intelligence Book 1) by Mazziotti Tommaso

Author:Mazziotti, Tommaso [Mazziotti, Tommaso]
Language: eng
Format: epub
Published: 2020-08-01T16:00:00+00:00

Chapter 8: Benefits of Big Data

Creating a Dialogue with Consumers

Consumers in today’s age are extremely tough nuts to crack. They don’t easily make purchases and they like making informed decisions. Before making a purchase, they often like to look around for other options or browse through social media. They like being treated as unique, and then they expect to be thanked for making that purchase.

Big data will help you in profiling all such vocal and fickle consumers in a manner that can be thought of as a real-time conversation in this digital world. Don’t think of this as a luxury. If they aren't treated the way they think they should be, then they will move to another source to make purchases without a second thought. For instance, when a customer enters a bank, then Big Data tools and platforms will allow the worker or clerk to check the customer’s online profile and then learn about the relevant services or products that might interest the consumer.

Therefore, the consumer can also be made aware of the same, when looking for a reliable purchase or service. Big data will also help you in uniting the two distinct spheres of shopping in both the digital sense and the physical one. For instance, a retailer can offer a discount on a mobile carrier, based on the need of a consumer that was expressed on social media.

Redeveloping Your Products

Big data can also help you in understanding the manner in which others perceive your products. This will let you make any changes to your product line or marketing techniques to meet current trends. Analyzing unstructured data present on social media will allow you to understand the opinions of your customers and segregate them into different geographical locations or identify them from different demographic classifications.

Big data will also let you test different variations of several computer aided programs that will help you in checking and keeping track of all the minor changes like the effects of cost, lead times and also the performance of a product on the market. You can also adapt your production process according to the needs of the public.

Performing Risk Analysis

The success of your business depends on the way in which you handle your business dealings. However, there are several other social and economic factors that can affect your performance as well.

Predictive analytics that makes use of big data will allow you to scan and then even analyze reports mentioned in newspapers and various other social media feeds. This will allow you to stay on top of the latest developments that are taking place in your respective field. This also allows you to perform various “health” tests that will help you in identifying if any of your customers or suppliers are at risk of defaulting any of their payments or orders.

Safekeeping of your Data

You will be able to take a look at the performance of your whole company by making use of different analytical tools. This will allow you to identify if there are any internal threats.

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