A Look into How Big Data Helps Investments Pay Off
4 months ago admin 0
Big data has been repeatedly dubbed as the next big thing in business. Google, IBM, and other corporate giants are using this tool to make better strategies, and earn a greater market share.
Improved Decision Making and Faster Reaction Time
With big data, a business can make informed decisions based on objective statistics not gut instincts. At the same time, companies can assess customer reactions in real-time and predict consumer behavior.
This capability provides two layers of security to the business, especially in cases where the public sentiment is involved. If the initial decision made gets negative feedback from the market, swift counter measures may be deployed for immediate damage control. This will reduce the negative impact to the brand, and avoid damage to the company’s reputation.
Grow Market Share and Increase Customer Retention
Anticipating the needs of potential customers is central to any business. Big data makes the process easier for any business by providing personalized suggestions to customers. The information from the analytics report also helps employee productivity to improve.
A report by Capgemini and Informatica reveals that a 35 percent increase in revenue and productivity in a retail environment was observed after using big data for business.
Reduce Fraud and Security Threats
Gone are the days when firewalls can prevent security breaches. With the current technology, the best tool to combat fraud is big data and analytics.
Big data looks into the organization’s security patterns. Through this system, potential breaches can be identified, and the business can come up with solutions to prevent losses.
Fraud is a major concern in all industries and it results in losses amounting to billions of dollars each year. By investing in big data to bolster your system security, you can identify and address weaknesses in your system before it becomes a bigger problem.