If you’ve been following the latest tech trends, you’ve probably heard about the term “big data” a lot. Since technology is evolving rapidly, traditional data-processing techniques cannot deal with large and complex data sets that are slowly but surely taking over all business aspects. As a result, companies and organizations worldwide are introducing new ways to handle their data.
Why is data so important today, though? Can companies extract valuable insights from big data, and what is the purpose of the valuable insight discovery?
Here, we take a closer look at the connection between big data and insights to answer all these questions.
Key Properties of Big Data
When talking about big data, most people use the five V’s to describe the core features big data brings. Thanks to these fundamental features, businesses can make the most out of big data since it can equip them with valuable data insights. The set of five V’s includes:
- Value: Businesses and organizations can secure the increased value that’s generally connected with the effective use of big data.
- Variety: Unlike traditional datasets, big data can store and process different varieties of data within the same system.
- Velocity: Big data usually includes data and information that’s updated in real-time or at a significantly faster pace compared to traditional datasets.
- Veracity: Different datasets have different levels of veracity, but what makes big data unique is its accuracy and trustworthiness.
- Volume: Even though there’s no specific size required for data to be considered big data, these datasets generally contain information in terabytes or more.
The Role of Big Data Insights for Businesses
If you still aren’t sure how insights from big data can help your company, here we list some of the most common use cases.
Refined marketing techniques
Every company knows just how important marketing is for the business’s overall success. Big data insights can make a huge difference in various marketing campaigns, including SEO, email marketing, influencer marketing, and many others. With marketing insights by their side, companies can refine their marketing techniques and reach their goals relatively easily.
Enhanced sales processes
The right big data insights can help companies with customer analytics, which allows them to target the right audience, increase customer responsiveness, and do anything else that’ll ramp up sales. Businesses that invest in big data can increase their operating margins by up to 60%.
Additionally, big data insights enhance sales processes by offering insights concerning the market’s size, current trends, and development opportunities.
Recruitment of the right staff
No one can run a successful business alone, at least not in the long run. Every CEO needs a team of reliable and qualified people who continually find new ways to take the company to the next level. However, finding such people isn’t an easy task. Fortunately, big data insights can help you discover the right people for every job position.
Better workforce productivity
Another helpful feature of big data insights is better workforce productivity. Whether you’re interested in boosting employee engagement and motivation or creating more efficient processes, you can secure better working conditions for your personnel in many ways.
Big data can significantly increase the efficiency and productivity of your employees, thus maximizing both employee satisfaction and income.
Improved customer service
Customers are every company’s most valuable asset. That said, businesses and organizations need to do everything they can to take good care of their customer base. One way to do so is to provide customers with improved customer service since happy and satisfied customers directly affect a business’s success. Big data insights can reveal what your customers might be looking for.
Increased brand loyalty
Finally, big data insights will help you identify and reach all objectives for increasing brand loyalty. For example, happy employees will do more for your business, while satisfied customers will come back to you again and again. Combining these activities will eventually improve brand loyalty, giving you a competitive advantage.
The Bottom Line
Big data equips companies with countless advantages, which is why business leaders and executives should do everything they can to make the most of these insights.
Big data insights can help companies and organizations reach their goals and secure professional growth and success – a better understanding of customer preferences and behavior, improved intelligence concerning market trends, or operational enhancements.