Business today has evolved to facilitate multiple ideas originating from changes in related socio-economic fields. Technological development has changed how organizations operate by availing resources that simplify some critical functions in business. Big data is among the best facilitations that technology provides to businesses. The ability to access multiple datasets generated by the markets is essential for your business.
The popularity of Big Data links back to the development of the internet as an infrastructure for various industries. In business, the internet allows organizations to access information relevant to customer behavior and market changes that are important in making strategic decisions. Data has taken root in business, and every decision making only occurs after thorough analytical scrutinization. The following illustrations depict how Big Data is useful in business settings today.
Social media analysis
Consumer presence on social media platforms attracts businesses to these platforms as they seek information necessary for product adjustments. Today these platforms have multiplied, and organizations that are looking to take advantage of consumer social media presence are turning to Big Data analysis. Analytics of Big Data focuses on efficiency and producing critical information for companies to develop competitive advantages.
Analytic applications perform these activities by harvesting data and presenting information straightforward and cohesive reports. Business presence on social media platforms is also necessary as it creates customer access to your company and the clients can make comments or leave reviews. The target market portion participating in social media interactions in a given market comprises people from all demographics.
Banking and Insurance Fraud Detection
Business fraud is not limited to the banking or insurance sector since you can encounter it in other aspects of business. Dishonesty is the basis of fraud and markets participants are sometimes trying to take advantage of loopholes in a system to make money or acquire resources. Previously, you would notice such activities after the act has been committed, perhaps, during an audit.
On the other hand, Big Data analytic engines such as google bigquery present the perfect solution to these kinds of events by offering relative analysis of real-time data inputs. These platforms focus on data patterns and quickly flag anomalous transaction. Such cases are reviewed to expose spotted glitches in a client or partner’s behavior. Therefore, your business remains secure from losses from fraudulent transactions.
As your business adopts new strategies to improve performance in the market, your competitors are most likely undertaking a similar process. Keeping track of the market and competitor changes is paramount as it helps your company decide on the optimal strategic moves. In today’s fast-paced markets, huge amounts of data are generated by market within minutes and it up to your company to interpret this data.
Within the current circumstances, resources required to perform such activities are quite expensive. Further, your team cannot physically keep up with data updates registered by the second. Therefore, employing Big Data platforms to manage such relevant information allows your management team to make the best decision for your company. Efficiency is the dominant factor that Big Data adds to a company.
Your company’s success relies on the amount of information you have on your clients and your company’s understating of market changes occurring at every moment. As a business, it is important to keep up with the market trends so as to remain a relevant player.
So, what can your company do with all this information? Well, for one, you could improve your product pricing or design. Understanding demand lets you make decisions about marketing and product sales while relying on real evidence. Further, information from the market and competitor analysis helps your company create better product strategies and improve market performance.
Turning to Big Data platforms will increase your market understanding and help you make the best decisions. Your company size or industry of involvement cannot determine whether you should involve Big Data analysis. Big Data is an increasingly involving platform for businesses, and you should engage in it so as to remain a relevant player in the market
by: Vincent Stokes