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Big data analytics and Competitive growth

In today’s tough competition, big data analytics is playing a vital role in deciding the winner of the market place. Today’s business is mostly centred on the customers, especially retail sector. So, companies prefer to craft personalized marketing strategy according to the changing behaviour of customers. If ‘Technology’ brought big data concept; then ‘Marketing’ used it most for the organization’s growth.


Big data and Advanced Analytics: Made for each other

Before knowing the relation between big data and advance analytics let us look at both i.e. big data and advance analytics.

Recent research by analyst firm International Data Corp. (IDC) reported that the global amount of digital data will grow from 130 Exabyte’s to 40,000 Exabyte’s by 2020. The old data processing technologies like RDBMS are simply not capable to process data in such a large amount; so, a new trend came “Big Data”. In simple words big data is a collection of huge amount of data coming from different sources.


7 ways to monetize Big Data

Data monetization means generating more and more profit from Big Data. Today, every business owner is trying to focus on Big Data to get values from it. These values help them out to make business strategies and increase ROI. By the analysis of the data, organizations come to know more about their customers, vendors, and their behaviour, pattern, etc. This information helps them to make their strategy according to the needs and demands of the customer – effectively serve the entire stakeholders better.


How retailers can leverage Big Data?

Big data is not only for technical things. It is having a wide application in different industries. Retail sector’s major growth is dependent on the big data analysis. According to a survey by Gartner — a technology research firm, 64% of the organizations are investing or planning to invest in big data technology.


How to train existing employees on Big Data?

It’s very challenging to talk about Big Data without taking about the skills required for big data. At present companies are suffering from Big Data skill gap. According to a CompTIA survey of 500 U.S. business and IT executives, 50 percent of firms that are moving forward on the way to leverage big data, and 71 percent of firms that just started leveraging big data, feel that their staff are not so proficient in data management and analysis skills. Due to the lack of knowledge about big data processing, employees couldn’t give their full effort and it may cause for the project failure. So, the training of existing employees on Big Data should be an integrated part of big data processing.

Now, if you are a caretaker of a company you may have a question that “How”? How to train your employees on big data?

Let us try to find answer for these questions and to make your current team more big data ready.

  • If you are a company having a base of developers in java, python or Ruby then you may further proceed towards their training on big data because these are some of the language useful for big data processing. So, overall you first need to train your employee on these languages i.e. java, python, ruby, etc.
  • You also need to train them on database development side with NoSQL Big Data systems like HBASE, MongoDB, Cassandra etc. You may choose database developer with good SQL knowledge to train on database part.
  • For the installation or setup big data lab you may need to train some people as Linux admin so that they make you big data lab ready for Hadoop or AWS. For this you may choose people with Linux knowledge.
  • After all these theoretical training you may need to go for some practical work on big data processing. For this use Hortonworks or Cloudera services to give practical training to your employees.
  • There are many free and paid online courses available for big data training. Can start with free course and can move to paid ones, if anything specific required. You may provide these materials to your employee where they will get online study material as well as practical works on big data processing.
  • For the analyst work, first you need to find employees with good analytical and reasoning skills. Train them to use different big data analysing tools.

With the help of these ways you may train your existing employees on big data and make them ready to start. The McKinsey Global Institute estimates that by 2018, there will be a shortage of 1.7 million workers with big data skills in the U.S. alone—140,000 to 190,000 workers with deep technical and analytical expertise and 1.5 million managers and analysts with the skills to work with big data outputs. It is a truth that big data processing and most of its components are new but you can easily cross train your employees on big data if you really want to get in this field. You just need to take existing developers, analyst and admins and cross train them.

Challenges in setting up a Big Data lab?

Anything and everything we do in this connected digital world – be it online shopping, Facebook liking, responding to social events, adding new friends in social media, blogging, tweeting, sharing product review, etc. leave a trace of data about us as consumers. Extracting the huge volume of data, identify business value from the data and use them for decision making is all about the intent of Big data analytics.


Leverage big data to improve customer experience

It is a fact that customers who are happy with your products or services are much more likely to come back and buy from you again and again. To be in competition every organisation need a wide range of satisfied customers. And, for growth, a business needs to be able to retain, satisfy and engage their high value customers effectively. So in another word it is an era of connected customers. Companies invest a big amount on big data strategy to collect, store, organize and analyse the information about their customers to make personalised marketing strategy to make each one feel special. Big data helps companies to find their customer’s need and expectation from various customer touch points – data.

According to a survey of Driving Performance While Managing Risk, KPMG showed that 41% companies will use big data analytics to improve customer experience in next three years.

Companies cannot depend only on the traditional way for keeping their customer happy. They know that there is a need to leverage big data in their business. Let’s see some area where you can leverage big data to improve customer experience.

Customized marketing – In the era of customized marketing, companies try to reach every possible customer in personalized way. It helps both companies as well as customers. Customers feel special when they receive a personalized service from the service provider and companies get a new customer.

Personalised service – It is very difficult to analyse every customer purchase history transaction data to get information about their behavior, interest, and preferences. Big data makes it easy. With the help of these information companies can prepare their sales strategy to push customers to the point of purchase.

Identify customer problem and solve them– If a company doesn’t know about the pain point of their customers then they couldn’t pay attention to their customers. Companies who are using big data analytics, they know the difficulties facing by the customers and try to improve their customer’s experience. If your company get it to the world of bid data analytics, then for sure you will be out front in a competitive market. Delta Airlines used big data to find the lost baggage of their passengers and came out front in the airlines market.

Improve customer service- Companies are using big data for marketing product development but the companies who are using it to improve customer experience and move one step further. If a customer contacts you, for any enquiry, and if you have enough data in front of you about them then the representative can more quickly and competently solve their issues. They don’t need to ask many question of the customer because they already have this information in front of them. This makes customer feel good and satisfied.

Give more options- One dairy company uses big data to customize their product. Any customer can choose the product according to their interest like fat, etc. They analyse the customers review data and found that different customers having different needs. So they put some option related to the needs of customers for their product. This makes both happy, customer as well as company.

Provide them their own data– Make customers excited about their own data. Here data means analysed data not the huge amount of unstructured data. A food diary platform bodymedia gives not only the information about the calories they have consumed but also about their break down protein and fat. Some more companies use big data to help their customers to find their source of expenditures.

Customer service is a very important part of any business. If you don’t have a well organised and behaved customer service; then it is not possible for you to stand in the competition. Today’s companies not only focus on traditional customer service but also a highly managed and arranged customer service with the use of big data.

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