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From the properties of big data (mouse click the next site) mentioned above. Let’s take a look at how they are useful for running a business. All of which can be summarized in 3 things as follows:
1. Create new business from real consumer insights
Big Data has a huge impact on starting a new business with existing datasets, making it easier to see the pain points of a business that is about to get into it. and can create a business that responds to the needs of consumers exactly
For example, a Local Food Delivery business that provides services in upcountry areas. The business model and data from major food delivery companies such as Grab or Food Panda have been used as examples of business models, making Local Food Delivery able to start this business quickly and easily grow. Meet the needs of consumers who want convenience.
2. Better understand customer behavior
Often in online shopping transactions and the consumer is in the process of making a purchase decision or is unable to complete the steps at that time Such an online trading system will have payment reminders to help make purchase decisions and pay for goods or services. and also recommend other products or services that customers are paying attention precisely as well
This is due to the fact that AI collects search behavior data. and carefully select consumer products making it possible to predict the future behavior of consumers that What are you interested in? and what types of products have the opportunity to buy
Understanding your customers (Customer Insights) helps your business to deliver more personalized services. For example, Netflix takes advantage of knowing your users’ preferences. and then present new content according to different interests to customers always
so it can be said that Businesses today take advantage of Big Data in terms of making it Data-Driven. at various organizations or brands used for analysis to better understand customer behavior
3. Develop business potential and stay ahead of competitors
Big Data gives each business a huge amount of data in their hands. What businesses can capture the connections within those data pools? Will be able to create strategies that are superior to competitors and use it to reach the customer first
Having a team with expertise in data analysis to make good use of that information will be an important force for business in the future To help you make smart business decisions until able to compete with other competitors
Advantages Of Big Data Processing
Ability to process Big Data in DBMS brings in multiple benefits, such as-
Businesses can utilize outside intelligence while taking decisions
Access to social data from search engines and sites like facebook, twitter are enabling organizations to fine tune their business strategies.
Improved customer service
Traditional customer feedback systems are getting replaced by new systems designed with Big Data technologies. In these new systems, Big Data and natural language processing technologies are being used to read and evaluate consumer responses.
Early identification of risk to the product/services, if any
Better operational efficiency
Big Data technologies can be used for creating a staging area or landing zone for new data before identifying what data should be moved to the data warehouse. In addition, such integration of Big Data technologies and data warehouse helps an organization to offload infrequently accessed data.