An enterprise or any organization collects a massive amount of data daily while performing its operations. This data can be in the form of customer information while making purchases, voucher and bills by manufacturers, viewership on the online portals etc.
For an upward movement in the market, it is significant that this big data does not lie untreated in the systems of the company instead it should be worked upon and put to a good use to increase the efficiency of the company.
To screen and filter the big data, data analysts are hired to convert that data into a useful pieces of information. It may be likely to occur to you that how big data influences an organization’s functioning. There are some decisions which are largely based on big data.
Influence of Big Data on Decision Making of an Organization
By the following three ways, big data creates an impact on the decision making and the overall performance of a company.
- Promotional enhancement through real-time data
Whenever you shop from a branded store, you start receiving emails about their offers which sometimes claim that some deals are exclusively for you. Do you ever wonder how they send personalized emails to every customer based on their interests and their shopping histories?
These all are some promotional activities which the companies do by making the use of big data. Big data influences the decision making of the promotional activities of a company.
By doing this, customers may feel informed through the brand and it is sometimes the biggest and the most important step towards creating customer loyalty and long term relationships.
- Expanding Operations Without Spending Too Much
To initiate a promotional activity or a campaign to attract the customers, some companies spend a hefty amount of money which may or may not turn out to be a 100 per cent success. However, by making effective use of big data these expenses can be avoided. If you already know that which customer tends to buy within a specific price range, personalized promotions through the internet becomes easy.
Moreover, wasteful expenditure can be avoided to a great extent. Real-time data can prove to be beneficial in determining some major issues in a particular product or service.
Companies can appoint data analysts who can screen the real-time data and make necessary changes as and when required.
- Speeding the Action
Whenever a company launches any product in the market, it is always hard for the company to anticipate the response it may get. Supposedly, the customers have questions or certain queries about the product, taking some time to answer them might affect the overall image of the company as well as the product.
Big data helps to tackle this problem in real-time. Queries can be handled in seconds than wasting several minutes and replacements can be made in fewer days as compared to the time it used to take earlier. Big data has brought about a paradigm shift in decision making which has made customer dealing and answering queries a much more simpler task.
With edge to edge competition in the market, it is significant for any organization that it makes effective use of big data in its favour.
With the proper use of big data, companies can foresee and predict the future market for their products and services as well. The points mentioned above have presented a lucid picture of how important big data has become lately.
A big data career can prove to be beneficial and is considered among the most demanded career options.
For big data training, you must check out the courses and professional assistance being offered by Imarticus learning.