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How Big Data Has Changed The Way Companies Study Customer Behaviors
The implementation of big data into today’s business models has virtually changed the entire financial world. With technology advancing more and more each year, the companies that learn how to harness the amazing input of big data will give themselves a huge advantage in the years to come.
Today, over 2 quintillion bytes of data are shared every day with a majority of the worlds data created within the last few years. With an estimated growth of data production to grow over 40 times greater by 2020, the evidence is clear that adjusting business strategies to learn and adapt from the information generated by big data is the key to survival.
So what current evidence is there to support the benefits of large-scale implementation of big data? Even the smartest algorithms and the people who write them are still pouring over the research and best way to use it. From what they do know however, and the little bit they have used to implement it, big data has proven to be a valuable asset.
Big Data Implementation
When you look at the implementation of big data across the worlds industries it has shown a substantial growth in revealing cost-reducing opportunities. When big data is properly transcribed with massive processors, industries get a better picture of their use of marketing all the way through to their supply chain.
How the Financial Market, Retail Stores, and the Government Use Big Data
In the financial market, big data has transformed the way people see and view information on the live trade. Big data processed through algorithmic trading can almost instantly identify opportunities to capture value in markets, a process that was unheard of just a mere 10 years ago.
In retail, the implementation of big data has allowed business leaders to track the purchasing behaviors of customers, which has in turn allowed them to adjust merchandise, stock, and prices to maximize their revenue. Because big data shows specific behaviors in what people search for or are most interested in, businesses have a better of idea of what to supply.
Even the government has jumped at the opportunity to harness big data. Through analysis of big data the government can now improve services to its citizens, get the most out of taxpayer funds, and help in the advancement of technology.
While it appears that understanding big data can help make businesses money, the real question is what does it do for the consumers of these clients? Is the implementation of big data bringing businesses closer to their consumer base, or is it driving them apart?
What Big Data Can Bring to Clients
Information drawn from big data has given companies a leg up in profitable decision making. The real question is whether or not it draws businesses closer to their customer base or to the money in their wallets. The key to any successful business is understanding what a client wants and giving it to them. So is big data doing more good or harm when it comes to this important business model?
Companies around the world use big data from interactive websites and online forums to figure out what people want. Users of Facebook alone share billions of pieces of content a day that when properly analyzed can share tons of much needed information for businesses. Having said that, big data in a way puts customers at the tip of the corporate strategy.
Revealing Information For Banks and Retail Stores
When companies used to have to wait for monthly reports on potential clients, big data translation can now give them on a day-to-day basis. Some banks use big data to go through social media activities to search out risky customers, and others analyze customer call logs to compile information that is now free of biased opinions one might get from a survey.
US retailers use big data to generate scenarios of when and where are the best times to sell products, and Amazon for years now has shown customers other products they might be interested based on other sales. Add these examples along with big data helping in advertising allows for consumers to get exactly what they want when they want it based on past and current behaviors.
With the ability to know what people want, where they are most likely to get it, and problems people may have with certain products, big data can also help expand on product innovations and how companies control their operations. Because of this, big data has put customers at the top of the pedestal when it comes to supply and demand, and clients who implement data have a better understanding of their customers.
Conclusion: Understanding the Power of Big Data
What big data has done for the digital world is what nuclear energy did for the physical world. With so much power and information at the tips of business owners and analysts, it will be a long time before people really figure out the full potential of implementing big data into their daily operations.
Some people claim that offering a customer exactly what they want can be a harmful thing. For example, some news sites will display certain articles for people who visit them based on other articles they have read. This is a way stunts someone from getting the important news that matters, rather than just the news they want to read.
The debate about the implementation of big data and how that information is used is sure to continue. What can be said now however, is that no matter what information is the driving force of all things in life. The more you know the better decisions you can make which in turn leads to success when properly used.
In the end, it is obvious that the implementation of big data will be a driving force of businesses across the globe. As of right now, the information generated from big data appears to be used in a safe way with the betterment of business and customer satisfaction as the main priority. How long will that continue? Only time will tell.