Have you heard about big data and how it’s the new oil today?
This reference is attributed to the fact that data is mined and turned into something useful. Thus, it is a valued resource that moves the current economy.
And when advanced tools, such as Microsoft Power BI, being a holistic business intelligence solution, is used to analyze big data, the insights gathered can significantly affect decision-making towards a better result.
More importantly, these results bring great impact across industries. And one of these industries is business.
Specifically, what kind of impact does big data have on today’s businesses?
Improved Target Marketing
Today, marketers prioritize potential customers by identifying and marketing for those who are ready to buy.
With the right ads at the right time, companies can get a sale instantly. And this is through micro-targeting, which uses big data to gather information about people’s personalities, demography, and preferences, among others.
Moreover, analysis of big data provides companies with information regarding the platforms frequently used by their customers. Therefore, the best channels for marketing and advertising can be selected, and more effective targeting is accomplished.
Efficient and Effective Customer Service
Big data allows businesses to track customer remarks, whether good or bad. Because of this, companies can easily and promptly respond to problems and offer solutions that can turn the experience from negative to positive.
This is quite true with social media data. The insights that businesses can gather from their social media pages give them awareness about customers’ different concerns. In turn, they can use the knowledge to target the issue and provide solutions that can fix the problem in the best possible time.
Chatbots are the best way to show how big data is used for this purpose. With the easy, fast, and convenient way that chatbots interact with customers, they become satisfied with the action. Thus, better customer service is achieved.
According to BARC Research, 40% of companies worldwide are using big data analytics and have been gaining a lot of benefits from it.
And among these benefits are an increase in revenue of about 8% and a 10% cut in business costs.
With the help of big data, companies can study and identify their customer’s preferences and spending habits. Thus, a better pricing strategy is developed, and the best price, which can produce a better return on investment, is applied.
Additionally, big data can provide insights that will help companies avoid costly mistakes. While data is not very useful, visualization and analysis can draw insights from it that can lead to greater opportunities. However, accurate collection, refinement, and prompt analysis, among others, are needed to be able to gain significant benefits from raw data.
Thankfully, MS Power BI makes this possible. Among its uses is data visualization, which helps businesses use data for presentation and reporting, which leads to high-level decision-making. Plus, it is actually one of the best tools for keeping valuable data safe.
Remember, one of the first steps toward success is gathering data and gaining important insights that you can use for your business. And when you have the right tools that can handle data in the best way, there is no stopping what your business can achieve.