Ways to Increase the Business Impact of Big Data – News Couple

Ways to Increase the Business Impact of Big Data

Big data has been a favorite buzzword in business for many years, and while the term has skyrocketed in popularity, some were already tired of it by 2014, like Deloitte who simply insisted that the term not be used anymore. However, behind this buzzword lies a huge business potential that many companies are just beginning to unlock.

Big data describes large and complex data sets, usually coming from a variety of sources. A decade ago, most of them were internal data sources: CRMs, website browsing activity, and billing and accounting system records. Nowadays, data science is increasingly dependent on external or alternative sources of data – they provide additional information that cannot be obtained internally.

The pandemic has taken on the role of big data as one of the main drivers of recovery and growth in many industries. According to a recent market survey conducted by Oxylabs for the UK finance industry, the majority of companies surveyed have either increased their data division budgets in the past year (38%), or are planning to (43%). These trends are being replicated in other industries. Thus, as other areas of the business deal with budget cuts, spending on big data is rising as it is seen as essential to staying ahead of the competition.

Speaking of competition, it will become increasingly difficult for those who have not used big data in their business operations. Hence, if you are among those who are still hesitating, here are some reasons why you should start using it now.

1. Competitor Research

Big data takes competitor research to another level. Only a competitor’s website can provide information on value proposition, product assortment, pricing, etc. However, it is very difficult to keep track of all this information manually. Automated web scrapings come in handy in such cases.

Automation allows continuous monitoring of many websites simultaneously. In e-commerce, for example, this could mean that a particular company can see how its competitors are changing their prices, how long it takes to sell the product, what is the most popular and so on. Based on this information, this company can make decisions about its assortment and pricing strategies.

Another important thing to consider is the SEO strategy of your competitors. Web scraping will help you find out which keywords your competitors are using, as well as which are working well and which are not. You can use this information to improve your SEO strategy and achieve better rankings.

2. Precise Marketing

Data-driven marketing is more efficient, as high-quality data allows you to identify the right opportunities, customize messages, and target precisely. It can help you ensure that only relevant audiences are reached with relevant messages.

However, while most marketers have been using data for years, the pandemic has forced many to rethink their usual strategies. Lockdowns around the world have led to an unprecedented increase in the use of digital channels, flooding companies with massive amounts of data, but not in the way they used to. It was a challenge for legacy data modeling systems, which simply could not capture changes in customer behavior so quickly.

This was the time when external data became very important. Even factors such as city-by-city closing rules or the reopening of some businesses, can lead to or disrupt marketing efforts. McKinsey & Company calls these trends a big reset in data-driven marketing. Those companies that adapted to the new normal and retrained their data modeling algorithms enjoyed growth, while others, left behind by competition, would eventually have to catch up.

3. Supply Management

Data can help you manage your supply chain in many different ways. It can help you choose the right products, develop product catalogs, forecast demand, and achieve efficiency for many other processes. This is especially important for retail and e-commerce businesses.

With automated public data collection tools, you can see which categories and products are most popular at the moment. Factors such as positive or negative online reviews, media recommendations, or product feel will help you get a clear picture.

Finally, data can also help you find your competitive advantage. For this, you’ll need to scrape your competitors’ product catalog—check out what products they sell, how quickly they sell, and the sectors they cover. Always look for gaps – some parts may be left exposed, which presents a great opportunity for you.

Keep reading—>

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