3 Ways Big Data is Changing Business

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3 Ways Big Data is Changing Business
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• Its estimated that around 2.5 quintillion
  bytes of data are created every day, and that
  number is only going to increase in the years to
  come. As businesses become more connected on a
  global scale, leaders and officers are trying to
  figure out the best ways to use, store, and
  improve on big data they receive from customers
  and from their own employees.

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• Big data not only refers to the sets that must
  be sorted through via data processing methods,
  but also to the concept of extracting and
  analyzing information captured to better predict
  certain trends and behaviors in consumers.

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• Smaller businesses might feel left behind or
  struggle to make use of the information stored.
  Big data translation can be daunting, considering
  how massive todays data sets can be. But whether
  your business is a one-stop shop or a globalized
  retail conglomerate, big data is changing the way
  companies do business. Here are three ways big
  data has shifted the business world.

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Internal Operations

• While most think of big data as a way to
  analyze consumer habits, companies are also using
  data from their own employees to improve internal
  operations and company efficiency. IT departments
  reigned supreme in the former decades as the
  forefront of productivity and business growth.

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• Now, businesses are developing separate data
  departments and appointing Chief Data Officers to
  handle the influx of big data. In turn, we see
  companies elevating data to a higher priority
  level. With some of this translation, companies
  have implemented sensors on their delivery trucks
  to track how long deliveries take and to better
  optimize routes.

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• Additionally, companies are using feedback and
  information by monitoring employees tones,
  stress levels, and how they move around the
  company to not only improve their working
  conditions, but to refine the hiring process and
  narrow down potential candidates.

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Narrow Targeted Marketing

• A superabundance of data means that, now more
  than ever, companies are able to create highly
  targeted marketing campaigns for their consumers
  and are able to anticipate customer needs. Taco
  Bell, with its key target demographic being
  teenagers and young adults, has created a slew of
  marketing campaigns that have recently rebranded
  the fast food chain from Taco Hell to a
  satisfying late-night snack destination.

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• Their unique social media platform has allowed
  for them to turn big data translation into
  marketing campaigns that continue to draw in and
  expand their consumer base. Of course, the flip
  side to companies using their customers
  information to create better marketing campaigns
  is to create a more secure way to hold and store
  all of that detailed customer data.

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• Amazon, with their new brick and mortar
  bookstores, has already exemplified this by
  implementing a system that prohibits customers to
  log in or access their personal accounts from
  their registers when they pay. Rather, the
  customer logs in to their account from their
  smart phone, ensuring that none of their personal
  information is stored in Amazons registers.

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Enhanced Customer Experience and Products

• Ideally, businesses would use their big data
  to predict what customers are looking for in
  their shopping experience and what improvements
  they would like to see in a companys products.
  Instead of product designers relying on customer
  feedback to start to improvement on a product,
  big data analysis can help companies predict what
  customers are expecting already.

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• By including sensors that can provide
  real-time customer reactions and information on
  how they use their products, some companies can
  quickly act on those predictions and plan when
  and how much to produce. This in turn can help
  cut costs for businesses, as they dont have to
  spend as much on production and inventory costs.

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• Additionally, real-time data analysis can aide
  in customer service concerns, by analyzing a
  customers account and providing one or two
  potential issues via a voice prompt to help
  deliver exceptional and informed customer service.

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• Regardless of whether youre a small business
  owner, a curious customer fielding answers on big
  data translation, or a chief officer for a large
  corporation, there is no escaping big data and
  its influence on how business is done today. It
  can help analyze not only what your consumers
  want, but how you can further improve your
  companys internal operations.

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• Technological tools to access and analyze big
  data are more than just a benefit theyre a
  necessity.
• This is courtesy of Adam Pepka. Below is his
  bio.Adam is a real estate doyen and finance guru
  currently residing in Tucson, Arizona.

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• His real estate investments in several states
  keep him constantly on the go, and his passion
  for writing has found him penning pieces with
  unique insights on everything from landlording
  issues to investment advice.
•  https//www.ceoblognation.com/