big data change business

How Big Data Is Changing the Way We Do Business

Big data is one of the most powerful modern technology trends in business today and is revolutionizing the way businesses around the world operate. The term describes the process of working with extremely large volumes of data that is generated at high speeds and comes in various forms. Data is growing at such a fast rate that currently 2.5 quintillion bytes of data are created each day.

The growth of big data is still relatively new and as a business practice, most still struggle to gain insights or value from the data they access. In order to stay competitive businesses will have to take advantage of this technology by hiring experts in this field. According to the U.S. Bureau of Labor Statistics, the number of jobs requiring Data Science skills are expected to rise by 27.9% by 2026. This makes it one of the most promising careers to begin. Learn more about how to study for a Master of Data Science online.

In this article, we will look at some of the ways big data is changing the way we do business.

Marketing

Understanding customer behavior is crucial to any business’ success. Big data analytics can be used by businesses to help predict consumer habits and behavior with greater accuracy, enabling them to better meet customer needs and wants through customized marketing campaigns.

Data-driven insights can be gleaned by organizations through interpreting data about their customer base such as spending patterns, age and income level to predict the total worth to a business of a customer or the ‘customer lifetime value.’

Better Content

For any business, getting their message out to the right person at the right time can be the key to more customers and higher profits.

Big data analytics is an invaluable tool when it comes to delivering timely content that is consumed by the customer. Data-driven insights can help businesses create a more efficient content strategy by making use of metrics such as engagement rates, time-on-page and social shares to improve their conversion rates.

Cybersecurity

Big data can help businesses to reduce operational risk and the potential for data breaches and cyber-attacks.

Machine learning in combination with big data analytics can be used to examine past data to identify irregularities and potential risks. Big data can help create cybercrime detection techniques by flagging issues that are outside certain parameters allowing any deviations to be detected and resolved quickly.

Big data biometrics are successfully used by businesses to identify and counter the risks of fraud by collecting data such as fingerprints, facial patterns, voice and typing cadence. Its ability to protect your business data is clearly impressive.

Customer Service

Artificial intelligence in combination with big data is helping to change the way businesses interact with their customers.

Customer queries and concerns can be addressed around the clock by virtual assistants through the use of chatbots. By learning the main issues customers require help with, businesses can improve their service by training their customer service staff to resolve such queries and more readily providing the information their customers need.

The growth of big data will undoubtedly continue to transform the way we do business.

The following two tabs change content below.
George Meszaros is the editor and co-founder of Success Harbor where entrepreneurs learn about building successful companies. Success Harbor is dedicated to document the entrepreneurial journey through interviews, original research, and unique content. George Meszaros is also co-founder of Webene, a web design and digital marketing agency.