In recent years, big data has changed the way many companies work. This combination of processes and tools related to the use and management of large amounts of data is revolutionary for all companies. Thanks to Big Data, companies can analyze customer profiles and retain them better. This lever can also help companies create new experiences, services and products.
What is big data used for?
The application possibilities of big data are enormous and more and more companies are using this technology for a wide variety of purposes. The knowledge gained often helps make products and services more effective, relevant and adaptable for those who use them. It is also possible to call one IT consulting company to facilitate the implementation of a big data strategy.
Big data: the benefits of using it by companies
For a company looking for growth, Big Data represents a lever that cannot be ignored. The advantages of Big Data include:
understand customers better
It is one of the most popular big data applications. Companies analyze huge amounts of data to understand how their customers behave and what their preferences are. This allows them to predict the products they want to see and target customers with a more relevant and personalized marketing campaign.
Examples include Facebook and YouTube, which use both artificial intelligence and machine learning algorithms to encourage users to keep interacting with their services. When you watch videos on these platforms, they identify similar videos to create a “like profile”. From there, they find and recommend content that fits your profile.
Reduced costs
A good business intelligence and data analysis strategy can drastically change costs. This is very convenient considering that companies face various items of expenditure: storage, human resources, software, training, etc. Big data allows to process these streams of data almost in real time, identify weak points that cause unnecessary costs and help to define precise budgets.
Advertising campaigns are good examples of this. It is always important to have proper market strategies that will attract customers. Big data makes it possible. Otherwise, companies run the risk of not being able to exhaust the limits of their advertising budget.
A more targeted marketing campaign
One of the great benefits of big data for businesses is that it allows for a better understanding of customer buying behavior. Before big data, companies only had actual sales data. It is now possible to analyze customer actions in great detail, allowing companies to create more targeted marketing campaigns.
Admittedly, the study of the data is not perfect, but it is very precise. This great precision allows companies to tailor marketing to the needs of their customers. For example, big data can provide very specific information based on purchase and browsing history. This gives companies the ability to create calibrated offers for their customers.
The data can also be used to analyze text, video, image and audio data on review sites, social media and other websites. This with the aim of decoding customer behavior, recognizing patterns and providing appropriate content. With this in mind, it is interesting to use tools like Qlik Sense or DataRobot.
To detect security issues
As digital systems become more complex, there are more opportunities for security issues such as data breaches and fraud. Big data can be used to analyze trends and identify potential security risks.
A good example is the banking industry, where predictive analytics is used to detect illegal trades and fraudulent transactions. By understanding the “usual” trends, banks can then more easily highlight activity that is out of the ordinary.