Benefits Of Big Data Analytics For Business 2023

Data is an important asset for understanding consumer behavior and interests to improve business performance. And one of the types of data that is most often used in a business is Big Data, where data is a combination of all processes and tools related to the use and management of large data sets. (Benefits Of Big Data Analytics)

In fact, big data itself is not about how much data you have, but how to collect data in an appropriate and significant way so that the processing results can be used as a reference or reference for the business decisions you make.

For those of you who are looking for what big data is and its benefits, you can read some of the explanations below.

Definition of Big data

Benefits Of Big Data Analytics

Big data is a term that denotes a collection of data that is larger, more complex, and comes from various sources to make better decisions in a business.

Big data is not about how much data you have, but rather about collecting data in an appropriate and significant way so that the processing results can be used as a reference or reference for the business decisions you make.

It can also be said, big data is a concept about our ability to collect, analyze, and understand the large amount of data that comes in every day.

These data include internet protocol traffic, internet user accounts, banking transaction data, sales transaction data, satellite imagery results, GPS movement data, data from camera recordings, social media user activity, video data, image data, audio data, data e-mail, data providers and their customers, online games, and other internet applications.

Big Data Characteristics

Here are 3 main characteristics of big data itself.

• Volumes

Big data has a very large amount of data so that in processing data it requires a sophisticated storage and analysis application.

• Velocity

Big data has fast data flow and is real time.

• Variety

Big data has various data formats (structured and unstructured), depending on the many data sources generated.

Benefits Of Big Data Analytics

Benefits Of Big Data Analytics

So for those of you who want to try to take advantage of big data for the development of your business, here are some benefits that you can get:

1. Customer Relationship Management (CRM)

Customer relationship management is one of the most important things in a business, because CRM helps improve marketing and helps you manage your marketing and operations more easily so that customer needs are met.

As a business owner, maybe you have made several CRM efforts to maintain good relationships with customers. There are several tools out there that can help you manage your CR activities, for example Zoho or Bitrix24.

With this tool you can also collect and use data more easily and efficiently. Apart from that, you can also find out the history of consumer purchases, types of consumers, complaints from consumers, to more specific information about your consumers.

2. Encouraging Innovation

Big data can help you innovate by studying the relationships between people, institutions, entities, and various processes and ultimately determining new ways to use this new knowledge.

Large companies like Netflix use big data to anticipate consumer desires. They use data by looking at how consumers use their products. Based on this data, they will then develop new innovations for their products and services.

3. As Data Sharing

When a business starts to develop, they start to pay attention to the product and the situations that will arise. Maybe we think that there is not enough information to build a product with certainty. But the data that can actually build this product is impossible to obtain without researching other products first.

So, this is where data sharing plays an important role. With data sharing, the innovation process can be faster, namely by connecting businesses to the data sets needed to produce new innovation insights.

4. Analyze Risk

The success and failure of a business is not just a matter of how you run a business. There are various economic or social aspects that also play an important role.

The results of big data analysis are predictive analytics, this allows you to analyze both social media and websites. You can also follow the latest trends and developments in certain industries.

5. Maximizing Customer Service

Chatbots are a means of providing the best customer service without constraints of time, budget and staff. Well, big data can also increase customer satisfaction by providing guidance and helping to design products and services that suit customer needs.

With the right data, you can analyze and find out which features consumers like most and which ones need to be removed. Here you can use survey data, income history or tracking technology.

6. Increase Security

When online transactions increase, usually the level of fraud will also increase. Starting from malware attacks, the Wannacry virus to other hacker attacks that can disrupt your business processes.

Now big data allows companies to implement software that can increase the protection of sensitive information, in financial matters for example.

Disadvantages of Big Data to Watch Out for

Apart from the benefits, there are also disadvantages of big data that you need to be aware of, namely customer concerns that arise regarding privacy and security rights. (Benefits Of Big Data Analytics)

Fortunately, currently data privacy laws are increasingly being protected, businesses or companies that rely on big data are also starting to consider protocols, processes, and data infrastructure that aim to protect data and reduce security risks, big data also needs to be processed specifically so there is a need for experts who understand the processing techniques.

That means, to be able to process and maximize the benefits of big data for a business, they need to invest in information technology (IT) infrastructure consisting of databases, processors with adequate computing power, and other IT capabilities, including data science.

Big data is closely related to data science, these two technologies can be applied in almost all business sectors. When you want to process big data, a company must have data scientists to be able to produce the right information for a business.

Overview of Data Science

According to Data Robot, data science (data science) is a science that combines proficiency in a particular field of knowledge with programming, math, and statistics skills. (Benefits Of Big Data Analytics)

The goal is to extract knowledge or information from data.

Usually, people who are proficient in the field of data science use machine learning or machine learning algorithms, this is useful for processing text, images, video, audio, etc. to produce artificial intelligence.

These artificial intelligence systems can be designed to perform a variety of tasks that are too difficult for human intelligence.

The results of data processed by artificial intelligence systems will be used by analysts and users in business to design the right strategy to solve a problem or achieve a goal.

To learn about data science, you can read several blogs on the Internet, or watch several YouTube channels that provide content about data science.

Already Using Big Data for Your Business?

Those are some explanations about big data and 6 benefits you can get when using big data. Big data can not only be a source that gives you insight from the results of market and consumer analysis. (Benefits Of Big Data Analytics)

You can provide or even sell non-personal trending data to other large businesses operating in the same sector as your business.

If there is anything else you want to know about big data, Whello has a team of digital marketing consultants who can answer your questions. You can discuss several things about big data. Or you can also leave a message in the comments column below.

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