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Tips To Boost Your Business Model Using The Power Of Big Data

Big data

Big data is changing the business world. It is seen to be an integral part of a well-functioning economy. The realization of this technology to bolster productivity, improve efficiency, and boost growth is likely to become important in the coming years. Further on, this has led to a discussion on how big data can be an influence in the job industry. 

Facebook, a popular free social networking site generated revenue more than USD 40 billion in 2017, around 89% which were from digital advertisements. The company announced generating revenue growth of around USD 13.2 billion in the second quarter on July 25, 2018. 

Along Alphabet Inc. Facebook emerged as one-half of the dominant duo in the digital advertisement field. 

Hold On A Second, Is Facebook Using Big Data For Business? 

Since its inception, about a decade back – the growth of Facebook is due in part to big data. 

It has become a humongous producer of big data and the continual growth will keep extending in the field of data science and big data analytics. 

The market value of the big data world is growing rapidly and will continue to grow. 

As related by IDC,

Having said that, how can big data possibly provide the same purpose for other businesses? 

Organizations that have adopted this technology in their business solutions are already witnessing the growth and maximum profits. 

According to McKinsey, organizations using the big data business model have seen to grow 23 times in acquiring customers. 

A decade back, big data as technology was considered a tool only for larger organizations. However, this is not the case today. Despite the size of the industry or vertical, data science and big data is relevant for you. 

Here are the top areas where you can use big data to enhance and improve your business model: – 

Acquire Real Customer Intelligence

Today, businesses are garnering interest in meeting customer needs while planning for future expectations as well. This includes customer experience becoming the fastest key competitive differentiate. Gathering relevant, real-data, customer preferences and habits are some of the aspects that are crucial in big data. 

If your customers are a long-term asset, then you need to use big data analytics to predict the upcoming business growth. 

Harness Real-Time Results

Informed decision making, as well as timely updates, are the backbone of a successful business. Not to forget, you need to have the right data insights and choose a perfect time in achieving both. With the help of big data analytics, collecting data from every kind of source will be at your fingertips. 

For instance, if a product is seen to have a spike in traffic it could be optimized in real-time for better results. 

Charting Up Competitive Prices

For every service or product that you offer, your customers will compare it with the competitors. Let’s take an example, if you’re offering the same service at a lower rate as compared to your competitors, these customers will likely choose your product. 

It is difficult to keep a manual check on the prices and offers by your competitors. Here’s where big data analytics plays a major role. You can now place the competitors’ site in the analytics platform, define the metrics and start tracking. Doing so will keep you well informed thus managing pricing and offers can get easier.      

Make Use Of More Data Streams

These data streams could be anything from social media pages, smartphone apps, online stores, e-commerce stores, and many more. It is said the more relevant data streams you have, you stand a better chance in your business growth.

However, you need to ensure these data are relevant to both your business and customers. 

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