With the innovations in technology taking the center-stage, businesses are quickly adapting their decisions and strategies to adapt to the changes and optimize outcomes. These innovations have brought to light the various minute aspects of businesses that can be leveraged to escalate lead generation and profit. One such aspect is big data.
Recently, big data has cooked up a buzz in the business world. Newer technologies have facilitated a rise in the access of data for businesses. As a result, businesses have been faced with an overload of information over the years. Based on this data, businesses can make more informed decisions regarding their growth strategies.
Thus, big data is the window to a wealth of knowledge about customer behavior, interactions and so on. It involves extraction of value from the available data and conducting a predictive analysis based on the patterns. Let’s take a look at some of the ways in which big data can transform businesses.
Improved Internal Efficiency of Organizations
Businesses can harness the potential of big data by utilizing it to track internal operations, the efficiency of infrastructure, employee performance, overall progress and so on. Additionally, it can also be used to hire employees, maintain schedules, quicken delivery processes, alert supply chains about fresh requirements, optimizing offers to fit clients’ needs and so on.
Big data has created pathways for accurate predictive analysis that can optimize business outcomes by managing internal operations efficiently. Since all industries are becoming more and more data-driven, sensors are being used to monitor and collect information regarding employee health, stress levels, movement, tone of conversation and so on. This information is used to design analytics-infused management systems to improve productivity.
Customer Intelligence & Decision Making
Effective customer intelligence involves the accumulation of information about the customers related to their details and activities to gain a better understanding of their requirements. This information can be utilized to serve customers better by providing them personalized offers and notifications optimized to fulfill their needs and build customer relationships.
Customers want to be remembered and valued. And big data allows you to do just that by providing access to their online behavior. One of the best ways to accumulate this valuable data is by offering free WiFi to your clients while they visit your business premises. Customers usually do not think twice about sharing their emails and other social information in exchange for free WiFi.
Deploying Effective Promotional Strategies
A business’s revenue and growth are determined, at large, by customer experience. In a research conducted to determine the impact of customer experience on businesses, the following facts came to light:
- 13% of the customers would share a bad experience with a business with at least 15 people, while 72% of customers will share positive experiences with 6 people or more.
- 91% of unhappy customers who do not complain about their bad experiences usually leave.
Delivering services tailored to fit the customers’ needs is the best way to satisfy them. It not only drives profit, but also plays a major role in building trust.
When it comes to marketing, data is a valuable asset for businesses. In the recent years, businesses have been found to devise promotional strategies based on real-time data. These strategies include the following:
- Examining what works and what doesn’t in terms of customer acquisition
- Identifying customer requirements and preferences based on age, gender etc.
- Creating content targeting these specific requirements that solves their problems
- Engaging customers through various interactive activities including quizzes, contests etc.
- Analyzing the online behavior of customers by tracking the pages they like to view, the information they share etc.
- Keeping track of customer feedback, reviews and complaints regarding the products and/or services provided by businesses
Based on this data, businesses are trying to anticipate customers’ expectations and customize services that can serve them better.
Seizing New Business Opportunities
Combined with mobility and connectivity, big data has made everything more actionable. With the rise of smartphones and tablets, the world’s population has migrated to the mobile devices to perform their searches. In fact, the number of mobile phone users is expected to rise to 4.77 billion by 2017. Adding this mobility aspect to big data has opened up newer opportunities for businesses.
With data in motion and the intelligence of mobile device, critical business decisions can be taken on the go. This gives the term ‘real-time’ an entirely new meaning. Data can be collected from the field and added to the existing pool of information to fuel the right business decisions.
With the growth of Internet of Things (IoT), smart devices are becoming equipped with the necessary features to generate real-time information. This not only digitalizes information, but also helps in identifying and eliminating the business processes that do not work. Traditional premises of business strategies are expected to become obsolete as the new ones take root. Businesses will become more productive, competent and dynamic to leverage this trend.
Steven ScheckSteven Scheck is the Principal of Inspire WiFi, the nationwide leader of WiFi networks for the multifamily, hospitality and healthcare industries. He believes more and more people should be aware of the latest trends in wireless connectivity and draw benefits. Especially, the community WiFi should be put into relevant use. He also believes that hospital WiFi has become an integral part of the healthcare industry and hints at is varied form of use. So, he shares the innovations in WiFi through his write-ups.
When he isn’t bringing WiFi to the masses, he enjoys spending time and traveling with his wife and 4 kids and occasionally gets in a round of golf. He is also very involved in philanthropic causes in Miami and nationally.LinkedIn
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