Big Data's role in customer-centric engagement: what is it and how it may work
An essential tool for companies striving to harness their business potential —?Big Data and Analytics?— has been around for some time. However, most organizations found out how to derive valuable insights from terabytes of data a couple of years ago, and the mechanism of their work may still remain unclear. So why do Big data and Analytics revolutionize business processes, and how to increase revenue and customer loyalty by using them? Without further intro, let us dig into the topic.??
Big Data is a name for the massive amount of data and data sets appearing from various sources, which makes them voluminous. The best way to quickly characterize Big Data is using the three Vs — increased Volumes of data, great Variety alongside high Velocity. Social media, mobile apps, the cloud, sensors, and websites may serve as publicly accessible data sources. They assist companies in evaluating customer details (interests, likes, purchase history) to define hidden correlations, patterns and upcoming market trends.
Market leaders widely use the tool in various business branches. Amazon, for instance, utilizes bank data to access customer information and search histories: it helps to improve customer relations through setting up advertising algorithms. Netflix, for its part, benefits from data on users viewing habits, while for Capital One, it is an efficient tool for ensuring the success of customer offers.
What are the most compelling benefits of Big Data??
Identifying consumer patterns, as was mentioned previously, is critical for tailoring services and products in line with customers' needs. With the help of?Big Data development solutions, e-commerce platforms pop up suggestions with previous purchases in mind to deliver clients the ultimate personalized shopping experience.?
You don't have to spend a fortune on promotional campaigns — Big Data also assists in analysing point-of-sale transactions. Based on the data found, companies create targeted campaigns with a significant focus on user experience. Consequently, businesses start to shape their visual aesthetic and consistently build brand loyalty.?
Effective risk management solutions appear as an outcome of?Big Data analytics and tools. In case of potential threads and sudden events, you can reduce multiple hazards and address complex security issues.?
A competitive market space requires tracing customer feedback and monitoring companies of the same niche. Big Data is handy for facilitating these processes, which is necessary for staying ahead of competitors. Instead of creating new products or services, businesses may innovate the existing ones according to clients' demands and preferences.?
Big Data enables supplies to prevent or evade several constraints they tend to face. Another significant thing essential for supplier network development is the contextual intelligence that Big Data analytical instruments can provide.?
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Various Big Data tools (mainly Spark and Hadoop) offer companies a set of cost advantages for processing, storing and evaluating massive amounts of data. One of the most illustrative examples of applying Big Data you can find in the logistics and retail workflow: it enables companies to minimize product return costs with the help of estimating the probability of product returns.?
Last but not least, Big Data is primarily used for optimizing routine and monotonous tasks, giving employees a chance to concentrate mainly on pressing or more complex issues requiring prompt solutions.?
Big Data real-life success stories
Naturally, implementation of the tool varies from sector to sector, and here we decided to dwell on particular examples of how Big Data may benefit manufacturers and various enterprises worldwide.
The world's second-biggest company, specializing in manufacturing sea and aircraft propulsion systems, implemented Big Data tools to analyse 3 petabytes of data annually. The current engine health system can monitor around 100 parameters, and the company stores all the information in the flight recorders. The following generation engines will be connected to the?cloud monitoring solution?and Big Data analytics — they will allow the company to evaluate more than 5,000 parameters simultaneously and ensure prompt risk prevention.?
Nearly ten million London commuters use buses, subway trains, cabs, and ferries daily. Transport of London company takes full advantage of Big Data tools to find out which customers tend to take long routes, which bridges/roads are more loaded and which directions face the heaviest traffic. As a result, the company can adjust the traffic lights on specific routes and roundabouts to enhance throughput capacity and handle complicated situations.
The holding contains a network of 500+ restaurants, so the company aimed to aggregate information from point-of-sale systems and conduct inventory management. If some of the network's restaurants don't achieve the margin threshold, the operations department informs employees about that in 20 minutes. Therefore, there is no need to evaluate a comprehensive monthly report. In addition, if some ribs are left in some restaurants, companies immediately create a limited-time marketing offer for loyal customers.?
At PNN Soft, we have an in-depth understanding of implementing?Big Data and analytical tools?in line with clients' individual needs. We have been working with various business branches, from entertainment and hospitality to banking, logistics and healthcare. Therefore, we are aware of the most efficient technological stacks suitable for certain companies and manufacturers.