The Impact of Big Data on Businesses

By CIOReview | Thursday, May 10, 2018

116

Although the initial responses to the big data boom were that of anxiety, not knowing how to store or process such voluminous data, but the advent of advancing technologies to aggregate and analyze big data has come to reap significant benefits. However, it would be fair to say that the most significant benefiters of big data are the businesses.

To help us get a better closure on its impact, let us try making a brief listing of its benefits. First, big data analysis has proved to play a prominent role in understanding the marketing conditions better. Especially with the advent of predictive analysis, businesses can now accurately study the purchasing behavior of customers and develop products or services which are in due accord with the customer’s taste. Second, big data has come to help businesses understand their customers better. By having a great set of analytical knowledge on the customers, businesses can now provide customers with exactly what they need and enhance their relationship with customers by accentuating the best approach. Third, big data is proving itself to be a big reputation saver. As companies today recognize the value of their online presence and how it is viewed in the space, big data can help companies categorically access /analyze the sentimental feedback to help devise a better strategy on improving the image of the company.

Last but not the least, big data has proven to offer significant savings on businesses expenses. Although, organization before hugely relied on skilled labor to carry out intensive marketing research, however, with big data, it eliminates the need for labor and provide more efficient, accurate, and faster insights to carry out decisions.