How to use big data for business development

Data Science   |   
Published February 9, 2021   |   

There’s a reason why Facebook became a global superpower despite its many privacy transgressions. It knows people. The company uses the power of data to the full extent that it’s able to. Big data has gone from being this confusing niche idea that business managers used to discount as a gimmick to a vital tool for doing business.
One of the more expected impacts of big data revolves around consumer behavior and how businesses can use that information to their advantage. But big data can have profound impacts on multiple business development areas, and not just marketing. One of the best examples is how companies have used weather-related consumer data to change business operations approach.

What is Big Data?

With the help of big data, businesses no longer need to guess what their potential or existing customers want. It also doesn’t require months of research or investing in expensive tests to see whether ideas will work or not. Instead, companies collect consumer data via the web. Usually, this happens one of four ways:

  • Via customer use reports, such as social media analytics
  • Through web usage tracking
  • By buying data from other companies
  • Through usage data of the company’s tools, if they provide any client-based apps or tools.

Big data has become an industry in its own right, and the flow of information has become like a currency of its own.

Why Every Business Should Be Utilizing Big Data Right Now

Predict Trends

Understanding a customer requires a big series of decisions. Making good decisions relies on having information because that’s the only way to predict consumer behavior and trends. Yes, people can be fickle, but their buying decisions often are not.
There’s always a pattern to discover, which can only be done by gathering and analyzing large amounts of data. Reviewing the historical data of consumer or client behavior can help predict future behavior and help companies understand why people are making the choices they’re making.Better Segmentation
There are so many variables in large amounts of data. So one of the true skills of any data analyst is to segment that data into usable clusters without losing the whole picture. This also benefits the sales funnel process as marketers can establish where certain segments are in the funnel and act accordingly to meet engagement and needs.

To Streamline Processes and Adapt More Quickly

By using the results from big data analytics, businesses are better able to gauge how to spend their time. Instead of wasting time on seemingly-important activities, business managers will know what they direct the most urgent attention. This also leads to better agility as the constant influx of data can inform business development and support new strategy turnaround at a much faster pace.
With the help of data analytics tools, sales reps, and marketers – among others – can automate some of their work as well. It can even help the company analyze workload and capacity and inform the number of employees who need to be hired or grouped to complete a project.

Increased Productivity

Greatly helpful big data tools continue to become integral to how employees run their daily activities. It improves customer service, can help drive new action that seemed impossible before and keeps people informed about how their tasks translate into ROI for the company. Knowing how important a task is and why it matters is essential to keeping employees engaged.

Increased Innovation

Having more information is never a bad thing. Generating market disruption doesn’t come out of thin air – it’s backed by heaps of data about what the market and competitors are doing. One of the most well-documented benefits of big data is that it drives innovation and creates a space for conceptualizing inventive products.

Keep in Mind: Big Data Has Downsides Too

One of the more obvious downsides of big data is the need for more data scientist fields. There’s a definite lack of talent in the big data skillset, leaving companies with a challenge when hiring candidates in this field.
Along with that comes the issue of the quality of the data a company gets. Analysts need to ensure they’re working with accurate and relevant data and still need to process it correctly. Otherwise, it’s worthless to the company. Or even harmful if the company decides to act on bad data.
The other major hurdles are cybersecurity and consumer trust. People are starting to realize that their online privacy is in jeopardy and want assurance that companies protect their information. Hackers also know that companies aggregate large amounts of data and keep increasing their efforts to get at it, which is why companies need to implement better protection and cybersecurity tools like VPNs going forward. If you want to experience the benefits of a high-quality VPN, then NordVPN can be the right choice for you.
Big data has a lot of benefits, but don’t forget to consider the downsides and find the best ways to solve that.