3 Vital business benefits of Big Data
When some people hear about something new for the first time, they would much rather gossip about it and assume the worst than actually take the time to get the straight truth. You know the type… lots of talk, little real information. One of the popular knocks against Big Data is that the benefits are not specific enough. Critics, particularly bandwagon naysayers, out there are fond of saying you have to “try it before you buy it.”
However…The demonstrable reality is that Big Data analysis has resulted in specific, measurable, positive impacts in several industries and for countless businesses over the past several years, and those benefits only get better as more is learned.
Benefit #1 – Better dialogue with customers
Most consumers don’t mind offering their opinions, if they believe it will be meaningful. But, if they tell you what they think and it adds up to zero, then why bother? In fact, asking for an opinion and then doing nothing often creates more resentment where there would be none if the questions were not asked in the first place. Big Data mitigates this, because it allows companies to connect consumer input with specific action steps better than ever before.
#2 – Risk analysis can be more proactive
Success in business is about achieving the right risk versus reward ratio, but until Big Data, there were a lot of risks that could not be quantified, much less tracked and mitigated. Big Data allows companies to discern, qualify, and eliminate many of these risks.
#3 – Better service and maintenance tracking
While no one can know for sure when their equipment will wear out, estimates must be made so maintenance costs can be budgeted. But what if you’re wrong? What if you are spending more on maintenance than you really have to? What if you can use your equipment longer and perform maintenance less often, because you have a better idea of when your equipment will need to be fixed or replaced? That is one of the chief benefits of Big Data in the manufacturing industry.
Reducing costs. Eliminating risk. Increased sales … these are just three of the legitimate, proven benefits that companies are enjoying right now because of Big Data.
About the author: David A. Steinberg is CEO of Zeta Global, a Customer Lifecycle Marketing platform company that integrates data, technology and marketing services. The company was named one of Forbes America’s Most Promising Companies List.