How Big Data Technology Could Support Business Activities
An Introduction To Big Data
Big data is not a new concept – it has been around for a long time -, but it’s only recently that companies have begun to realise the power of the data at their fingertips, and truly apply that power.This is mainly due to the more widespread availability and accessibility of analytics tools and reporting platforms that put the data into more easy-to-understand language and graphical reports.
The first step in the process is accurately analysing the data at your disposal, and big data technology is built to meet that need. It enables organisations to analyse large volumes of unstructured data and turn it into useful insights that they can act upon, or use to inform their decisions. With the use of today’s cloud computing technologies, organisations can now access data anytime, anywhere with minimal effort.
Thanks to the current technological landscape, big data technology has become such an asset to things like problem solving, market awareness and operational efficiency that platforms such as TimeXtender, and the vast array of functionality and support that it can offer a business could be seen as an essential part of modern business operations, with the ability to make or break any organisation depending on how well they are able to make use of the insight such platforms can deliver.
How Big Data Technology Could Support Business Activities
Support Your Customers Better
Product Development & Market Research
The more information a company has on its customers and their habits, the better it can serve them, and if we’re looking at how big data technology could support business activities, this would be one area where that technology could easily come into play. The ability to collect data about your current customers (or potential target audiences) and their needs can be used to further facilitate learning about their specific needs, wants or expectations, a key step in creating a great new product or service that can meet those requirements.
Developing Partner-Client Relationships
Don’t forget that data can be collected directly from customers too, and one example of how big data technology could support business activities in this regard is in the use of big data technology to drive the improvement of your existing products and services. In addition, when they see you making changes that correspond with feedback that they’ve provided, it makes your customers feel heard. This is important because customers want this feeling – they want their opinions heard by the brands or companies that they do business with, and if you can demonstrate that you’re listening, taking their suggestions on board and acting on them, it can go a long way towards fostering good provider-client relationships and brand loyalty.
By collecting more data from customers, businesses can better understand how their products are used as well as what functionalities or capabilities customers actually want, and they can show that they’re listening to the feedback they receive.
How Big Data Technology Could Support Business Activities
Improving Your Operations
Allocation of Resources
Another example of how big data technology could support business lies in activities such as resource allocation. Big data technology allows businesses to make smarter decisions about where they allocate resources within the organisation by giving companies access to valuable information about things like demand for a product – which is important as oversupply and undersupply can hurt both efficiency and revenue, and demand for any given product or service can fluctuate due to a multitude of factors. However, big data technology will help you to put your resources – from your people, to your technology, to even monetary assets like your marketing budget – in the place where they can have the most positive impact for you.
Improving And Speeding Up Decision Making
The ability to collect, store and analyse large amounts of data allows businesses to make smarter decisions by accessing information that was previously impossible or too expensive to obtain through traditional methods. This means they can improve decision making by leveraging big data’s real-time insights into business operations, which in turn leads to improved productivity.
Automation
Big Data technology can help automate operations so that businesses save money by not having to hire as many workers. For example, if you want a company to send emails on your behalf, they’ll need people who are skilled in writing and marketing. However, if you automate the process of sending out these emails, and used insights from big data technology to identify what these emails should say, when they should be sent and to whom, then there’s less need for human input to provide email marketing or copywriting expertise. This means that businesses can not only save money through automation but also through reducing their staff size!
How Big Data Technology Could Support Business Activities
In Conclusion: Make No Mistake – Big Data Can Have A Big Impact On Your Business
In the paragraphs above we’ve seen how big data can be used to improve your products and services, improve business operations and your decision-making process, help you manage your resources and market your products and services effectively, and improve the overall customer experience that you provide.
In addition, making the most of all of the opportunities for growth and predicting future trends that big data presents to your business is only becoming more and more important as time and technology march on. Even today, if you’re not already using big data technology in your business – or if you are but aren’t doing so properly –Â you’re going to be losing out.
How Big Data Technology Could Support Business Activities
How To Get Started
The best way to start your big data journey is by reaching out to the TouchstoneBI team. We are leaders in the UK business intelligence sector, and our wealth of knowledge and experience when it comes to working with big data has given our team an immense understanding of the impact that the proper use of big data technology can have for a business. Because of this we’re able to advise each of our clients in a more personalised way, looking at their needs as an individual business, the data insights that will help them the most and the software implementation that they’ll need to reap the greatest benefit from those insights.
So, to get started today, to discuss how big data technology could support business operations and activities in your particular case, or to ask a question of our team, feel free to get in touch with us via our contact us page, or through social media on LinkedIn or Twitter – we look forward to hearing from you.
