With immense amount of data being generated every single day, it is still unidentified for many companies to use their data streams. It might be hard to manage but cannot be overlooked, considering the huge potential which this data holds in order to be an asset for the organizations. Companies living without the appropriate knowledge of utilizing this data are mostly concerned about their information isn’t represented properly, and are in a constant search of finding a way around.
However, the potential and importance of big data is worth the hard work. It helps businesses to evaluate their market segments and how their customers are being served. Eventually it helps businesses to improve their service for better productivity. Also, it helps identifying new opportunities and problems in the marketplace.
Big data is a struggle for companies that don’t use it properly, but it’s an asset for those who known how to get benefits from it. All it requires is taking an initiative for the betterment of services, market position and better customer base.
Customer is the base of every business, and should always be placed at the top of priority list. When utilizing big data for better customer interaction, one must understand how customers interact with the business and how all touch points can be utilized to paint the complete picture. Then there is the step of finding creative ways to touch the areas that have some scope of improvement.
Different businesses may have different data assets, but the real value remains the same. It is all about building the trust amongst your customers and retaining the customers. Sometimes, you may assign a cash value to your data, but those numbers won’t make it into the balance sheets. The big data can only be used as an asset for the business if it’s based upon following three questions:
You may use your data to show important trends, but your customers will evaluate your service quality on the basis of their personal experience. The key is utilizing your data to improve customer experience, and to provide them better mode of engagement.
We can take an example of Yahoo! which is utilizing the data to improve customer’s experience. When a reader clicks on an article related to cricket, the site serves him more cricket stories. However, Yahoo! is not the only site doing this, but their technique is worth following.
Proper use of big data may help companies predict about the future. It may create a clear picture of market trends in upcoming days, months and even years. Therefore, it does not only allow the business to be prepared about the future trends, but also allows them to minimize the number of fires the company needs to combat every single day.
For instance, customer-service data and feedback can be used for training. But strategically positioning this data may also give you a clear insight about the customer dissatisfaction. This allows you to improve your services and prevent further dissatisfaction before it’s too late.
Startups generally taste success very early, but then have to fight against difficult days. Data collected in good days may help businesses to replicate this success in future. If your business is in good days, start collecting the data. If your business starts facing bad days, time to evaluate the data.
Every company has massive amount of data. But it isn’t valuable – or an asset for the company – until it’s used as a tool for evaluation. Proper utilization of data does not only give you the insight about the inner functions of your company, but also helps you improving your services, retaining your customers and fighting against bad times.