Top 10 Advantages of Big Data You Must Know
There is no denying the fact that in less than a decade, Big Data becomes a multi-billion-dollar industry.
Today, Big data revolution has arrived with the growth of the internet, wireless networks, smartphones, social media and other technologies.
We can define Big data as a very large dataset that can be analyzed to reveal trends, patterns, and associations. It is beneficial for both big and small businesses. They are making data-driven decisions using Big data.
Now let us look at some of the most important Advantages of Big Data.
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1. Advantages of Big Data for understanding the Market Conditions
Better understanding of current market conditions is possible by analyzing the Big data.
Let’s take an example – by analyzing a customer’s purchasing behaviour, a company can find out the products which are sold most. It helps to analyze the trend and what customers want. Using this, a particular business can get ahead of its competitors.
Case Study 1 : Big Data Is Making Fast Food Faster
“ McDonald’s and Burger King are using the below Big Data strategy ”
Have you ever noticed how you get your fries and burgers at McDonald’s or Burger King on time or sometimes a little earlier ???
Answer is Big Data….Yes, Big Data helps in timely delivery of your food at the counter. Want to know How ???
Some fast food chains are using Big Data analytics for monitoring their drive through lanes and it also helps to change their menu features.
If the food order line is really backed up, then features will change to reflect only those items which can be quickly prepared and served. And if the line is relatively short, then the feature will display only those items that take a bit more time to prepare.
Consequently you can observe all these menu changes on the LCD screen at food outlets.
2. Big data to improve strategy and pricing
Business intelligence tools based on Big data analytics are used to evaluate finances, which helps to get a clearer picture of where your business stands.
And based on that evaluation who can adopt the required strategy needed to improve pricing in business or organization.
Case Study 2 : Big Data in Disney Magic Band
At Disneyland park entry, they give a wrist device called Magic Band to each age visitor. That band will provide you with the key information regarding riding times, queuing times, other activities etc. All this is done to give you a magical experience from their end.
Now let us learn what’s the magic is behind this “Magic Band”
Magic Band is developed with RFID technology, it interacts with thousands of sensors strategically placed all around the amusement park. Those sensors monitor and gather optimized information of activities.
Thus Big Data helps to enhance the customer experience and helps to increase the operational efficiency at Disneyland park.
3. Big data controls online reputation
We can use Big data tools for sentimental analysis. Thus, you can use it to get feedback about your company or organization.
Feedback is like who is saying what about your company. And if you want to monitor and improve the online presence of your business, then Big data tools can be utilized for this purpose.
Case Study 3 : Big Data & Self-Serve Beer
Another Big data example in real life is servicing at the Beer Bar.
Isn’t it interesting that the bartender, instead of asking you, “what you want to have ?” hands you a little plastic card. That card is basically a swipe card. Using this card you can pour your own beer – you just need to swipe the card in their particular machine.
You are your own bartender now. Isn’t it interesting ???
An Israeli company “Weissberger” has enabled self-serve beer through two pieces of equipment.
The Flow meters are attached to all the taps in the bar.
A router that collects all the data and sends it to the bar’s computer.
“ Carlsberg observes that when customers were given a magnetic card and allowed to self-pour beer, they ended up consuming 30% more beer than before ”
Thus, Big Data helps to increase consumption of beer and increase the profit of the business.
4. Advantages of Big data in new product development
Using Big data analytics, trends of customer needs and satisfaction can be analyzed. This can further help to develop a whole new product according to their requirements.
Case Study 4 : Big Data in introducing veggie smoothie
There is a cafe named as “Tropical Smoothie Cafe”, in 2013 they introduced a new product called “veggie smoothie”.
Earlier they sold “fruit smoothie” only. But they decided to take the risk by launching the new smoothie flavor in the market.
By keeping the track of their new product, they found that veggie smoothie has become their most selling product. As a result they also tried other versions in vegetable smoothie.
How do they track the popularity of their smoothie ???
BIG Data helps them to track that during day time, consumers were mostly interested in buying vegetable smoothie.
Using this analysis, they started doing time-specific marketing such as “happy hours”, this is done to attract more and more customers in day time.
Now let us look at the few more benefits of Big Data
5. Big Data Advantages in Cost Saving
Using Big data tools like Hadoop and Cloud-Based Analytics, cost saving in business can be done. In business, when large amounts of data is there, then these tools help to handle and maintain that data in more efficient ways.
6. Use Big data to ensure that we have hired the right employees
Recruiting companies scan candidate’s resumes and LinkedIn profiles using Keywords. Keywords are such that which matches the job description.
The hiring process is no longer based on how the candidate looks on paper and how they are perceived in person.
7. Use Big data to increase your efficiency
Digital technology like Big data tools boosts your business’s efficiency. From using tools such as Google Maps, Google Earth, and social media can do many tasks right at your desk. These tools save a great amount of travel expenses and time too.
8. Big data to focus on local preferences
Big data allows small businesses to focus on the local environment they cater to. It allows you to have insight into your local client’s likes, dislikes and preferences even more.
Once you know your customer’s preferences it becomes easy to compete in the market.
9. Big Data in Time reduction
High speed tools like Hadoop and in-memory analytics can easily identify new sources of data. As a result, this helps in immediate analysis of business data and make quick decisions based on the learning.
10. Big Data to increase sales and loyalty
Big Data helps businesses to grow digitally and to tailor their products and services to what customers exactly want. The digital footprints of business allows customers to have insight of product and services on social media platforms.
When this satisfies the customers, they start to purchase and advertise it more and more. As a result, this makes a business more reliable and loyal among customers.
So finally, we have seen Advantages of Big data in real world applications.
Big Data helps organizations and businesses to create new growth opportunities. Big Data helps them to have ample information about the products and services. It also helps to learn about buyers, suppliers, consumers preferences that can be captured and analyzed.
Overall it helps to understand and optimize the business processes.
There is no denying the fact that Big Data is like a window to a new world. It provides a new sight to the world that helps to do the things in a more efficient and productive way !!!