Big Data Business-From its humble beginnings a few years ago as a concept in the minds of nerdy scientists, big data has become a mainstay in the business world. According to Harvard Business Review, 99% of businesses surveyed reported that they intend to implement big data analytics and AI in the near future.
On the flipside, only around 30% have actually succeeded in doing that.
That mismatch shows that while many businesses have not acquired the technical capacity to implement big data analytics, most (73%) of the businesses that have are seeing significant ROI, with most of them being large companies.
Small businesses can also benefit though. In fact, SMEs would likely grow the most considering their starting point and how they’d be able to move ahead of competitors who delay in implementing big data solutions. If you’re considering taking the plunge into the big data pool. here are a few of the potential benefits doing so could bring to your business in 2019 and beyond:
1. Marketing and CRM
Personalization has always been a priority for marketers. From mail merges to PPC retargeting campaigns, businesses have attempted to use personalization to form a closer bond with customers. The reason for that is simple – the more connected a person feels with a brand, the more likely they are to do business with it.
“Proper implementation of big data analytics will allow you to enrich product data and predict user preferences in a way that maximizes conversions,” says Vincent Müller, founder of HYGH, a startup which connects owners of public displays with advertisers in a peer-to-peer platform. “Reaching more people is no longer the priority– the most important factor in marketing success is micro-targeting people, who are likely to buy at just the right time.”
From determining the order in which to present products to producing highly-targeted email marketing campaigns, more data in your customer relationship management (CRM) software equals more opportunities to engage with customers on a personal level.
2. Security Enhancements
As the volume of online transactions has increased steadily over the years, the rate of fraud has increased commensurately as well.
From malware attacks like the infamous Wannacry virus, to less sophisticated but equally devastating social engineering attacks, hackers have brought down quite a few businesses online and offline. Losing customer data to an attack can destroy your business’s reputation, apart from the financial losses which would likely occur.