eTamu.id – How Big Data Helps Companies Grow Faster! Here is The Fact: Many people among business people still misunderstand about big data analytics software. They think that big data is only used by giant companies in technology such as Google, Amazon and Facebook.
Even though the big data platform helps many other industrial sectors that have nothing to do with the technology business. Another misconception is that only giant companies are eligible to use big data because they have huge resources and data to analyze.
In fact, big data is an important resource that is quite affordable but has a big impact on the sustainability of a business. A big data analytics approach can reach previously unthinkable opportunities and improve product quality by listening to your loyal customers.
How to Use Big Data to Helps Companies Grow Faster
However, before using big data analytics, it’s a good idea to first determine your company’s goals. This is because big data works according to the metrics you have specified.
1. Use big data to understand your industry
There are many public sources that can be used as benchmarks. In a company’s financial statements, for example. There are many things that can be analyzed. But if you analyze it traditionally and manually, it will take a lot of money and time.
An effective way that you can use is to implement Machine Learning technology in the form of an algorithm. Or create a monitoring tool that provides historical data and current trends and creates business patterns for you.
2. Use big data to understand competitors
Your competitors sell products and services with an emphasis on their features. Then their customers provide reviews and add criticism on the products purchased.
You can observe consumer conversations with competitors publicly and from this data, you can make a better product or service. Big data analytics is not just understanding trends.
But you can also avoid mistakes made by your competitors. Your product ends up being a consumer solution when they don’t get it from other products. Machine learning technology is part of big data analytics software that helps businesses see opportunities with wide-eyed eyes.
3. Use big data to find out the strengths and weaknesses of your product
One of the advantages of big data analytics is its ability to find out the factors that might be hidden behind the numbers or consumer behavior.
Through reports in the form of charts, graphs and so on – you can see clearly what are the weaknesses of your product and how to overcome them. You can also find out the advantages of your product so that it has more selling points than competitors’.
4. Use big data to understand consumers
Apart from a solid team and complete resources, loyal customers are your assets. In the past, consumer loyalty was built over a long period of time in simple ways such as giving promos, or in big ways by distributing bonuses.
However, this traditional method is less effective if carried out without a technological approach. Currently, many startup brands are promoting with big data platforms. The method? By knowing consumer behavior when shopping everyday.
For example, housewives have a routine shopping pattern at the end of each month. This is used by ads to target promotional ads and shopping discounts at the end of the month so that the possibility for them to join is very large.
Many startup companies are implementing big data analytics to quickly win over their audience at the start of their journey.
They can predict and meet consumer desires beyond expectations. Big data can pinpoint your consumer’s pain points. Paint point can make your product a solution to consumer difficulties.
5. Use big data to minimize the risk of unsold products
With big data analytics software, you can increase product turnover by avoiding products that die because they don’t sell well in the market.
Big data analysis can determine the best and best-selling products and are liked by consumers so you don’t need to make other versions of similar products. This can be done by analyzing inventory and sales transaction reports within a certain period of time.
Big data analytics software is no longer an exclusive tool for certain companies. Anyone can take advantage of big data for the success of the company’s business strategy. Big data can turn market trends into an advantage for your company.
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