5 Ways Your Competitors Are Leveraging Big Data

leveraging big data

Are you leveraging Big Data?

If you’re not, you’re missing a golden opportunity to boost customer service and outsourced call center performance.

More important, you’re missing a golden opportunity to boost customer satisfaction—not to mention what it can do for your revenues.

Big Data isn’t another fad. It’s here to stay.

And thanks to advancements in technology, the data just keeps pouring in.

Make no mistake about it, this data is a business asset—one that can significantly boost competitiveness.

But you have to take Big Data seriously to leverage it. Many managers aren’t.

In fact, less than 10% of today’s businesses are leveraging Big Data. That’s a small percentage of businesses no matter how you slice it.

Leveraging Big Data

If you’re among those leveraging Big Data, that’s great. You’re ahead of the curve.

If you’re not, start thinking about doing so.

Why—because your competitors are taking Big Data seriously and using it to boost operations and revenues.

And that means trouble.

Below are 5 ways your competitors are leveraging Big Data:

1. Boost Decision-Making By Leveraging Big Data

Volume. Velocity. Variety. Every business leveraging Big Data must learn to deal with these three dimensions of data. Once you’ve done it, you’ll be able to mine true value from your data. So how do you use Big Data to make better decisions?

First, find out what you have for data. Second, establish a way to access it. Third, experiment with ways to determine how to use it.

Make no mistake this effort can be a challenge, but it will pay off handsomely in increased revenues and improved customer satisfaction.

2. Understand Customers Better Leveraging Big Data

As an IT help desk company, it is essential to have a deep understanding of your customers. Are you familiar with their shopping preferences, the reasons behind their switch to competitors, and their future purchasing decisions? Gaining insights into the motivations behind customer behavior is crucial for enhancing overall customer satisfaction.

Utilizing Big Data can significantly contribute to your understanding of customers by enabling the creation of a comprehensive 360-degree view. This holistic perspective allows you to assess customer sentiment effectively and identify strategies to foster stronger customer relationships. By leveraging this 360-view of customers, IT helpdesk providers can optimize their services and cultivate long-lasting customer connections.

3. Bolster Cyber Defenses

Cyber threats are getting more sophisticated daily. Big Data can enhance security measures and help you detect the subtle indicators of cyberattacks sooner. It can also help you improve intelligence, computer security, and law enforcement insight.

Some use Big Data to uncover hidden relationships, detect ominous usage patterns, and enhance surveillance insight.

Others use Big Data to boost real-time cyber attack prediction and mitigation and predict and prevent crime.

4. Analyze/Improve Key Operations

The need to handle the growth of machine data is a key driver of Big Data solutions. This data comes in huge volumes and a broad range of formats, like in-motion or streaming data.

It requires you to use solutions like complex data analysis and correlation activities, and unique visualization capabilities to deal with it.

If you disregard these rich data sources, you’re using only a small subset of data available to you.

Savvy managers also combine machine data with existing enterprise data and use operation analysis to enhance business operations.

5. Augment Data Warehousing

The growth and abundance of data volumes are stressing data warehouses. Big Data solutions let you build on your existing infrastructure and then leverage innovative technologies to boost the infrastructure’s value.

What’s more, you’ll be able to leverage Big Data to get two key benefits: gain new business insights and optimize data warehouse infrastructure.

If you’re not leveraging Big Data yet, you should think about doing so. Start small. Address initial use cases first then progress to larger projects as you learn more about Big Data.

Leveraging Big Data boosts competitiveness, improves customer service, and increases customer satisfaction.

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