5 Ways Your Competitors Are Leveraging Big Data
Are you leveraging Big Data?
If you’re not, you’re missing a golden opportunity to boost customer service and 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 you’re 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
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
How well do you know your customers? Do you know how they prefer to shop, why they switch to competitors, and what they’ll buy next? Understanding why customers do what they do is central to boosting customer satisfaction.
Big Data can help you understand your customers better by helping you generate a 360-degree view of them.
This 360-view of customers can also help you asses customer sentiment and determine how you can more fully develop customer relationships.
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 cyber attacks 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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