Big Data will undoubtedly become a multi-billion dollar industry in less than a decade.
The internet, wireless networks, smartphones, social media, and other technologies have ushered in the Big Data revolution.
Big data is a huge dataset that may be studied to find trends, patterns, and relationships. It helps both large and small enterprises. They make data-driven decisions.
Now let’s look at some of Big Data’s key benefits.
Benefits of Big Data for Market Analysis
Big data analysis can help grasp current market situations.
For example, a corporation can determine the most popular products by monitoring a customer’s shopping habits. It aids in trend and customer analysis. Using this, a company can get a leg up on the competition.
Case 1: Big Data Speeds Up Fast Food
Fast-food chains McDonald’s and Burger King are leveraging Big Data.
Have you ever noticed how fast you get your fries and burgers at McDonald’s or Burger King???
Yes, Big Data aids in prompt food delivery at the counter. How???
Some fast-food restaurants use Big Data analytics to monitor their drive-through lines and adjust their menus.
If the meal order line is significantly backed up, the menu will only show products that can be cooked and served fast. If the queue is short, the feature will only show things that require longer to prepare.
So you can see all the menu changes on the LCD screen at restaurants.
Using Big Data to Improve Pricing & Strategy
Big data analytics-based business intelligence solutions help examine finances and provide a clearer picture of your company’s status.
Based on that review, who can implement the necessary plan to optimize pricing in a firm or organization?
Case 2: Disney Magic Band Big Data
Each age group receives a Magic Band at Disneyland park entry. That band will tell you about cycling, queuing, and other activities. This is all done to give you a fantastic experience.
Let us now discover the wonder of this “Magic Band”.
The Magic Band uses RFID technology to communicate with thousands of sensors strategically positioned across the park. These sensors monitor and record actions.
So Big Data helps improve the consumer experience and operational efficiency at Disneyland.
Big data manages online renown
Big data tools can analyze sentiment. So you can utilize it to gather feedback on your business.
Who is saying what about your company? Big data tools can also be used to monitor and improve your company’s web visibility.
Case 3: Big Data and Self-Serve Beer
Another real-life Big Data example is the Beer Bar service.
Isn’t it odd that the bartender delivers you a little plastic card instead of asking “what do you want?” It’s a swipe card. You can use this card to pour your beer by swiping it in their special machine.
Now you’re the bartender. Isn’t it?
Two pieces of equipment from Israeli company Weissberger enable self-serve beer.
The flow meters are on every tap in the bar.
The data-gathering router sends data to the bar’s computer.
“According to Carlsberg, clients who were handed a magnetic card and allowed to self-pour beer consumed 30% more beer than before.”
So Big Data helps increase beer consumption and corporate profits.
Big data in product development
Big data analytics can examine client satisfaction and need trends. This can assist build a new product that meets their needs.
Case 4: Introducing a vegetarian smoothie
Tropical Smoothie Cafe debuted a new product called “veggie smoothie” in 2013.
No more “fruit smoothies”. But they decided to take a chance by releasing the new smoothie taste.
They discovered that their new product, a vegetarian smoothie, was their best seller. So they tested different veggie smoothie variants.
How do they track smoothie popularity???
BIG Data helps them measure consumer interest in veggie smoothies during the day.
Using this data, they started performing time-specific marketing like “happy hours” to attract more clients during the day.
Examining some more Big Data advantages
Big Data Cost Saving Benefits
Businesses can save money with Big Data tools like Hadoop and Cloud-Based Analytics. These solutions let businesses handle and store vast amounts of data more efficiently.
Use Big Data to ensure proper employee selection
Recruiting firms use keywords to examine resumes and LinkedIn accounts. Keywords should match the job description.
The hiring process no longer relies on a candidate’s appearance or personality.
Let Big Data help you get more done
Big data tools, for example, increase corporate efficiency. Many jobs may be done at your desk utilizing Google Maps, Google Earth, and social networking. These tools save money and time.
Big data to target local tastes
Big data enables small enterprises to focus on their local market. It gives you a better understanding of your local client’s preferences.
Knowing your customers’ preferences makes it easier to compete.
Big Data Time Saving
Fast tools like Hadoop and in-memory analytics can easily find new data sources. As a result, speedy data analysis and decision-making are possible.
Using Big Data to boost Sales
Big Data helps organizations grow digitally and personalize products and services to specific client needs. Customers can learn more about a company’s products and services through their digital footprints.
When this pleases the customers, they start buying and advertising it more. As a result, customers are more trusting and loyal to a company.
Finally, we’ve seen Big Data’s benefits in action.
Big Data helps organizations and businesses grow. Big Data provides them with enough product and service information. It also helps to understand buyer, supplier, and consumer preferences.
As a whole, it aids in analyzing and optimizing
Big Data is undeniably a gateway to a new world. It gives a fresh perspective to the world, making everything more efficient and productive!!!