Business owners and entrepreneurs have been hearing about Big Data for a while now. In fact, although the term is quite new, the process is around twenty years old. Yep, way back in the late 90s and early 2000s businesses were collecting and collating info to improve operations.
Sure, the history is all well and good, but it doesn’t solve a simple problem: quantification. You may hear about how it’s the savior of modern business, but most tend not to see it in action. In this scenario, it may not even be real!
Here are four industries which prove it’s genuine that also act as a guide for entrepreneurs.
Every Single One In The World
Okay, the title is a little facetious but it’s for a good reason. Quite simply, the telecommunications sector has boomed since the rise of analytics. And, pretty much every single firm on the planet has some form of customer advisory service. It’s the number you call when you have a query. Well, using data saves businesses almost one $1 per second, or the equivalent of $1mn a year according to ibm.com. Entrepreneurs need to understand the need for software which is quick, accessible and solves complaints.
Retail And Hospitality
On the one hand, there are driving sales and selling units and then there is outstanding service on the other. Both industries need to do both if they are going to be successful. It’s why hospitality is investing in software such as Mingus and Magento. Take a look at magento.com and visit Mingus-Software.com/en for details and to learn more. In short, the level of service impacts how many units an establishment sells, as well as the number of re-offenders. Tracking which demographics buy particular goods and services is an excellent way to tailor a customer’s experience. Happy people are purchasing people.
It’s amazing that fitness sells considering it’s free. Simply go for a jog on the streets if the gym is too expensive! However, it seems as if the majority of people prefer to go to the gym, and Big Data is playing a massive role. Sure, the trainers there are pros with years of experience, but they also have info at their fingertips. One quick glance at output levels and they can tell you how hard you need to work to reach a fitness goal. The same goes for diet. By logging what you eat, they can count calories and tell their clients where they need to cut back.
Social media has to be the biggest revolution to happen since Castro and Guevara. No matter where you look, there is an icon telling you download and log-in. Now, a social media platform may be out of the question, but it doesn’t mean there aren’t lessons for tech firms. To start with, the use of apps is significant as cookies (legally) log customer info. Then, there is the effectiveness of starting a conversation and getting a customer to tell you what they want. It all begins with a buzzword.
Big Data isn’t the only force, but it’s the driving one behind the rises. Are you a believer?