Perhaps you’ve seen big data mentioned in a radio or television commercial, or maybe you’ve read an article or two on the subject. The concept can seem a bit confusing. Simply put, big data is information too large and complex to manipulate or organize manually or with standard methods. The idea has gradually made its way into the mainstream over the past few years, as modern technology created increasingly large data sets and industries like finance and healthcare began recognizing the potential value in this information—if it is broken into digestible chunks and used to improve operations.
But if you’ve been operating under the assumption that big data is useful only for large enterprises, you may be missing out. In fact, solutions that convert unstructured information into business intelligence are available and valuable to companies of all sizes.
Big data has profound implications for any customer-facing business, particularly in customer service and marketing. If you’re wondering just how exactly big data could positively impact your business, don’t worry—we’ve got you covered:
Know What the Customer Wants Ahead of Time
Gathering and organizing data is a major part of building effective predictable models, which predict future consumer behavior. These models can actually help businesses determine what products individual customers are likely to purchase. With that information, companies can create special offers that include predicted product and related items, opening the potential for a bigger sale.
Identify Customer Trends Quickly
Uncovering trends in the call center used to require a lot of guesswork, which wasn’t particularly effective or efficient. Today’s big data solutions, however, make it easier to identify the most common problems customers experience, as well as what offerings they most enjoy. Armed with this information, Communicators can loop other departments, like Product Development, Billing or Promotions, to help solve problems or build on successes.
Personalize the Customer Experience
Big data allows companies to personalize marketing and customer service to individual consumer needs in a way that was previously impossible. As a business collects more information it is better able to segment customers into groups with shared characteristics and plan accordingly. The more information the company collects, the easier it is to enhance his or her experience. Marketers can even create unique scripts for different populations based on what is most likely to succeed.
Initially big data can be an intimidating concept, but the tools to help make sense of these mountains of information are readily available. Businesses are increasingly relying on these solutions, meaning they will soon transition from cutting-edge to ‘must-have.’ Taking chances on new ideas is always a little scary for executives, but making better use of information you are already generating will undoubtedly pay off in the long run. Just imagine what your company’s data knows about your customers that you may not.
The question isn’t so much ‘if’ you should invest in business intelligence solutions—rather the question is, ‘when.’ At InfoCision, our advice is to do it as soon as possible.
Have any thoughts on the big data revolution? Share them in the comment section below!