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Impact of Big Data on Business Strategy
- Vrinda Mathur
- Jun 10, 2024
Big data is still a hot topic, even if the term has become a little distorted and overused. According to Google Trends, interest in this topic has dwindled over the last five years.1 However, true enterprise adoption of the technology is accelerating.
Large data set analysis has the potential to transform long-held traditional organizational practices as well as business planning. Big data strategies are becoming increasingly important in order to compete in today's market, and as a result, organizations should consider the following to improve their data culture.
What is a Business Strategy?
Business strategy refers to the strategic initiatives that a company undertakes in order to create value for the organization and its stakeholders while also gaining a competitive advantage in the market. This strategy is critical to a company's success and must be implemented prior to the production or delivery of any goods or services.
A comprehensive plan or a series of actions meticulously crafted to achieve specific business goals and objectives is referred to as a business strategy. It entails a systematic approach aimed at gaining a competitive advantage, responding to market dynamics, and achieving long-term success in a specific industry or market. This strategic framework includes defining the organization's vision, mission, and values, assessing internal strengths and weaknesses, and identifying external opportunities and threats.
An in-depth understanding of the market, competition, and internal capabilities is required for an effective business strategy. It entails strategic resource allocation decisions, target market identification, and the development of a distinct value proposition to differentiate the organization from its competitors. Importantly, business strategy is not a one-time endeavor but an ongoing process that adapts to changes in the business environment.
Also Read | Six V's of Big Data
Benefits of using Big Data in Business Strategy
Data became an essential component of comprehending customers and their motivations. Every online action and interaction is recorded in order to gain as much insight as possible.
Customers' online profiles can be expanded as a result of such input, revealing a great deal about their personality, behavior, and life events. These insights are used by businesses to improve their products, select the best business strategy, and boost marketing campaigns. Some of the major benefits that big data offers for making effective business strategy are-
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Increased market knowledge
Big data can help us analyze complex customer shopping behavior in greater detail, but it can also deepen and broaden our understanding of market dynamics.
For product categories ranging from breakfast cereal to vacation packages, social media is a common source of market intelligence. There are people out there sharing their preferences, experiences, recommendations... and selfies for almost any commercial transaction you can think of! Yes, even their breakfast menu.
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Customer service that is proactive
You can predict what your customers will require before they make the first purchase thanks to Big Data analysis. Real-time data analysis from multiple channels, such as social media, store visits, or browsing history, enables businesses to fully understand their customers' needs.
A personalized customer experience is essential for a happy customer. Companies can adjust their entire business strategy, from marketing campaigns to customer service, based on such in-depth analysis of customer data.It also allows contacting customers if a future issue arises.
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Intelligent recommendations and audience segmentation
We are now so accustomed to recommendation engines in our daily lives that we may be unaware of how much they have evolved since the advent of big data. Predictive analysis for recommendation engines used to be quite simple: association rules that found common items in market baskets. This is still available as a feature on e-commerce websites, informing us that customers who purchased widgets also purchased fidgets.
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Enhancements to Efficiency
Big Data enables businesses to gain a comprehensive understanding of their products, allowing decision-making processes to be optimized and changed to ensure maximum operational efficiency. Operational and historical data gathered from various sources such as machine logs, social media, web, or apps can be transformed into obvious and actionable insights that can also be used to improve.
Also Read | How Does Data-Driven Decision Making Help Businesses?
How to Maximize the value of Big Data in Business Strategy
The market for big data analytics tools is massive; since 2012, more than 40% of large organizations have invested in big data strategies. However, with an infinite number of data points to manage, it can be difficult to know where to begin.
You can make the most out of Big Data by using the following tips:
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A skilled big data team
Form a team of skilled experts in data collection, analytics, and strategy to create an ideal big data strategy that yields positive results for the company. Individuals who understand modern analytic methodologies and are capable of manipulating large data sets should be part of this team, as should experienced consultants who understand overarching business goals.
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Capture the necessary information
After defining the underlying business goals, the next step is to fully understand the data before applying it. Identifying, capturing, and tracking the right data will be the backbone of the entire big data process. Utilizing the wrong data sets can result in catastrophic consequences that lead the entire company in the wrong direction.
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Make use of analytical innovation.
Big data processing and analytics innovations are transforming how businesses derive value from their customer data. Approaches that provide periodic snapshots in the form of descriptive reports and dashboards (what happened) are giving way to systems that continuously analyze incoming data to produce predictions (what is likely to happen) and prescriptions (what to do about it) that are actionable in real time.
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Combine automation and expertise.
More analytics does not imply a reduction in the need for human expertise. Analytic expertise informed by domain knowledge is required for the development of effective predictive and decision-making models. Today’s shortage of analytic talent puts more pressure on organizations to ensure they engage with well-trained data scientists, either their own in-house experts or vendors with whom they choose to collaborate.
Examples of Big Data impact on businesses
Since the explosion of data from various sources, such as social media, sensors, and devices, Big Data has become more important than ever in today's world. The ability to collect and analyze large amounts of data has become increasingly important in decision-making, innovation, and growth. Some of the business applications of big data are listed below.
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Banking and Finance
Financial institutions have come a long way in terms of adapting to digital innovations, which have necessitated behavioral and technological changes. Big Data's use in finance has aided significant technological advancements in recent years. Big Data analytics has completely transformed the financial services industry.
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Retail
In retail, trying to win the customer is a long-standing battle. What matters the most is excellent customer experience. Big Data enables retailers to achieve new ways of winning customers, staying ahead of the competition, and focusing on innovation.
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Spotify
Spotify collects a massive amount of data, ranging from song preferences and favorite genres to less obvious factors such as headphones used, when song volume is reduced, and when the Spotify browser window is resized.The mountains of data Spotify collects each day not only helps users find content based on their preferences, but it also allows the company to tailor its marketing strategies.
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Coca- Cola
Coca-Cola designed a unique way to find potential new consumers of its iced tea brand, Gold Peak, as an example of a big data application. Using image recognition software, the company scoured social media posts for images of users drinking iced tea or drinking competitor brands. As a result, they were able to target prospective customers with Gold Peak advertisements.
To summarize, Big Data is a powerful tool that gives organizations insights and opportunities to improve operations, drive innovation, and improve customer experiences. There are numerous Big Data use cases in various industries, including business, healthcare, finance, government, science, and research.
Also Read | Big Data: Different Types And Benefits In Real World
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