Big Data is on hype and due to the growing demand; good data is becoming a valuable commodity. Big data is the act of collecting large data sets from traditional and digital sources to identify trends and patterns. That collected information is used by the companies to improve what they know about customer's wants and needs. Following are advantages of big data for organisations:
Data is a source of insights:
With the advances in Data Mining, Artificial Intelligence, Machine Learning and Internet, companies can get data of the customers and users. From there they can predict the customer's behavior. As peoples are increasingly willing to hand over their personal data in return for products and services that makes their lives easier. Companies that are on their game use both structured and unstructured data to build up their customer insights each step of the way.
Leveraging Offline Data:
Online consumer actions such as search queries, clicks or purchases were the original sources of data for large companies. As it turns out, data is abundant in our physical environments and offline experiences as well. Big companies like Amazon are already presenting corporate scrutiny strategies in grocery stores across the world. Almost majority of this data is unstructured photos, videos, sound, media, e-mail, social feeds, blogs, locations, appliance sensors, text messages, and more. This "Big Data" is an incredible source of intelligence for organizations and a potential source of competitive advantage.
Data helps to manage online reputation:
When consumers post thousands of comments and reviews about the products and services on social network, then it seems hard to manage the reputation online. Hence the consumer feedback can be powerfully turned into data and it can be analyzed with the help of artificial intelligence and machine learning.
Data is fuel for AI research:
Business needs high quality data to kick start their artificial intelligence and machine learning models and strategies. Companies like Google and Facebook have solved this problem by leveraging the user loop model which stats that users can generate data from comments, post or search queries etc. That's why whatever approach best fits the business model, should be introduced effective data acquisition strategies to leverage the command of artificial intelligence and machine learning.
Data is an instrument of personalization:
The new era ruled by social media, customer personalization becomes one of the important sources of competitive advantages for the companies which are offering their products and services online. Now real-time data, past behavior user preferences and interests can be easily collected with the help of tools like artificial intelligence and machine learning. These insights allow the marketers to get the necessary information about the consumers taste and preferences of the consumers and they can accordingly feature their product that the consumers might like. There is a number of data flowing through businesses nowadays and all this data is impossible to examine by human.
Artificial intelligence and machine learning are paving the way to transform these type of data into a true data so that every company can use those data and run their company smoothly and make good profits in future.