Ability to process Big Data in DBMS brings in multiple benefits, such as,
1. Better Decision Making
Companies use big data in different ways to improve their B2B operations, advertising, and communication. Many businesses including travel, real estate, finance, and insurance are mainly using big data to improve their decision-making capabilities. Since big data reveals more information in a usable format, businesses can utilize that data to make accurate decisions on what consumers want or not and their behavioral tendencies.
Big data facilitates the decision-making process by providing business intelligence and advanced analytical insights. The more customer data a business has, the more detailed overview it can gain about its target audience.
Data-driven insights reveal business trends and behaviors and allow companies to expand and compete by optimizing their decision-making. Furthermore, these insights enable businesses to create more tailored products and services, strategies, and well-informed campaigns to compete within their industry.
2. Reduce costs of business processes
The surveys conducted by New Vantage and Syncsort (now Precisely) reveals that big data analytics has helped businesses to reduce their expenses significantly. 66.7% of survey respondents from New Vantage claimed that they have started using big data to reduce expenses.
Furthermore, 59.4% of survey respondents from Syncsort claimed that big data tools helped them reduce costs and increase operational efficiency.
Do you know that Big data analytics tools like Cloud-Based Analytics and Hadoop can help reduce costs for storing big data?
3. Fraud Detection
Financial companies, in particular, use big data to detect fraud. Data analysts use machine learning algorithms and artificial intelligence to detect anomalies and transaction patterns. These anomalies of transaction patterns indicate something is out of order or a mismatch giving us clues about possible frauds.
Fraud detection is significantly important for credit unions, banks, credit card companies to identify account information, materials, or product access. Any industry, including finance, can better serve its customers by early identification of frauds before something goes wrong.
For instance, credit card companies and banks can spot fraudulent purchases or stolen credit cards using big data analytics even before the cardholder notices that something is wrong.
4. Increased productivity
According to a survey from Syncsort, 59.9% of survey respondents have claimed that they were using big data analytics tools like Spark and Hadoop to increase productivity. This increase in productivity has, in turn, helped them to improve customer retention and boost sales.
Modern big data tools help data scientists and analysts to analyze a large amount of data efficiently, enabling them to have a quick overview of more information. This also increases their productivity levels.
Besides, big data analytics helps data scientists and data analysts gain more information about themselves so that they can identify how to be more productive in their activities and job responsibilities.
Therefore, investing in big data analytics offers a competitive advantage for all industries to stand out with increased productivity in their operations.
5. Improved customer service
Improving customer interactions is crucial for any business as a part of their marketing efforts.
Since big data analytics provide businesses with more information, they can utilize that data to create more targeted marketing campaigns and special, highly personalized offers to each individual client.
The major sources of big data are social media, email transactions, customers’ CRM (customer relationship management) systems, etc. So, it exposes a wealth of information to businesses about their customers’ pain points, touchpoints, values, and trends to serve their customers better.
Moreover, big data helps companies understand how their customers think and feel and thereby offer them more personalized products and services. Offering a personalized experience can improve customer satisfaction, enhance relationships, and, most of all, build loyalty.
6. Increased agility
Another competitive advantage of big data is increasing business agility. Big data analytics can help companies to become more disruptive and agile in markets. Analyzing huge data sets related to customers enables companies to gain insights ahead of their competitors and address the pain points of customers more efficiently and effectively.
On top of that, having huge data sets at disposal allows companies to improve communications, products, and services and reevaluate risks. Besides, big data helps companies improve their business tactics and strategies, which are very helpful in aligning their business efforts to support frequent and faster changes in the industry.
