Small-town businesses often have the luxury of developing a close relationship with their patrons. A patron may go to the same baker, at the same time, and buy the same jelly-filled doughnut each and every week. And the baker, knowing his patron personally, preemptively prepares that doughnut, and he may even make recommendations about certain croissants that the patron would like to try. And thus, this mutually beneficial relationship is built between them.
Up until recently, most modern organizations lacked the ability to connect with their clients on this level. Organizations were too big to get personal, and that potentially alienated a client who wanted the “baker-to-patron” relationship.
But with organizations now using big data, and actively putting it to use, this relationship is in the middle of a reboot. Not only that, but the future of big data allows you to understand the larger trends in the markets in your industry, helping you better plan out the future of your organization.
We Remember You
Utilizing big data, we are able to examine a wide range of structured info from clients, like purchase history and data from industry partners, as well as unstructured info, which includes preferences based on social media profiles. Not only will this information become more readily available, it will be organized in a way that can create useful profiles of customer needs, and in turn, provide action steps for optimizing and maintaining that relationship.
Monitoring the Variables
Within the coming years, organizations will also use big data to better understand how to analyze and manipulate trends for their day-to-day business. For example, according to Forbes, Delhaize America is already using big data “to study the impact of local weather on store and category sales,” showing them that warmer weather increases the purchase of magazines, while decreasing the purchase of certain grilling meats. What’s more, they retrieved and analyzed these results in just two weeks.
These practices can be applied to all fields, which is likely why 73% of organizations have invested or plan to invest in big data in the next two years.
Seconds and Inches Count
Operational efficiency is another benefit of big data. Teamed up with the Internet of Things, organizations can use this information to better understand how their products and services are operating. With cars, phones, airplanes and more reporting data, a wide range of information can be analyzed in real time, such as the product’s effectiveness, the amount it’s being used, and even the average amount of time before it needs required maintenance.
The speed of these processes will allow organizations to gauge long term trends in a simplified way, as well as make instant decisions to follow up and coming opportunities. As Sashi Reddi, vice president of CSC’s Big Data and Analytics group explains, “Big data will finally forge the last links of the value chain that will help companies drive more operational efficiencies from existing investments.”