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Big Data Boosts Big Business RevenueBy CIOAdvisor Apac | Tuesday, June 04, 2019
FREMONT, CA – Every day, people generate thousands and thousands of gigabytes of data, and the only way to manage the avalanche of information is the utilization of big data. Its potential for effectively navigating the market has pushed major companies to invest in big data. They now realize the worth of all the data stored in their cloud systems in increasing revenue and enhancing customer experience.
Businesses gather vast volumes of data through social media platforms, chatbots, emails, and so on, that often end up in the cloud. However, the practical analysis of all the structured and unstructured data through special analytical tools can aid the businesses in understanding their customers and their needs. The emerging big data technology can analyze the data and utilize insights to assess customer behavior. It can pave the way for enhanced customer relations. It will also enable the businesses to broaden their customer pool, creating new opportunities for innovation.
Even though it is not always cost-effective for businesses to run marketing campaigns and advertising for the sake of acquiring new customers, it is an inevitable process. However, businesses can now utilize big data solutions in finding an alternative way to attract customers. They can collect customer data through social media platforms, mobile behaviors, profile data, and so on. After evaluation of the gathered data through big data analytics, the businesses can form strategies for increased lead conversion.
In the modern era, understanding the ins and outs of technology plays a crucial role in becoming an entrepreneur. Through effective utilization of big data analytics, businesses can bolster their decisions with substantial evidence from the gathered data. Big data can also help in the talent acquisition process of companies. Hiring new staff is a crucial process for an organization which can significantly affect its productivity. The big data analytics can be used to evaluate the expertise, professionalism, skill set, versatility, and flexibility of the potential employees.
For instance, many organizations that have implemented big data utilize analytical algorithms to predict the engagement of the candidates based on their creativity and innovative abilities. As a result, they get to hire the most qualified people who can bring in substantial revenue to the organization. It can also be used to boost employee productivity by improving the work environment and training approaches.