Big data has been a trending term for some years and represents a significant potential that many businesses are only starting to appreciate. Years ago, most big data came from a range of sources such as CRMs, billing and browsing activity. Today, data science is more dependent on external data sources, generating information that could be obtained internally.
Through the challenges faced in the past year, big data has become a pivotal part of recovery and growth across many sectors. According to a survey by Oxylabs of the UK finance industry, the majority of businesses have increased their data budgets in the past year or intend to make changes very soon.
These patterns are similar across other industries, and while many organisations are managing budget cuts, the overall spending on big data continues to climb to remain ahead of the competition. In terms of competition, it will become increasingly challenging for businesses that are yet to integrate big data into their organisation. There are several key reasons why a company should focus on implementing big data.
Competitor Research: Big data takes competitor research to a higher level. A competitors website can provide only limited information on their values, products and pricing. However, all this information is complex to follow manually. Automated web scraping can be useful in these particular scenarios. Automation enables regular monitoring of many websites simultaneously. For example, in eCommerce, a business can explore how their competitors are changing prices, how long it takes to sell a product and the popularity of particular items. This information can make certain decisions about products and pricing strategies.
Precision Marketing: Data-driven marketing is more effective, as high-quality data allows businesses to discover new opportunities, to customise the message and target more effectively. While many have been using data for years, the pandemic spurred many to adapt their strategies. Global lockdowns resulted in a considerable surge in more data. It became particularly challenging for older data systems that weren’t capable of capturing the changes in customer behaviour. This is when external data became even more important. McKinsey refers to these changes as the big reset in data-driven marketing. Businesses that have adapted to the new normal and adjusted their data approach have experienced growth, while others have fallen behind the competition.
Supply Management: Data supports the management of your supply chain in various ways. It can support you in selecting the right products, developing your catalogue, predicting demand and improving the efficiency of other processes. Applying public data collection tools allows businesses to determine the popularity of particular products, assess reviews and other recommendations.
Protecting your brand: The online world is full of alternative products that are based on successful branded products. Big data solutions can help identify instances where your brand name may be used illegally. Web scraping can determine fake online goods, scanning marketplaces and eCommerce sites to discover the best products. This process represents an essential part of business and will continue to be a challenge for many companies.
Improve the efficiency of business operations: If used appropriately, big data results in more efficient business processes. Data provides vital information on where to focus your efforts to generate the best results, enabling a business to reduce costs and resources.
A report by the MIT Sloan Management Review discovered that the most analytically focused businesses use a wide range of data sources. Often viewed as an added feature for larger businesses, applying big data has now become the new normal. Today, there is information everywhere that can help your business make more efficient decisions. Companies shouldn’t miss an opportunity to utilise this data within their daily operations.