Big data is a modern technology that captures huge amounts of data, which is then analyzed in order to reveal patterns and trends. Organizations need to transform what they have gathered into business insights that promote growth.
Across business in general, there are 5 sectors that are intelligently using big data to improve their operations and connect with customers better.
Fashion
By using big data, fashion industry moguls can predict when there is a market for businesses to carry certain products. Big data gives them the opportunity to stop the manufacturing of some items, and focus on the products that sell well.
According to researchers, big data presents fashion companies with opportunities to engage businesses and markets through effective content on social media. The leading fashion brands use comments on social media and turn them into engaging conversations, thereby increasing their global presence and at the same time gathering necessary data for future analysis of patterns and trends. Fashion designers and magazine publishers are constantly producing innovative fashion content to attract customers. This allows them to collect the data received from the different content outlets and see how the fashion industry is changing.
Market Intelligence
If marketing-based businesses are driven by analytics, then market intelligence groups are the engines of it all. Big data and analytics are on a whole new level today, creating vast new opportunities for company leaders. The last few years have seen a huge increase in the quantity of data available from different sources including mobile phones, social media, and transactional data from people’s online behavior. Only businesses that are based on good research can minimize operational risks, as well as pursue profitable opportunities for growth. Fortunately, market intelligence groups now have the tools, approaches, and talent, in order to turn gathered data into a competitive advantage. Market intelligence can either make businesses realize their potential or advise them against unrealistic expectations.
Customer Intelligence
Data is the basis of any customer intelligence group. Today’s businesses are generating huge amounts of data through several channels, which include online stores, kiosks, sales offices, and even call centers. In addition, organizations are now using customer and prospect data in order to generate information through reseller and advertising networks. This year, customer intelligence organizations can gain insights by integrating views of the aforementioned sources with different target markets. Customer intelligence groups are now developing strategies for accessing and integrating customer data into making big business decisions.
Read more about how Marketing Intelligence and Customer Intelligence provide powerful ways to strategize, ensure customer satisfaction, and continued growth
Finance
Bloomberg claims that the global financial industry has evolved enormously over the past decade in terms of investments and trading. The sheer volume of financial data is constantly growing, which has a direct impact on the value of different assets that can be traded online. These assets include currencies, cryptocurrencies, commodities, indices, stocks, and options. The information contained in big data can greatly improve the way investment and trade indicators are gathered and used.
Big data has been a crucial step for advancements in online trading. Without big data, online trading platforms are unable to create solutions that would ease the everyday activities of traders. Nadex states that people can now perform transactions on a regulated US-based exchange, as well as trade on different markets using just one account on a computing device. It’s thanks to big data that the financial industry can expand their solutions, as well as improve their offerings based on their customers’ needs. Big data is a huge step towards the development of investment and trade, and it will further propel the industry towards positive changes this year.
Data Integration
Big data integration is the combination of technology and business procedures used for synthesizing data from dissimilar sources. A complete data integration solution must deliver trusted data from different sources.
With a high volume of sensor and social data being generated every day, it is now critical for data scientists to make large amounts of information available for analytics and consumption. Data must not only be gathered, but its accuracy must also be assured. The powerful and far-reaching data integration of several digital frameworks will help this idea materialize in 2018.
Conclusion
Businesses are becoming more digital than ever which means data are being gathered by organizations in gigabytes. Utilizing data can provide leaders with unexpected information that lead to unconventional yet successful business strategies. While some industries are already taking advantage of the insights that big data provide, we can only expect more and more enterprises to join the data revolution as businesses become more competitive.
