|Big data has become a pillar in the business world that a significant number of businesses are said to be looking to soon implement the technology along with artificial intelligence / Photo by: everythingpossible via 123RF|
Big data has become a pillar in the business world that a significant number of businesses (99 percent as per Harvard Business Review) are said to be looking to soon implement the technology along with artificial intelligence.
However, only about 30 percent of those businesses were actually able to successfully do such an initiative. According to Entrepreneur Middle East, the mismatch indicates that organizations—most of which are large companies—that implemented big data analytics are seeing significant ROI.
But small enterprises can also yield benefits from big data analytics, and they would likely progress the most considering their starting point and how they can surpass competitors who delay the implementation of big data solutions.
One benefit of big data implementation is that it can open more opportunities for personal engagement with customers. The more data a company has in its customer relationship management (CRM) software, the more their customers feel connected with their brand.
“Proper implementation of big data analytics will allow you to enrich product data and predict user preferences in a way that maximizes conversions," said Vincent Müller, founder of peer-to-peer advertising network HYGH. “Reaching more people is no longer the priority– the most important factor in marketing success is micro-targeting people, who are likely to buy at just the right time.”
Moreover, Entrepreneur Middle East says big data also allows businesses to implement software that can enhance the security of sensitive information. This is done so by taking advantage of a variety of technologies, such as video recognition, natural language processing, speech recognition, machine learning engines, and automation.
Big data solutions can help enterprises connect to needed datasets to derive innovative insights through data sharing. Share data, obtained and used with explicit consent from the user, can be licensed to firms in the industry. Doing so can help in cutting down research time as well as expenses.
This mainstay technology can also serve as a guide in designing customer-responsive products and services. This can boost the business' customer satisfaction and with the right dataset, enterprises can analyze and cut down the features that customers deem worthy the most and the ones needed to be eliminated.
Lastly, data-driven AI programs can quickly evaluate the credentials and parameters of applicants to determine the best candidates for a certain position. Entrepreneur Middle East states the quality of staff produced through such an intensive process will certainly be illustrated in the overall efficiency and profitability of the business.