Data is pretty much all around us. Whether it’s watching shows on Amazon or the social media sites that we often browse, the volume of data that an individual generates is massive.
What Defines Big Data?
In layman’s terms ‘big data’ is nothing but a humongous amount of data either in structured, unstructured or semi-structured formats that can be collected, analysed and shared with relevant stakeholders.
But how can businesses benefit from big data? Let’s find out.
How Does Big Data Benefit Businesses?
A whopping 61% of enterprises believe that big data can deliver deep insights into customer behaviour that, in turn, can drive revenue generation.
This valuable business intelligence enables companies to deep dive into the customer psyche to get a feel of what customers really think about the business. Taking this forward can help businesses make smarter, faster decisions that could redefine the future of the organization completely.
In addition to this, big data helps generate deep insights into business operations. This can aid in the evaluation of processes, systems and methods. If the workflows are expensive and redundant, these insights can help plug in these leakages in the system that can result in long term financial benefits for the company.
Moreover, big data is a critical factor that can help improve customer service. With the insights generated, the business can offer more tailor-made services to engage customers on a more personalized level.
Big data plays a big role in helping businesses to identify and address issues. With in-depth business intelligence, you can plug these loopholes ensuring better performance and productivity for the business. In the long run, this can drive sales and revenue for the company.
Lastly, big data facilitates better team management within the organization. You can easily identify employees that add value to the business or assess when there is a requirement for additional resources or training.
How Can Businesses Leverage Big Data to Achieve Success?
The benefits of big data for business enterprises are obvious. But the question is how the company can leverage the insights to achieve long term business success.
Intelligent Usage of CRM: The majority of businesses today depend on CRMs to manage their customer information. However, most do not have the capabilities to get the best results from the data that is captured in the CRMs.
It is recommended that before deep diving into big data analytics, it is important that you fully explore the information that is already available to your business via CRM.
Integrate Your Data: To ensure that you derive relevant insights from big data, it has to be synced and integrated. This ensures that the contact database remains consistent and updated. Moreover, you should also explore the capabilities to sync contact information in real-time into the CRM.
Whether it is to drive sales or ensure better team collaboration, big data has a critical role to play across business functions.
If your business is at a stage where it generates volumes of data, perhaps it is time to consider implementing the SAP Data Intelligence solution that can transform valuable data from any source into critical insights.