We can merely say the future of the companies will depend on the amount of quality data they are going to have in their hands. The mediums which generate data on a regular basis has been increasing due to the increasing usage of electrical devices and the internet by the customers.
If a company has vast amounts of data and if it does not know how to manage it and make best out of it, then they will forward the data to the organizations who can have the capability to make that data use and have expected results after that.
To refine the large sets of raw data and to make maximum out of it we need a better computational processor, it is challenging to process with the conventional computational systems. To utilize the significant volumes of data and to predict the future trends, and Data analytics we need to have the skill and proper infrastructure. The world is in an era of heavy competition, and there are already big giants who are in the market since long back with facilities like, best in class infrastructure, adequate capital, and skilled employees. It is tough for the startups to compete with these giants but it is possible to get desired success and to sustain in the market, big data will help them in the following ways.
1) Can have direct access to customer
As technology is becoming part of our everyday lives, and customers are getting educated day by day, and they are acting very wisely while committing any purchase decision. A few years ago it was effortless to predict the customer behaviour because they were not accessed by a wide range of products as well as information. But now the scenario has changed, the customer is searching a vast amount of information before he buys something.
Big Data is something that helps startups to profile the likes and dislikes of the customer, and you can even have a chance to interact with the customer directly. Big data, can help a blueprint of customer wants, and they can produce products with a significant possibility of success.
2) Creating products and services according to customer mindset
Big data made everything simple, and it has decreased the distance between the buyer and seller. You can create or customize your products, and services according to the tastes and preferences of your targeted customers. We can get the required data from social media platforms even though the data is an unorganized one, and we can process it for making structured data. We can compartmentalize the collected information for the better understanding of the interests of different age and gender groups.
3) Assured growth
As we all aware Big data can organize the data in a simplified and understandable manner to make the right decisions at the right time. Previous Sales and marketing data also reveals a lot about the customer tastes and requirements. Big data helps you in analyzing the unorganized data, and thereby we can have a blueprint of market trends and customer habits, which helps in producing the goods and services to meet exact customer requirements in a short span of time time, and it ultimately leads to reaching the goals of the organization and increased returns on investments.
4) Generating revenue from the data
Big data even can generate the revenue from selling it to the other non-personalised trends to other organizations. You can sell the same data by monitoring user dynamics to the other key players in the industry they would entitle to pay for it. This will helps startups to have an extra source of income.
5) Customizing the information based on customer preferences
Have you ever noticed on e-commerce or other social media platforms, when you search for a particular product or service it will also suggest you another product to buy along with that? It is called real-time collaboration of the companies to induce the customer to buy their products.
For example, E-commerce giant like Amazon plays tactics like, when you click for a product and scroll down till last of the page where you will find words like “Frequently bought together” and “Also bought.” We can even find this kind of suggestions in Linkedin like “People you may know” or “Companies you may follow. Big data helps in customizing the website in real time by customer preferences.
6) Smart cities with smart data
The population of cities has been increasing for years and meanwhile the problems also growing. Cities are becoming smart enough to utilize the value of Big data to improve lifestyle and to protect the nature around them. By using Big Data police department in Memphis was Able to decrease alarming crime rate by 30% recently and Carbon dioxide emissions reduced to 1,57,000 metric tons ( in a span of 6 years) by using Oregon Intelligent technology in Portland. Cities around the world are raising their voice to develop their cities by protecting the environment and natural resources with the help of big data.
7) Budget friendly for startups
The startup is a phase of the initial stage of business where a small mistake also impacts it to a more considerable extent. In general, startups are encounters with the problem called limited Capital, and we need to spend every penny with full consciousness. With the help of Big Data, you can control the costs associated with the Marketing and Advertising and use the data produced by social media more productively to analyze the customer behaviour.
8) Leveraging Big Data benefits without an extra penny
Another biggest reason why you should use Big Data technologies is its cost-effectiveness. There is no requirement for investment and no need to buy extra resources we can manage the big data technologies by merely using cost-effective cloud storage strategies. And the good thing is nowadays the cloud technologies also decreased their rates to least which are affordable for startups.
These reasons show how sufficient and committed is big data in solving the multiple problems of various industries. We have been received its results so far, but we need to to get more out of it. Big data can understand the industry trends customer tastes and preferences, and we can even predict the customer future behaviour.
Big data technologies help the startups like a guide, and it paves a smooth path for them to get success at a very early stage with limited resources. Big data helps in predicting the customer preferences, and tastes Which allow startups to recognize the customer needs before its competitors.