Throughout nearly every industry, you’ll hear how important ‘big data’ is for entrepreneurs to take advantage of.
While the concept behind big data has been around for some time now, not everyone is aware of how it can be used.
Not sure where to start? Don’t worry, we’ve got you covered.
Let’s take a look at some data analytics examples that will tell you everything you need to know.
So, What Is Big Data?
As you could expect from the name, big data consists of data sets that are often far too large to be compiled and processed with conventional software.
But, modern usage of the term often doesn’t refer to size at all. In fact, it focuses more on using data on customer behavior and preference, and how to predict their future purchasing decisions.
How Is It Used?
As previously mentioned, big data analysis is consumer-centric and is used for company research and development.
Let’s take a look at a few ways businesses can take advantage of it.
Saving Time During Customer Interactions
This is one of the most useful ways big data analysis can benefit a company, and its applications vary depending on the industry.
A common scenario is using records of past customer interactions to streamline their current encounter with the company.
For example, an online store may offer items that are frequently purchased together if you choose to purchase one from the group. Similarly, a financial advisor may use your past meetings to determine your next step when you visit.
Plan Your Next Product
It doesn’t make sense to introduce a product without testing the waters first. But, people don’t always know exactly what it is they want.
Big data allows companies to use purchase history and frequency to figure out what problems customers need to solve most. Then, they can introduce a product or service that relieves those issues in a more efficient (or cost-effective) manner.
…And Fix Those That Need Work
Similarly, big data can also be used to improve existing products if they’re not performing as well as they should be.
In this particular scenario, big data allows a company to analyze social media conversation, how long someone waits before they purchase a product, the time between lead and conversion, etc.
To get started analyzing your own data, check out what MongoDB reporting has to offer.
Optimize How Consumers Make Purchases
Are consumers clicking around on your site for a particular page? Are they abandoning a purchase after being asked to fill out further information?
Identifying consumer behavior on your business website is one of the most crucial aspects of big data analysis. From here, you can optimize your site in order to make purchasing as simplified as possible.
Understanding These Data Analytics Examples Can Seem Difficult
But it doesn’t have to be.
With the above data analytics examples in mind, you’ll be well on your way to making the most of big data in your industry.
Want to learn more business tips that can help you succeed in the future? This article has plenty of useful information.