Understanding the Impact of Big Data Analytics on Business Performance

Big data analytics is considered to become a transformational wave in the world of business and companies are spending huge on big data. In fact, there is nothing to wonder as the statistics prove the amount of big data created in the last two years is more than that created in the entire history of human race. Perhaps, there is no way that businesses can ignore the power and potential of big data! Here are a few insights on the impact of big data analytics on business performance.

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Becoming Customer-Friendly

Big data has enabled companies to get incredible insights regarding the consumer behaviour. Apparently, understanding the customer behaviour has become one of the fields in which big data has created a larger impact. These days, organisations are making decisions based on data more than gut instincts, which in turn is influencing the business decisions. Automobile companies like Ford are able to predict how well their customers drive the car. Walmart, the retail giant is able to say how customers choose the products using big data analytics.

In Scaling Up Business

Let’s understand how big data analytics helps in scaling up business with the example of Starbucks. It is definitely one of the leading coffee house brands in the world. Starbucks has been adding up stores which are in close proximity with their existing ones. However, the newer stores are also performing well. Wondering how? Starbucks take advantage of big data analytics to determine the potential of every new store that they are planning to open. They analyse the location-based data, traffic data, demographic data, and customer-data to determine the potential of the new store. In fact, Starbucks was able to decrease the financial risk while they scale up the business.

On Business Outcomes

The research on the business outcomes of big data has been fascinating in the recent years. In companies that are using big data, 92% of the executives are satisfied with the results, and 89% of the executives consider data as ‘extremely’ or very important. Organisations that use big data are in the process of reaping better benefits and exhibiting higher performance in all aspects of the business.

Earlier, it was a challenge for organisations to collect data which has become a hassle-free process now. Now, the challenge is to analyse the data and make use of it. Hence, professionals with data analytics certificate programs are on high demand.

Market Place

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