Many companies today leverage the power of technology to boost their business revenues. But the question arises that how fast they will undergo this digital transformation. From cloud computing to big data analytics, plenty of dynamic and exciting tools and methodologies are driving explosive growth in the digital revolution.
Companies at present having big data experience are satisfied with business outcomes, yet are still facing challenges to understand how to convert this huge volume of data transformed into actionable insights.
According to the research, 92 percent of companies are satisfied with the business outcomes driven by big data, and nearly all (94 percent) report that their big data implementation meets their needs.
Every company depends on real data to drive its business strategies and workflow. Big data analytics acts as the major catalyst in driving digital transformation. Through this, business leaders are now making more informed and customer-centric business decisions.
In the words of Gartner, data and analytics are the key accelerants of an organization’s digitization and transformation efforts. Modern big data analytics help businesses making analytical processes faster and more efficient, offering a competitive advantage to businesses.
Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway. ‘ Geoffrey Moore
DIGITALIZATION not only speeds up the business process and performance but also delivers business opportunities.
Listed down some key points to show you how data analytics Is driving digital transformation at present.
Retaining Existing Customers
You may have a huge volume of customers in your account, but if you fail to fulfill their expectations, your businesses will going to suffer. However, it is crucial to collect data related to consumer behavior and deliver what your customer expects.
Companies like Netflix leverages Big Data to save US$1 billion per year on customer retention
The power of Big data analytics helps you analyze several customer-related trends and patterns. Retaining your old customers is better than acquiring new ones and saves your costs.
For instance, if you find out that your customers are more interested in making purchases online than offline. So, start investing in online businesses to boost revenues. It is one of the steps towards digital business transformation and improving customer experience.
According to Gartner research shows that by 2023, 60 percent of CMOs will slash the size of their marketing analytics departments by 50 percent because of a failure to realize promised improvements.
Easily manages risks effectively
Big data analytics provides access to big volumes of customer data, be it past records, previous transactions, or real-time data. Big data analytics manages risks efficiently and fluently.
It provides businesses with risk management solutions while increasing the quality of risk management models. Businesses can now easily and quickly quantify and model risks with the help of big data tools.
Eliminating risks, making the right strategic decisions, and delivering better customer-centric services are the key objectives of any business.
Big data analytics help businesses analyze user purchase patterns. They can now predict and plan for unforeseen eventualities.
Help Marketers Get Real-Time Market Insights
Big data analytics methods help marketers integrate, and analyze and unstructured data in real-time. With data analytics, marketers can now explore varied patterns of how different groups of consumers interact with one another and make purchases. They will gain real marketing insights.
It involves low cost and time to develop marketing campaigns for targeted customers.
Moreover, the rise of big open-source parallel platforms enables data analysts to leverage the power of big data and implement real-time data analysis.
Leads Innovation and Product Development
There are numerous ways big data analytics assist companies to drive new product development, and thus, innovation. Big data analytics methods can therefore strengthen the decision-making process and generate higher ROI.
Businesses can thus boost their marketing performance and revenues in real-time to excel in their marketing goals.
Fast and Authorized Decision-making
Customer data when combined with appropriate business operations can leverage to make informed decisions while restricting undesirable risks. Data analytics capabilities help you find out how to transform business digitally and which area of business needs to transform.
In a recent report from Forrester Research, nearly 40% of global data and analytics decision-makers said they are already implementing and expanding big data technology, with an additional 30% planning to do so over the next year.
Data analytics helps you keep this transformation faster and ahead of you in the competition.
Last Thoughts
Big data can transform industries and develop new-aged business models to forecasts future business trends under numerous possibilities. Holding numerous benefits in hands, data analytics implementations driving digital transformation have their risks and challenges.
According to the latest report, the big data market reaching an estimated value of $103 billion by 2023.
No matter what industry you are in, big data can help you to transform your business digitally by accelerating your business activities and to leverage the changes and opportunities of digital technologies.