Data Analytics has surfaced as a buzz word in the business world in this era. With businesses focusing on factors such as personalization and heightened customer experience, data analytics can unlock the potential of automated decision making in business processes by strengthening it with historical data accumulated over time. Besides, it empowers companies to make an informed decision rather than base them on instincts and intuition, to help them achieve higher ROI from the same. Further, data analytics are of three types, namely, descriptive, predictive and prescriptive. Each of these types serves a specific purpose with the end-aim of enhancing the quality of service and products offered by the company and intensifying their ability to extend relatable assistance to their customers.
Considering the significance of the topic in the business world, Webgen Technologies has devoted this entire article in the effort of probing deep into the subject matter and expanding your understanding of big analytics data and help you determine its value in your company management system.
Understanding Big Data Analytics:
The systematic study of enormous data in order to elicit behaviour patterns is known as Big data analytics. The data collected are based on certain factors such as speed, volume, variety, and veracity. After accumulating these data by employing innovative technology, mathematics and algorithm such as in time-series analysis and hypothesis analysis, they are then stored, processed and analyzed to help understand and find patterns in the same. The resultant information obtained from the process is then utilized by companies to enhance their business processes and attain better ROI down the line.
There are four types of Big Data Analytics:
Descriptive big data analysis: It uses graphics and reports to present data of past performances, management efforts, customer response and more.
Diagnostic big data analysis: In this type, it enables companies to understand the reason behind the data collected in the descriptive stage.
Predictive Big Data Analysis: It empowers companies to predict the possible outcome of the collected data in the future and how it may affect the same.
Prescriptive Big Data Analysis: This involves AB testing where the system upon analyzing and predicting data advice and recommends companies the next best way to proceed to secure successful results from its business management and marketing efforts.
Besides, Big Data Analytics is also efficient at providing robust means to companies to overcome certain intricacies involved in running an enterprise such as:
Improving user comprehension: Big data analytics employs information based on customer behaviour in concern with their business. That further empowers companies to gauge the needs and requirements of their customers, which in turn is used strategically to enhance customer satisfaction by providing relatable assistance and services to the same.
Cost-efficiency: Cloud-based analytics tools enable enterprises to store enormous data to enhance their business management processes without incurring additional expense for the same.
Spotting opportunities: Since Big Data Analytics employs relevant historical data of a business to analyze the possible reasons behind the slower rate of growth in the same or more, it further empowers them to find opportunities of enhancing their service in future.
Enhancing customer service: Big Data Analytics is efficient for facilitating the customer-business relationship. It empowers companies to gain a better understanding of customer behaviour concerning their satisfaction, willingness to recommend their services and products and the tendencies and motivations for repurchase and more. Once a company can efficiently tap into these data, it can eventually utilize and convert the same to enhance its customer service.
Mitigating fraud: Detecting strange actions, collecting behaviour patterns and recognizing uncommon transactions are convenient and manageable with big data analytics. That, in turn, helps companies to do away with fraud in the process.
A business can further utilise Big Data Analytics solutions specifically designed and developed for their company to secure greater ROI from the same.
Do you need a reliable and robust data analytic solution for your business? Contact Webgen Technologies today!
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