There is no doubting that Big Data has grown into a multibillion-dollar business in less than a decade
With the rise of the internet, wireless networks, smartphones, social media, and other technologies, the Big Data revolution has come.
Big data may be defined as an extremely big dataset that can be examined to uncover patterns, trends, and relationships. It is advantageous to both large and small enterprises. They use Big Data to make data-driven decisions.
Let’s take a look at some of the most crucial Big Data Benefits.
- The Use of Big Data to Gain a Better Understanding of Market Conditions
By examining Big data, it is possible to have a better knowledge of current market situations.
Let’s take an example: a corporation may determine the most popular goods by studying a customer’s purchase behavior. It aids in the analysis of trends and client desires. A company can use this to get an advantage over its competition.
Case Study 1: Big Data is Increasing the Speed of Fast Food
Have you ever noticed how your fries and burgers arrive on time, or even a bit sooner, at McDonald’s or Burger King???
Big Data is the answer….
Yes, Big Data aids in prompt food delivery at the counter. Do you want to know how???
Big Data analytics is being used by certain fast food businesses to monitor their drive-through lanes and to assist them adjust their menu items.
If the food order queue is particularly long, the menu will be changed to represent just those things that can be made and served promptly. If the queue is short, the feature will only show those things that require a little more time to prepare.
As a result, all of these menu updates may be seen on the LCD screens at restaurants.
- Using big data to enhance pricing and strategy
To review finances, business intelligence solutions based on Big data analytics are utilized, which helps to gain a clearer image of where your company stands.
And, based on that assessment, who can implement the necessary plan to increase pricing in a business or organization?
Case Study 2: Disney Magic Band and Big Data
Each guest of any age is given a Magic Band as they enter the Disneyland park. That band will advise you of important information such as ride times, queueing periods, and other activities. All of this is done in order to provide you with a fantastic experience on their end.
Let us now investigate the mystery behind this “Magic Band.”
The Magic Band is an RFID-enabled wristband that interacts with thousands of sensors strategically positioned around the amusement park. These sensors keep track of and collect the most up-to-date information on activities.
As a result, Big Data aids in improving the consumer experience and increasing operational efficiency at Disneyland Park.
- Online reputation is governed by big data.
For emotional analysis, we can utilize Big Data technologies. As a result, you may utilize it to get feedback on your business or group.
It’s like finding out who’s saying what about your firm. And, if you want to keep track of and improve your company’s internet visibility, Big data technologies can help.
Case Study 3: Self-Serve Beer and Big Data
Service at the Beer Bar is another real-life Big Data example.
Isn’t it fascinating that instead of asking you, “What do you want to have?” the bartender delivers you a small plastic card? That card functions as a swipe card. You can pour your own beer with this card; all you have to do is swipe it in their machine.
You’re now your own bartender. Isn’t it fascinating???
Through two pieces of technology, the Israeli business “Weissberger” has allowed self-serve beer.
All of the taps in the bar have flow meters attached to them.
A router that captures and transfers all of the data to the bar’s computer.
Customers who were handed a magnetic card and permitted to self-pour beer consumed 30 percent more beer than before, according to Carlsberg.
As a result, Big Data assists in increasing beer consumption and corporate profit.
- Big data’s advantages in new product development
Customer wants and satisfaction patterns may be studied using Big data analytics. This can also aid in the development of a whole new product to meet their needs.
Case Study 4: Using Big Data to Launch a Vegetable Smoothie
A café called “Tropical Smoothie Cafe” created a new product called “veggie smoothie” in 2013.
Previously, they solely sold “fruit smoothies.” However, they decided to take a chance and introduce a new smoothie flavor to the market.
By keeping track of their new product, they discovered that the veggie smoothie was their best-selling item. As a consequence, they experimented with different vegetable smoothie variations.
How do they keep track of how popular their smoothie is???
They may use BIG Data to see that during the day, people are most interested in buying vegetable smoothies.
They began undertaking time-specific marketing, such as “happy hours,” based on this study, in order to attract more and more consumers during the day.
Let’s take a look at a few additional Big Data advantages.
- Cost-cutting benefits of big data
Cost savings in company may be achieved by utilizing Big Data solutions such as Hadoop and Cloud-Based Analytics. When huge volumes of data are present in a business, these technologies aid in the handling and maintenance of that data in a more effective manner.
- Make use of big data to make sure we’ve hired the correct people.
Recruiting firms use keywords to search applicant resumes and LinkedIn profiles. Keywords are those that are relevant to the job description.
The hiring process is no longer determined by how a candidate appears on paper or is seen in person.
- Make use of big data to boost your productivity.
Digital technology, such as Big data tools, improves the productivity of your company. Many jobs may be completed at your desk utilizing Google Maps, Google Earth, and social networking. These tools help you save money on travel as well as time.
- Using big data to target local preferences
Small firms may use big data to focus on the local environment they serve. It helps you to have a deeper understanding of your local client’s likes, dislikes, and preferences.
It becomes much easier to compete in the market if you understand your customers’ preferences.
- Reduction of Big Data in Time
New data sources can be quickly identified using high-speed techniques like Hadoop and in-memory analytics. As a consequence, it’s easier to analyze company data quickly and make swift decisions based on what you’ve learned.
- Using big data to boost sales and customer loyalty
Big Data enables organizations to expand digitally and adjust their products and services to the specific needs of their clients. Customers may learn more about a company’s products and services by looking at its digital footprints on social media sites.
Customers will begin to purchase and market it as soon as this satisfies them. As a consequence, a company’s clients will be more dependable and loyal.
