How big data is changing business

@IE University

So how is big data changing the way businesses look and act? Take a peek at these five ways big data continues to revolutionize business.

No matter how small a company, no matter the industry, businesses today are affected by data. That’s not really shocking news in 2018. But the amount of data businesses are generating and the ways complex data and data analysis continue to evolve to transform business, show that the inseparable bond between business and data is growing stronger every day.

Marketing

Analyzing consumer behavior has been a priority for businesses for years. But new types of data and advanced methods for analysis including text analytics, browser logs, and specific social media data allow businesses to continuously make more accurate predictions about what customers want and need. This means customized content targeting in real time will continue to increase, enabling businesses to reach the right customers at the right time based on data.

Customer experience

Insightfully analyzing big data allows companies to provide proactive customer service and create customer-responsive products. By looking at website activity, collecting customer buying habit information as well as information about preferences through surveys, companies can know what customers need in terms of both customer service and products without any direct input from the customer. By preemptively solving customers’ problems, recognizing them through data, and predicting and creating the products and services customers really want, companies will see more engagement, happier customers, and more successful businesses.

Human resources and hiring

When companies better understand what their customers need, they are better able to identify the talent they should recruit to meet those needs. Pinpointing which recruiting channels are bringing companies the best talent—not just which channel has brought in the most CVs—through advanced analysis of data allows companies to recruit more effectively. And with different tools available, like advanced talent search engines, analyzing data to find specific talent or personality traits has become an integral part of hiring, maximizing acquisition of the best talent.

Brand identity

A business’ ability to effectively communicate their brand and track both customers’ and employees’ feelings about their company is changing with more access to big data. Businesses know it’s crucial to establish a brand story in order to connect with customers. Using data, they are now able to understand how that story is perceived and to modify their presentation if necessary. Through increasingly advanced forms of collecting and analyzing data from social media and surveys, companies are able to manage their reputation in order to attract and retain both customers and talented team members.

Work environment

Big data is most widely recognized as a way to positively influence customer experience, but it is also being used to improve the work environment leading to happier and more productive employees. Sensors, barometers, microphones, and cameras can be used to track everything from posture and body position to irregular working conditions. By collecting and analyzing working condition data, businesses are able to modify the environment more effectively in order to prevent potential worker injuries, or simply improve the atmosphere and the attitudes of their teams.

Big data has already made a massive impact on businesses, and as it continues to play an increasingly important role, the role of the business-savvy data analyst will also increase. Business transformation through data only happens with the leadership of talented data scientists who understand how to extract meaningful insights from the numbers and use them to make innovative and impactful businesses decisions.