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Good use of big data ‘can improve customer experience’
One of the best ways many firms can take advantage of the big data trend is to use the insights gained to provide an improved customer experience.
This will not only help retain customer loyalty, but can play a key role in growing a business' brand, as satisfied consumers will be more likely to spread their experience via word of mouth and social media, encouraging more people to investigate the organization.
However, it was noted by Forbes that in order to make the most of this, it will be vital to harness data correctly.
"It is no small feat to integrate huge amounts of data from a variety of sources," the publication said. "It is even trickier to figure out exactly how to translate that information into more visits and fuller shopping carts."
Among the tips that were offered to make sure big data analytics strategies work effectively, it was advised that businesses should consider the transition to this trend as a gradual process, rather than an instantaneous shift.
If businesses try to transform their entire way of operating at once due to feedback gained from data analytics, this can cause problems and make it hard to identify where any tweaks will be required. However, if companies make a large number of small, incremental improvements, they can make sure they are seeing results as they go along, which can mean they end up with a much more refined system.
Other key ways for firms to improve customer experience with big data is to ensure that they are making the best use of information collected internally. While turning to third-party providers can offer a large amount of information, the quality of data is received directly from customers will usually be far superior.
Organizations can use information such as customer buying behavior to understand where changes can be made and with systems in place to collect and analyze this in real-time, businesses can get the agility and responsiveness they need to make it happen quickly.