There is little doubt that Big Data analytics companies are exploding in nearly every corner of the world, in companies both large and small, and in nearly every type of industry imaginable. In this day of rapidly advancing digital technology, corporate competition which was once limited to a specific region only a few short years ago is now expanding to global proportions. This is resulting in the need for businesses to leverage both their structured and unstructured data through the use of Big Data analytics techniques, such as Natural Language Processing and Data Mining.
Unbiased and Unfiltered
When these strategies are incorporated effectively and interpreted accurately, a Big Data analytics company is able to forecast rising trends, predict customer mood swings, and identify poor marketing strategies based on previous events. “What-if” scenarios can be analyzed more quickly and proficiently to identify potential problems and to develop more accurate hypotheses. The unbiased approach of the Big Data analytics helps to keep the results pure and unemotional. In the past, many of the most critical corporate decisions were based solely on individual preferences and inclinations of the top management.
Decisions Based on Facts
Many industry leaders have seen a more quickly diverging revue stream since the recent advancements in digital technology, voice activation software, and mobile media. As a result, fluctuation in the marketplace can now occur almost instantly and with much more drastic peaks and valleys. Big Data analytics companies want to be able to predict these massive inconsistencies with information that is based on facts rather than pure, gut instinct. The recovery time involved with making a poor decision or a rash judgment is now more critical than in any other time in history.
Market Survey Tactics
The need for responsible and accurate marketing surveys can be a critical component to increasing rates of lead generation as well as reducing man-hours and costs that might be potentially used in chasing down potential new customers who actually do not fall within the target demographic. A Big Data analytics company is very aware that “time is money”. Utilizing analytics to better define the preferred customer profile and the related purchasing activities can help streamline internal departments of marketing, call centers, and design teams, among many others. Accurate marketing surveys are more crucial to the “bottom line” than ever before.
Increasing Amounts of Data
Largely due to the more widespread use of corporate websites, online purchasing, social media, mobile marketing methods, and numerous other digital advancements in the fast-paced world of the Internet, companies are simply acquiring much higher volumes of data today than in previous years. A recent study by Berkeley University has shown that Big Data analytics companies are actually doubling the amount of data that they acquire every two years. Perhaps an even more startling fact is that nearly 5 quintillion bytes of information need to be stored and warehoused approximately every two days. This is an incredible amount of growth that is only expected to continue to increase for several years in the future.
Is all this Data Helpful?
In previous generations, the customer profiles and purchasing preferences from several years prior were not usually considered useful or relevant. However, times are changing, and the competitive and successful Big Data Analytics Company knows how beneficial this data can be for future marketing strategies, forecasts, and predictions. Believe it or not, Walmart has shown tremendous success by utilizing these processes to their maximum potential. In 2013, these advanced analytics techniques were applied to the data that had been collected from the widely used Walmart e-commerce site. The insights extracted allowed the company to increase revenues by 15%, or $1 billion.
Advancements in Data Mining
Big Data Analytics Companies are becoming more creative in how they manipulate this data, or rather the Data Scientists who manage these systems are becoming better at their craft. Companies who offer free Internet based email services for their customers are now using data mining techniques for catching huge numbers of spam emails. Retail stores are cataloguing the transactions and purchases of their customers, allowing them to better determine where best to place these items within the store aisles. Products can be moved and shifted around depending on the day of the week or even the time of day. Manufacturing companies can use the data acquired to determine which products will sell best in which individual markets.
A Big Data Analytics Company is no longer that rare corporation with massive amounts of marketing capital at their disposal. Companies of all types and sizes are beginning to learn how essential this technology has become in order for their business to simply remain competitive.