In this age of the internet, modern-day marketing has significantly changed. Gone are the days when companies in order to tweak their advertising strategy used to sift through their sales data, click-throughs, and other general behavior patterns of their customers. All thanks to the big data tech. The tech has transformed the way businesses used to market themselves. As per a BARC (Business Application Research Center) research report, a survey of businesses that implemented the big data tech revealed that all such businesses saw a profit increase of 8 percent and an overall cost reduction of 10 percent.
Big data provides numerous choices to businesses to adjust their business model to return better growths, especially as it pertains to advertising.
Predict what customers may want
Companies need to plan out strategies to extract this information from their databases. Retails giants like Amazon, use the same big data strategy to figure out their customers’ needs and demands. From factors like,
- When the customer made a purchase
- How he/she rated the purchase
- What other customers with similar buying habits are purchasing
they get actionable insights to make informed decisions.
Be prepared for operational risks
Earlier, when the world was not so connected, issues of fraud were hardly a few, but today with increased adoption of IoT products, the network attack surface has increased a lot. Many businesses got compromised with just a couple of keystrokes. Today, the operational risk outweighs the institutions entire worth, especially in financial institutes. Intruders and people with evil intentions are always on a lookout to exploit vulnerabilities, evolving constantly to take advantage of both people and companies.