Big Data Analytics is basically using clicks on social media apps and corporate websites to analyse of patterns and behaviours of people. Traditional data processing tools can hardly handle such data. However, with big data analytics, you have different architecture and algorithms to process and store them.
In today’s Internet/Web world, with the enormous amount of it being generated every second, data is king. Businesses now have a large pool of information to work with. Holistic views can then be yielded on consumers’ habits, sales, and provide feedback on the company’s actions.
In effect, big data analytics helps businesses reveal various hidden patterns, latest trends in marketing, sales, customer preferences and other vital business information. Simply, big data analytics helps in improving a company’s sales by providing a pattern of customers engagements to enhance sales further.
Big data analytics offers three key benefits to businesses.
1. Information on traffic Source and conversions
Interestingly, every business, however small, generate data. With a website and social media presence, a business can collect data on its customers based on site traffic.
The two key performance metrics needed would be to track the website’s conversions and traffic sources. Therefore, to make its marketing and sales strategies more profitable, a company needs to know from where its visitors come from. Through business analytics, the company can know all it needs to know about its customers.
2. Behavioural patterns of site users
Agreed or not, the amount and variety of information you have on your market determines how fast you’d grow as a business. You can get better insights into what customers want, how they use it, their purchase channels, etc. This is how businesses create privacy policies and security needed to protect all user data. For instance, the backlash against Microsoft 10 recently, must have informed Microsoft’s decision to gather data on why customers wanted to opt-out.
Also, companies can identify the bounce rate on specific pages of its site. With this information, decisions can be made on what and what needs some work.
3. Determination of KPI’s
By using big data analytics, a company can effectively determine its key performance indicators. For example, this might include the number of leads generated, revenue and online sales. With this important knowledge, it can figure out clearly what’s working and what’s not.
Big data has the potential to improve internal operations and sales for almost all kinds of businesses. Businesses can track performance, optimise delivery routes, employee performance and even the recruitment process.
Big data has broken away from the IT department. It has become an integral part of sales departments in most companies.
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