Search-engine optimization is a key component, marking Google’s success. Quick responses (with proper results) to customer queries have netted it global success! But customer trends & behaviors have changed due to proliferation of the Internet.
Multiple choices have ended up confusing many customers, eventually driving them away from websites. The way to retain customers by providing them options according to their preferences has come in the form of ‘Big Data.’
What is Big Data?
Big data consists of ungrouped data; showcasing patterns, trends, & associations of consumers. This large ‘data’ volume, when successfully compiled, is valuable to a business‘s day-to-day operations. It can provide customized solutions to customers without disrupting production processes.
Applications of Big Data
Big data can collate patient information. It, with the assistance of medical applications, brings together doctors & patients on a single platform. The effect of big data is seen from the U.S. government making ‘healthcare data’ public. Even data pertaining to clinical trials has been publicized, proving to be a boon for pharmaceuticals.
BFSI & Retail
Banks have been employing big data to widen their customer base. Four multinational banks use it to gain a better ‘competitive’ perspective. These include Wells Fargo & Co., Bank of America, JP Morgan Chase, and Citigroup.
Retail will experience ‘growth’ spurt in the coming seven years (2015 to 2022); according to Grand View Research, a premier market research & consulting firm. As forecasted, the global revenue for this market is expected to reach $72.38 billion during this period This should be attributed to rapidly increasing customers and strategy needs for catering to all demographics (irrespective of age or creed).
Manufacturing firms employ big data to reduce production costs and boost their annual yield. Companies rely on customer-driven data, suppliers, and machines to calculate their output.
European countries could reduce administrative redundancies and save up to USD 149 billion by adopting this technology. Big data is also used in other sectors, apart from those mentioned above. Moreover, it offers insights into the mindset of customers and ensures long-lasting relations with them.
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