5 Ways That Big Data Has Affected Businesses

Big data has effects and influence in numerous industries and business is just one of them. Established companies who fail to keep up with the implementation of big data in their process will have to face certain consequences in the long run. Now, what exactly is big data and how does it affect businesses? Imagine the time that you went to the same local candy shop and during all your visits you bought a single kind of candy. Before even telling the shopkeeper your order, they have already packed it, just waiting for the payment. As the shopkeepers hand you change, they’ll start a friendly chat and ask what’s new with your life and family. You appreciate the concern and personal service so you never tried other shops.

Now candy as well as other groceries can be easily bought at supermarkets, retailers and even online. Of course you don’t talk to the owners as you purchase supplies, so the personal service that you once experienced is missing. But because of big data, a similar kind of customer service is rising. The concept may raise eyebrows for many, but smart companies have already invested in big data in order to provide amazing service. And here are the best effects of big data.

  1. Predict Customer Preferences

Just like when the shopkeeper knew what you wanted before saying so, big data can help provide a similar service. Based on the past shopping behavior of the consumer, the system is able to offer relevant recommendations; this has proved to increase purchases since customers are happy with the recommendations or they were able to view items that they never knew they needed. Companies have collected tons of data on all their customers, these data are not exclusive to purchases but also to what other websites they visit, location, when customer service has been contacted and more. It might look like a ton of unrelated data, thus the term big data, but companies that are able to optimize it can offer better services. Properly predicting the future requires the right kind of products on the perfect channel for the customer.

  1. Customers Want their Own Data

Due to the rise of wearable technology like Nike+ FuelBand and Apple Watch, customers have a lot more access to data relevant to themselves as compared to before. Much like the food diary called MyFitnessPal, it features not only a breakdown of the calories that they consumed within the day, but it also breaks down details of the carbs, protein and fat. But it’s not enough to provide customers with details about themselves, companies have to go through tons of data and display the most relevant ones. When customers are offered meaningful data, the companies make use of big data in the process. Once customers are satisfied with the service and get hooked to the personal data, they’re likely to keep coming back for more.

  1. Better Customer Service Interactions

For most companies out there, optimizing big data is their ticket towards a more efficient marketing and product development. But the companies that actually use big data for the improvement of customer service are at a whole different level. Customers that reach out to a company’s representative are better served if the representative has immediate access to relevant data. No more tedious interviews because they already have everything on file. The use of big data on customer relationships is crucial has numerous channels to connect the brand.

  1. Easily Identify the Customer’s Problems and Solve Them

Majority of companies already know the pain points of their customers, if they don’t then they’re not a very attentive company. Those who choose to actually scour all that data and customer difficulties improve their customer’s experience; thus they earn more and more loyal customers. A great example would be Delta, this airline knows that the top concern of their passengers is lost baggage. Specifically when their flight gets delayed and confusing connection is involved. Delta took it upon themselves to search their data and develop solutions that solved such problems. Passengers are now able to take a photo of their baggage and use it on a Delta app called ‘Track My Bag’, this app keeps tabs on the baggage until the final destination.

  1. Reducing Health Care Costs and Enhancing Treatment

Big data has also helped the health care industry in terms of offering better patient treatment. Health care providers in many places like Singapore dig into analytics to gain better understanding of a patient’s condition, home environment, and lifestyle choices. After reviewing the data, they can offer better treatment plans, specifically made for the patient. Let’s say that a particular patient has a hard time remembering when medication should be taken, then  the specialized treatment program would be able to focus on that problem.