Big data is no longer just jargon used to promote apps or solutions. It is an approach with proven track records. Big data collection and analysis are not used by corporations and businesses around the world for more specific purposes, from designing a website that works to fine-tuning advertising messages for maximum conversion.
As big data becomes more mature, companies are shifting their focus on how big data can influence their bottom line. This approach works, but it is once again time to start incorporating new approaches in using big data for even greater benefits.
Big Data for Automation
Automation will be one of the hottest trends in business going forward. Small businesses and large corporations alike are actively searching for ways to automate parts of their operations. Automation is an effective way of streamlining and optimizing business operations, often reducing costs and lowering waste when implemented. It is also a handy instrument for boosting customer experience.
As you can see, automation will still effectively help your business improve its bottom line, but it is relying on insights from big data analysis indirectly. Through careful collection and processing of information, parts of the business’s operations can be made fully automated.
The simplest form of implementation of big data for automation can be seen in remarketing. By understanding a customer’s behavior when they first visit your site, you can deliver better, more targeted ads to them and increase your site’s conversion rate by as much as 80%. The entire process is fully automated and requires no manual input either.
Just-In-Time Inventory
A few years ago, only a handful of companies with an immense level of operational effectiveness were able to implement a just-in-time inventory successfully. The strategy helped to lower the costs of storing raw materials or goods by a substantial margin, allowing businesses to be more versatile with their pricing strategy.
Big data is taking just-in-time inventories to a whole new level. The analysis of data from various sources now enables businesses to make accurate decisions regarding the amount of inventory to order or maintain, based on things like purchase trends, market changes, and other metrics.
The New Jersey Institute of Technology and its online masters computer science department compiled studies on time, series, and sequence data mining that sits at the heart of this new big data trend. The masters in computer science online students are discovering new ways of using sequential data analysis for purposes beyond assessing customer behaviors and buying patterns.
Big Data in the Cloud
The most important trend of them all, however, is the implementation of big data-based systems in the cloud. This practically eliminates any need to invest in expensive hardware and solutions just to be able to tap into the power of data mining and analysis.
Turnkey solutions are also more widely available. They are offered as services as well as standalone solutions, with the SaaS (Solution as a Service) model granting smaller businesses access to the same big data prowess as their bigger rivals. SaaS options and the use of cloud computing will make big data an inseparable part of business operations in the near future.
