Big data has been a prominent corporate buzzword for many years- while its popularity skyrocketed, some were already bored of it by 2014, such as Deloitte, who urged the term should not get used anymore. However, hidden behind the phrase is enormous financial potential that many organizations are only now beginning to realize. Big data refers to massive, complicated datasets that come from various sources typically. Most of them were internal data sources a decade ago: CRMs, website surfing behavior, billing, and accounting system logs. Nowadays, data science has become increasingly dependent on external or alternative data sources, which provide new information that is not easy to collect internally.
The pandemic has positioned big data as a crucial driver of recovery and growth in different businesses. Based on Oxylabs’ recent market survey of the UK finance industry, half of the surveyed business organizations have either increased (38%) or are planning to increase their data department budgets in the coming year (43%). Other industries are following in the footsteps of these developments. As a result, while other business areas face budget cuts, expenditure on big data surges since it is considered crucial for staying ahead of the competition. In terms of competition, those who have not yet implemented big data in their business operations will find it increasingly challenging.
Thus, if you are still hesitant, here are some reasons why you should start utilizing big data right away to drive business profitability:
- Research on competitors: Big data in business lifts competition research to a new level. The competitor’s website might provide information about their value proposition, product range, pricing, etc. However, all of this information is significantly challenging to follow manually. In situations like these, automated web scraping methods come in handy. Automation enables continuous monitoring of multiple websites at the same time.
For example, In e-commerce, a company can learn how their competitors change their prices, how long it takes to sell a product, the most popular products, etc. This business can decide its assortment and pricing strategies based on that knowledge. Another critical aspect to research is the SEO strategy of your competitors. Web scraping can assist you in determining which terms your competitors are employing, also which perform well and which do not. You may use this data to improve your SEO strategy to get higher rankings.
- Accuracy in marketing: Data-driven marketing is more efficient because high-quality data allows you to identify the ideal opportunities, personalize messaging, and target accurately. It can also assist you in ensuring that only relevant audiences receive relevant messaging. While most marketers have been using data for years, the pandemic caused many to reconsider their traditional approach. Lockdowns around the world led to an extraordinary spike in the usage of digital channels, showering organizations with massive volumes of data, but not in the form they were accustomed to. It was a challenge for old data-modeling systems, which could not capture such dramatic changes in customer behavior.
External data became increasingly essential at this time. Even city-by-city lockdown rules or the reopening of specific establishments might make or ruin marketing efforts. According to McKinsey & Company, these patterns represent the “big reset” in data-driven marketing. Companies that have adapted to the new normal and retrained their data modeling algorithms have seen growth, while those that have fallen behind will soon have to catch up.
- Supply chain management: Big data has also helped businesses in the supply chain management sector. Data may assist you in managing your supply chain in different ways. It can assist you in choosing suitable products, developing product catalogs, forecasting demand, and streamlining many other procedures. It is especially critical for retail and online businesses. You can find out which categories and goods are the most popular now by using automated public data collection methods. Positive and negative web reviews, media outlet recommendations, and product sentiment will help you get a clear picture.
Finally, big data can assist you in determining your competitive advantage. You’d need to scrap product catalogs of your competitors to see which things they are selling, how quickly they sell out, and which segments they cover. Always check for loopholes – perhaps some parts have gone unnoticed, presenting an excellent opportunity for you.
- Protecting your brand: The internet is filled with low-cost counterfeit consumer goods that are cheap copies of well-known brands’ products. Other copyrighted goods, such as books, music, and videos, are also illegally shared online, therefore stealing revenue from the rightful owners. Fortunately, businesses can take the help of big data collection technologies for detecting cases of your brand name getting used illegally. Based on an OECD analysis from 2019, commerce in counterfeit goods accounts for 3.3 percent of world trade. Footwear, clothing, electrical equipment, watches, and even medical supplies are being recreated as cheaper replicas, harming the business of original brand owners.
Web scraping, which is used to collect vast volumes of data, can help detect pirated goods on the internet. Web scraping technologies can use relevant keywords to examine marketplaces, search engines, and e-commerce sites recognized for selling counterfeit items. Make this process a crucial part of your business: more fakes will continue to appear, but web scraping can help you lessen the impact.
- Increase the efficiency in business operations: Finally, employing big data results in more efficient business processes, especially if external data is incorporated into the pie. Data shows you where to direct your efforts for the best results, allowing you to cut expenses and, in some cases, resources- for example, analyzing numerous evaluations on public forums or eCommerce platforms may aid in identifying product development potential. When you combine it with consumer trends derived from external data, you will be able to customize your offering to a specific audience.
When different data sources are employed, planning and forecasting will have become far more efficient. Combining historical data with multiple real-time data sources can assist in forecasting future trends, providing at least some control over the unpredictable reality of the ongoing pandemic.
According to an MIT Sloan Management Review analysis, the most analytically mature businesses use various data sources. Big data is now the new normal, which previously was considered a luxury provided only by the wealthiest organizations. The internet is full of public information that can help you make more informed judgments. Big data in business will also bring many new opportunities to drive your company towards growth. You must not pass up this opportunity to include it into your daily operations, and the changes in company results will speak for themselves.
Author’s Bio:
Deepali Daiya is a communication expert who excels in understanding customer needs. She writes powerful sales scripts and articles with very high conversion rates. Currently, she is associated with Sage Software Solutions, a leading distributor of high-quality ERP and CRM systems to small and mid-sized businesses in India.
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