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11 July 2022

Seizing Opportunities of Big Data’s Potential for Modern Business Expansion

All data and information can be easily accessed, stored, traced, and even analysed in the current digital age. Data collection and analysis are important in all fields, including business. Relevant social trends and needs can only be identified through this method. Through analysis of the collected data, it will be possible to make market forecasts. This can be a favourable opportunity and a new, effective strategy for addressing new markets. Consequently, data collection is now regarded as a routine activity. Big data is one of the most commonly used terms in data management and has become a trend. Big data is not merely a trend popularized by elite circles but a paradigm shift, particularly in the business sector. big data potential

Understand Market Conditions with Big Data

Big data plays an important role in the business world of Indonesia due to its high-volume, high-variety, and high-velocity characteristics, which allow data to be obtained in real-time, yielding a large amount of information. The role of big data in this industry is to comprehend market conditions. At any time, market conditions will be volatile; therefore, it is expected that this big data will be able to detect changes in market trends in a timely and accurate manner. The variable that alters market trends is the purchasing patterns of consumers. In modern business, big data can determine which products are most popular and create products that align with future trends.

Big Data is Transforming How the World Manages Business Information

The outcomes of big data analysis will enable businesses to leverage data and identify new opportunities that can arise at any time and in any location. The outcomes of this big data analysis can also be used to solve problems quickly, speed up innovation, and encourage businesses to be competitive. For example, a successful application of big data is in marketing, where participants will gain a deeper understanding of consumer behavior. Big data shows audience demographics, habits, and preferences to detect post-transaction consumer behavior. In addition, the role of big data in the banking industry is used to identify customer behavior, such as credit risk analysis, customer behavior understanding, and much more. big data potential

Optimization of Big Data in Data Management

Businesses can easily identify products using big data for data optimization, especially when consumers mention and write down products. By knowing the level of customer satisfaction, businesses can also determine the product’s intended audience. The level of customer satisfaction can be determined by analyzing customer feedback and evaluations. Using big data, businesses can easily assess the level of evaluation and determine the maximum achievable goal. Big data can also be advantageous for marketing and digital marketing. Implementing big data in marketing becomes more efficient and only costs a small amount of money; businesses do not require a large marketing budget when implementing big data. In addition, businesses can use this data as a basis for decision-making and a springboard for innovations through the detailed information provided by big data about all customer activities and behaviors.

Big data in business management unquestionably aid companies in determining long-term decisions through various aspects, including the potential consequences of decisions made. However, without the proper analysis of big data, a business appears blind and deaf because it cannot hear the desires of consumers and anticipate future industry trends. Big data platforms can be utilized in various company departments. Therefore, the potential of big data should be considered, as it can provide new perspectives and opportunities from large amounts of data that have been processed conventionally. For example, the marketing department or marketing is one of the key users of a big data platform for preparing a business’s marketing strategy. Those interested in implementing this big data platform should select a truly qualified and trustworthy big data provider. The objective is to maximize its use, as it is supported by qualified and seasoned big data consultants in their respective fields. The IT Consulting company Phintraco Consulting, also known as PhinCon, is one of the Big Data solution providers. This subsidiary of the Phintraco Group will assist your business in accessing and utilizing available data without the need to learn complex programming languages or tools. With the various advantages of optimizing big data, businesses will be able to support future business growth.

 

Contact us at [email protected] for additional information on our big data solutions.

 

Reference:

https://www.teradata.com/Trends/Big-Data/How-Big-Data-Works

 

Related Article:

Big Data: Solving Complex Business Problems

 

Baca Juga:

Meraih Peluang Potensi Big Data untuk Ekspansi Bisnis Modern

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