Gaining valuable insights about target demographics and customer preferences relies heavily on data. Any interaction with technology, whether active or passive, generates new data that can be used to improve decision-making. Our data profile is growing rapidly as data is collected through a lot of products like video cameras, credit cards, smartphones, and other touchpoints. These data points, when properly analyzed, can reveal a lot about our actions, personalities, and life events. To appeal to the target customers, companies can use these insights for product improvements, business planning, and marketing strategies.

Organizations are gradually realizing the importance of data-driven decision-making in all divisions and functions, thanks to modern business intelligence.

Why is Big Data Important?

While the idea of big data and its value has been around for a long time, technology has only recently made it possible to analyze vast amounts of data quickly and efficiently. Data, both organized and unstructured, will be collected and analyzed in the coming years in order to discover unexpected insights and even help predict the future.

As data collection and analysis become more available, big data can transform how even the smallest businesses do business. New, cost-effective, and creative technologies are continually evolving and improving, making it extremely simple for every company to introduce big data solutions.

Big Data Applications in Business

• Automation: Via robotic process automation, big data has the ability to increase internal efficiencies and operations. Massive quantities of real-time data can be processed right away and integrated into business processes for automated decision-making. Data processing and storage can be automated thanks to scalable IT infrastructure and lower cloud computing costs.
• In-depth insights: Big data can also be used to uncover opportunities that were previously unavailable to businesses due to the inability to review vast amounts of data. Also, complex data sets can be used to create new products or improve existing ones. In the competitive world, proprietary data can be extremely important.
• Faster, better decision making: Businesses can now analyze information quickly and make smart, educated decisions thanks to the speed of data analytics technologies and the ability to analyze new sources of data.
• Real-time Data to Improve Customer Engagement and Retention: Customer service is one of the most important fields on which businesses must focus today in order to achieve their long-term goals. Companies have been using real-time data to provide consumers with one-on-one customized services and solutions. For example, Kroger uses Big Data to provide consumers with personalized loyalty services. The business uses data from more than 770 million customers to produce actionable insights that help the brand improve customer satisfaction and profitability. Kroger reports that loyalty cards account for 95 percent of its revenues, with 60 percent redemption rates and over $12 billion in additional revenue.

Data-driven decision-making is a game-changer. When everybody in a company embraces visual analytics, data becomes a valuable business asset. Data-driven decision-making becomes a company priority, not a headache, with a modern business intelligence solution. As a result, quicker and more informed decisions are made.

These decisions would result in a stronger bottom line, more innovation and commercial success, and increased employee engagement and cooperation.

About us
Cintel.io empowers organizations to build data-driven culture for delivering maximum business value. At Cintel.io, we aim to offer a cutting edge self-serve analytics platform and services to provide easy access to multiple data sources, build metrics and visualizations within minutes and continue to be an Analytics partner for inculcating data-driven culture across all hierarchies of businesses.