A featured contribution from Leadership Perspectives: a curated forum reserved for leaders nominated by our subscribers and vetted by the Construction Tech Review Advisory Board.
Sheen Chungath
Big data and Analytics - the Revenue boosters
As every market is getting highly competitive, all of us are running here and there looking for techniques to improve the business and there by revenue. I think Big data & Analytics will solve this problem to a very large extend. Let’s explore how?
Imagine what happens when competition is high. The chances for a customer to come and buy from your shop or online portal will become low. Then let’s see what happens to two vendors selling the same item at their storefront. ? It’s sure that they need to depend on their luck to get that business!! So here my question to each vendor is that “What you are going to do extra, to make that sale happen for you?”
The answer for this question matters a lot and I am sure those who do this effectively will always win the sale! To prove this, we have a lot of success stories of online portals and retails chains in front of us.
Why analytics?
In business scenario while trying to expand our business , most of us will invest in marketing, sales process, increasing man power, increasing inventory, building new infrastructure etc., but question is how many of us will really spend some quality time and money to do an analysis on our historical or present data ?
Here comes the importance of Analytics. Doing analytics on data will give you genuine insights about your customer, process, trends, overall business health etc. It’s as simple as switching on a torch light and searching in a dark room where you can see good and bad things in front of you! I am sure some of them will be expected by you and some others certainly unexpected! That’s the reason why we say “data will tell you the truth and sometimes it will be unbelievable”, but still we need to believe it. because it’s taken from the data that we provided.
The concepts like Real time analytics, Predictive analytics etc. has changed the face of business from the way we looked at it couple of years back. With the help of analytics, today experts will predict that, as a vendor what should be the product that you need to show in front of the customer at your store and also the percentage of chance that customer will buy that product!
Why Big data?
We all know that analytics is not a new thing, but many of us were not doing analytics because we were facing difficulties in managing data properly due to its complexity, speed, size and volume. Fortunately now we have some good open source tools and techniques like big data to do analysis more easily when compared to older days. Big data concepts can do what our conventional data bases techniques was not able to do. I am sure you might have surprised after seeing the data handling ability of our leading search engines and social networking portals. Thanks to big data tools and techniques.
Is Big data and Analytics expensive?
Earlier we have seen that tools and techniques used for doing data management and analytics was very expensive and it was under the monopoly of some IT giants in the industry. But now the scenario is totally changed to a situation like any small or medium enterprise can also do analytics at affordable cost. The reason is that a lot of open source tools has been introduced which made the exercise of doing data management and analytics in a very cost effective way.
So the question is all about that who is going to utilize Big data and Analytics effectively to increase their business revenue as well as to take good strategic decisions!
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