How Firms Harness Big Data

How Firms Harness Big Data

Many firms are now using big data in their operations. One study by management consulting firm Forrester Research that 44 percent of companies utilize data and mining to improve customer response rates and generate insights. Another report by Boston Consulting Group showed that  a majority of chief marketing officers believe that big data systems have a big impact on their email and mobile communication campaigns.

Big companies used to be the ones to harness big data to outperform their counterparts. But knowledge and use of data has become so widespread that even new entrants are now capable of using data-driven technologies in order to compete and innovate. Below are some of the ways data has been used by various businesses in their operations:

Big data for boosting relevancy and retention of readers

Publishing companies rely on data to give their subscribers their desired content. It helps in building authority, expanding the subscriber base, and boosting the bottom line. Aside from making their websites more searchable, data also enables publishers to serve information that’s relevant to their readers

Big data for analyzing pharmaceutical outcomes

Data pioneers have also relied on analytics to predict and assess outcomes of pharmaceuticals.  Risks and benefits of medications which were not clearly shown in clinical trials are better identified through big data.

Big data for recruiting the right candidate

Recruiting agencies also use analytics to find the right candidate for a particular position. Big data recruitment platforms can mine information from internal databases and give a 360-degree view of a candidate by assessing his/her education, experience, certifications, and other similar information.

Big data for e-commerce

E-commerce firms also use big data to optimize the shopping experience of their customers. Analytics can collect, process, and analyze consumer behavior and the data can then be used by e-commerce firms in determining how to reach out to potential customers and offering them the products or services they need.