Unless you are from another planet, you have by now understood that data is "the next big thing." Everyone is talking about it now. Some even argue that the analysis and use of data is the biggest development since the breakthrough of the internet. The big data industry will undoubtedly be the basis for many new technological achievements in the future.
Today, people worldwide use smartphones, laptops and computers. As a result, companies can collect and store enormous amounts of data. So-called big data. It is often a challenge to convert that big data into useful insights, but the importance of this will continue to increase. The insights will be the key to achieving a competitive advantage and other successes. The ability to combine consumer personal information with information that visitors leave online, such as on blogs and social media, means that businesses will be able to understand the needs of their customers much better. Yes, it goes so far as to predict what their customers will buy in the future.
Personalisation
The impact of big data is not only limited to online purchases. It can also be used in brick and mortar stores. Just think of loyalty programs where you can collect various data about the preferences and buying behaviour of your customers. With this information, the company can then send personalised ads and provide discounts that specifically suit the tastes of each individual customer. The level of personalisation will only grow as time goes on and technological developments follow each other.
Netflix & Spotify
The business models of companies such as Netflix and Spotify are success stories that are largely linked to data. They continue to grow because, based on insights from big data, they can continue to perfectly meet the needs of their customers. They owe their strength to the fact that they take the opinions of their customers into account. Because they take into account what their customers want to see or hear. They use viewing and listening behaviour data to further personalise their services. Netflix identifies the most popular genres, series and actors. In some cases, it even merges these aspects and makes it into its own series or movie. It suggests and indicates what the viewer is likely to enjoy watching. Spotify does the same with listening behaviour and proposes songs that may be appreciated. Only by using big data.
Big data in all sectors
Big data is making its way almost everywhere today. Data is used to assist public services such as law enforcement and health services. Big data helps police predict where crimes are most likely to occur. It ensures that resources can be used more efficiently. The healthcare world uses big data to digitise medical records. It tells medical professionals whether treatment for a specific condition has been effective in the past.
There are also many apps on the market today that are related to health and that use big data. Just think of apps that map sleeping patterns, heart rate and steps on a daily basis. In fact, DNA testing uses big data to predict whether an individual will exhibit genetically determined behaviour in specific circumstances.
Competitive Advantage
It is clear that big data is now starting to play an important role in our daily life. The possibilities are endless and the impact will only keep growing. Companies that don't use the big data they have at their disposal will lag behind their competitors who do use it effectively. Because these companies will ensure that they offer their customers exactly what they want and when they want it.
About Graydon
Many companies today still find it difficult to use data efficiently. Graydon can provide extensive support here with the delivery of data and insights or with data analyses. For 130 years, Graydon has been helping businesses with valuable business information to make informed financial and commercial decisions. By collecting, analysing and interpreting large amounts of data from various sources, we provide clients with insights in the areas of credit information, risk & compliance and marketing information. We use more than 130 international databases and the data of more than 90 million companies. Graydon has offices in Antwerp, Amsterdam, London and Cardiff. Since 2016, Graydon has been part of Atradius, one of the largest credit insurers in the world.
Also download …
The handbook for data-driven marketing
In this e-book, various data experts point out the possibilities and the growing importance of data. Both for large and small companies.
(Please note: the e-book is only available in Dutch and in French)
Author Sven Persoone