Have you ever wondered what it would be like to read minds? Sexy, isn’t it? What if we told you that you can do it? Well, it’s not magic, really, but data.
With the concept of Big Data in place, you can know all there is to know about trends, and the preferences and patterns of your customer base, which will eventually enable the creation of a customer-friendly brand. And we all know – the friendlier your brand, the more money you can bring home.
Data can give you all the control – to predict and read the future if you know how to interpret it right.
So, what can you do with Big Data?
If you’re the competitive type, which you should be if you want your business to surprise, Big Data can be your new best friend. You can use Big Data to predict the outcomes of the trials you run with your products. It can create opportunities for growth, and even give rise to ideas for new businesses. The man with Big Data on his side comes out at the top.
Big Data helps you develop a dialogue with your consumers. Your consumer is a smart cookie- they won’t make their purchase blindly. They will look around, compare prices, and even look for consultations regarding their purchase. With Big Data, you can gain access to these search trends and analyse exactly what your customer base wants from your brand. Essentially, you will be creating a brand that caters exclusively to your customer base, and thus increasing your chances for success manifold. Big Data can also influence how you develop your products to draw the maximum amount of attention to your brand.
About data scientists
So, what does a data scientist do then? They make all the magic happen. They dive into the sea of Big Data and make discoveries. They are the ones who analyse the data and come to different conclusions.
The sexiest thing about a data scientist is that they can go on despite limitations. They don’t get a lot of technical help, but they make the most of what they get and provide companies with satisfactory results nevertheless. The data scientist is an advisor, a hacker, and a communicator all rolled into one- the rarest combination you’ll ever find in the corporate world.
How is Big Data used in businesses?
Big Data sounds great as a theory, but what about its practical benefits? Well, there are many real-life examples which show that companies use Big Data all the time for a variety of purposes- from targeting specific audiences to help predict outcomes of elections.
Yeah, you can use Big Data to help predict the outcome of an election too. Cambridge’s Analytica used Big Data for psychographic segmentation and data enchantment to win the 2016 presidential election for Trump and win the Brexit in the UK.
Target used Big Data to accurately predict when one of its customers was going to have a baby. Using Big Data, Telecom companies can predict the customer churn to a whole new level of accuracy, and Walmart can ensure which of its products will sell well. These examples from the business sector reveal that Big Data can be used to amplify the sales of a product or a service.
Big Data is also constantly being used to optimise business processes. Sellers can restock their shelves on the basis of the social media data that they have collected from social media posts, web search trends on search engines and even weather forecasts.
When you’re running a business, you need to have a medium of dialogue with your consumers. Their likes and dislikes should be the building blocks of your business. Big Data opens up this means of communication between you and your clients. With Big Data, you can profile the feedback given by customers and create an analysis of what they expect in terms of quality, shipping time, delivery and the like.
Importantly, Big Data plays a massive role in bringing physical and digital shopping portals on the same realm. As an online retailer, you can suggest an offer on the mobile carrier with ease.
It is possible to master data science by creating a learning path, which has emerged as an increasingly popular way of learning. Learning data science can bring you lucrative job opportunities, owing to the recent popularity of Big Data and data analysis. The job itself is challenging, but rewarding work does not require a bit of blood, sweat and tears to get it going. And also, with the right kind of technical equipment, you can get going in no time. So, if you are willing to become the magician of a top corporate office, the “sexiest” role of a data scientist is the right job for you!