Big data is a field that is used to analyze a large amount of data of a company that can not be analyzed with traditional computing or software. It the collection of data of a company. Let us take an example to understand the whole scenario of Big Data.
We are using our smartphones in our daily life many times. But we never thought about the data generated by smartphones in a day by using many applications present on our phone. Almost, 2.5 quintillion byte data is generated by a smartphone each day. It is not handled with traditional computing is called Big Data.
Let’s have a look data is generated per minute on the internet,
- Snapchat makes 2.1 million shares per minute.
- 3.8 million search queries on Google per minute.
- 1.0 million people log on Facebook.
- 4.5 million videos watched on YouTube.
- 188 million emails are sent per minute.
To handle this lot of data we use the concept of 5V’s of big data.
5V’s of Big Data
Volume, Velocity, Variety, Veracity, and Value are the 5V’s to make the big data big business. Let us take an example of the healthcare care sector to understand all the terms of these 5V’s of Big Data industry.
Hospitals and Clinics generates a massive volume of data. 2314 Exabytes data collected annually. It is a huge data that can not be analyzed by using traditional computing or traditional software.
It refers to the records of patients and test results. It is done in a very short time at a very high speed. It is recorded in very high so it is considered in the velocity group.
There are various types of data like structured data, semi-structured data, unstructured data. Examples of these data are:-
- Structure data:- Excel Files
- Semi-structured data:- Log Files
- Unstructured data:- X-Ray Files
Accuracy and Trustworthiness of data are considered as Veracity.
Disease detection, Better treatment Reduce costs are considered as a Value category.
This is an example of the healthcare sector. All the files of a company are stored in these 5V’s of the Big Data industry. It reduces the cost and stress of analyzing big data. It varies with the company to the company.
4 Ways to Transform Sales and Marketing
Identifying Valuable Opportunities
Evaluating more and more data will provide more and more opportunities for us. Evaluating data not just from inside the company but also from outside the company. Big data helps us to get opportunities to get involved in new business. Once we have collected data, we need good analytics. Analytics leaders believe in a new technique of business called “Destination Thinking”. Destination Thinking is used to solve business problems by questioning and answering and also involves writing in simple terms of data and analytics. By achieving big goals and vague, it can boost sales and marketing by using big data.
Simplicity And Speed In Business
The data is increasing at a speed of light day by day. This is very challenging for sales and marketing professionals. To tackle these challenging problems, technology helps us to create a better and most relevant interaction with customers. Also, by using predictive statistics, natural language mining, and machine learning help us to evaluate a large amount of data. Many companies also like to invest in algorithm marketing. Algorithm Marketing is a type of marketing that helps us to use big data and improve the speed and simplicity in sales and marketing activities.
Technique To Identify New Customers And Retain Existing Customers By Using Big Data
The behavior of a customer is changing day by day. They are surfing various websites, channels, using various technologies to fulfill their demand or task. It is very critical to understand the decision of a customer because they are surfing various channels. It helps us to identify new customers and helps to retain existing customers. By using Big Data analytics we can understand the opinion of a customer to create the best business marketing strategy that will lead to business growth. We can one more method to collect the data from customers is from purchases of products, reviews of products, and recommendations of products. With these, we can analyze the opinion of customers about the services and products of the business. We can increase the conversion rate of the new and existing customers over the business.
Real-Time Data Analytics And Marketing
Big data analysis helps us to optimize the market performance which helps us to reduce the cost of the product and time in services. Real-time data helps us to take immediate action as per the current requirement. It is very critical in analyzing data from GPS, IoT sensors, clicks on a page of a website, and other real-time data.
After the discussion on various points above, we can say that Big Data is one of the most important data that plays a key in business. It helps us in making marketing decisions and also helps us to create the best marketing strategy for promoting business marketing and sales. Proper analysis of Big Data can lead to business growth and can succeed in any business.
You can use Big Data Analysis to optimize your marketing strategies and you can achieve your goals as per your wish. You can take the help of tools of Big Data Analytics Software Companies to use advanced technologies in the Big Data field. Chatbots is the most popular strategy to improve sales and marketing and help in achieving goals in Big Data Marketing.