Location Intelligence completes Big Data
Writen by Ángela ·
What Big Data has for businesses?
With the growing population, transactions and the integration of cloud into every business aspect, huge chunks of data accumulate to great numbers every other day, making it tedious for professionals to take control. This technology then enters the complex process and takes the heavy load off the shoulders by breaking the entanglement into agile pieces of information.
It is important to business in:
- Knowing the target market trends: understanding the local market with diverse demographic and economic metrics.
- Knowing better the customer base: the average age, the spending pattern, on which sector do they spend the maximum money on. This understanding connects the professionals to forecast sales and direct the right marketing campaigns to the right target.
- Cost-savings: it saves costs that might incur from frequent visits to the market and inaccuracy of data, which otherwise extract huge investments.
The businesses that benefit from Big Data
An astonishing statistic in a Forbes article stated that by 2020, 1.7 megabytes of new information will be created per second per human being on the planet. Also, for the Fortune 1000 company, an 10% increase in the data accessibility will bring in more than $65 million additional income. Every industry from travel to agriculture practises Big Data techniques to make informed and accurate decisions. On a surprising note, the biomass, education and political industries also diffuse this hard core technology into their domains.
To what specific departments in a company is Big Data useful?
This powerful technology notably kindles every department from human resources to sales in an organisation:
- HR: acquiring the huge volume of data to gain better insights, reducing the recruiting timelines and costs, predicting future hiring needs, retaining talent.
- Finance: forecasting the business performance, analysing the KPIs with leverage on the value drivers, optimising the working capital and pricing strategies.
- Marketing & Sales: understanding your target audience, drafting the best marketing campaigns and pricing strategies, sending the right messages, predicting the customer behavior, improving the customer service and more accurately the Return on Investment (ROI).
Moreover, no matter the size or the purpose of your business; as long as there is data in your company, Big Data will be the crux of your business timeline. It helps the organisations to stabilise the internal efficiency with insights of the external market or the data, to collect precise information about the market and sharpen the customer intelligence metrics, simultaneously improving the product offering.
What are the businesses missing?
Over the past 3 to 5 years, the Big Data, with varied notions, has gone from being optional to critical for businesses and organisations. According to Accenture and General Electrics, 84% of the companies believed in the importance of Data & analytics. That said, what goes into ignoring this vital metric into the daily business practise?
In today’s fast paced world, where numerous information and data are sprouting per second, ignorance of this tool in business operation hits the organisation to an extent that becomes difficult to bounce back. To stay ahead of the competition and in the market, to keep up with the changing trends and technology, to track the humongous consumer behaviour and information, data shows up in every business aspect; failing which the organisation faces a huge non-recoverable knock.
The competitive advantages
- Your business outperforms your peers’.
- Improves the innovation process
- Triggers organisations to create more growth opportunities.
- Retail: provides the best location, increases the ROI with in-depth knowledge of the surroundings, boosts the store network performance.
- Real Estate: reveals the best commercial investment opportunities, backs the property promotions and portfolios with hard data.
- FMCG: strengthens territory management, optimises routing and location of the distribution centres and helps the organisation in salesforce management.
What can Location analytics do to retail, real estate and FMCG businesses? Download our on-demand webinar to gain the insights:
How Location Intelligence combines with Big Data to invigorate business decisions?
While Big Data offers all business streams huge trucks of data required for the decision making process, Location Intelligence comes as an integral part for the former to order the data in a manner that is pronounced simple for the executives to comprehend.
Most of the insights provided above is crucial for businesses. But where can the Big Data and location analytics specifically appear and create a business impact? It stands as an importance in almost all the businesses specifically to retail, real estate, FMCG and franchises, in which choosing the ideal location is supported by the metrics provided by these two technologies. It can be of help in the following domains:
- Knowing the demographic indicators such as the census, foreign, tourist population, the average age, disposable income, unemployment rate, etc.
- Understanding the footfalls in a specific area surrounding your future points of sale
- Deciphering the transactionality data (total number of transactions and the average ticket in an area, peak transaction hour, percentage of foreign consumers, destination of the expenses, the most prominent player in an area, etc.)
Thus, with quintillion data produced per second, Big Data and location analytics remain an indisputable asset for all businesses to incorporate and arrive at successful results. More amount of data is only expected to grow in the coming years. Similar to Software as a Service, Data as a Service will follow the suite offering a unique service to the business entities. On the downside, huge amount of data production places heavy weight on data protection measures. Thus, the technologies remain an unavoidable tool for businesses; only taking the huge analytical burden off the shoulders and offering profitable business results.