Mexico. Comstor reveals how Big Data Analytics is a business differentiator. The development of new technologies usually appears to meet the needs of users of a product or service. According to the expectations they express, developers seek to create ways to meet them.
The generation of Millennials, people born between 1980 and 2000, who know technologies well and expect a lot from them, makes customer retention increasingly difficult, even if it is considered economically active.
They are more demanding than the previous generation, mainly because they were born surrounded by technologies, contrary to their predecessors, hand in hand with all their development and having seen how many processes are facilitated and streamlined thanks to them.
Beyond demanding better structured and efficient products and services, today's consumer is increasingly moving to the digital medium. According to Gartner statistics, over the next five years, approximately one million new devices will be connected per hour, generating a large volume of data, algorithms, and other mappings and metrics that will provide the foundation for how companies will engage with customers.
What does this mean for business?
Companies within this new context must look for new ways of doing business, entering the process of digital transformation, becoming increasingly competitive in the virtual world. The presence of brands, products and services present in the digital environment becomes a mandatory requirement.
For IT channels, these changes are imperative since, in addition to reinventing the way they provide technologies, they must support other sectors to enter the virtual environment in a safe and efficient way.
Both channels and their customers depend on an evaluation of their businesses, through the adoption of technologies that allow measuring and analyzing data flows, protecting the data of the company and its customers and thus ensuring profitability.
But, even if there are many changes, digital relationships do not stray far from the basic principles of market dynamics, oriented by supply and demand. What really changes, is how this relationship arises, the appropriate care before the distant and impartial changes, in the digital environment.
Therefore, adopting new technologies, developing new business models and improving the competitiveness of companies, depends on understanding the needs and desires of consumers, developing a digital strategy and adopting the right tools.
The benefits of Analytics for digital strategies
Developing a digital business that responds to market demands depends, first of all, on understanding how the customer behaves and how they consume in the digital environment, without establishing strategies inherited from the offline, but directing efforts to the specific characteristics of the online environment.
For this reason, most companies have sought Big Data Analytics solutions, one of the main tools that digital transformation offers to those who seek to improve work processes and have clearer perceptions of market trends, consumer behavior, their needs and expectations.
Big Data Analytics is a tool focused on the development of intelligent analysis of large volumes of information, regardless of whether they are structured or unstructured. For this analysis to be performed, after data collection, these are stored and processed by high-performance software.
Therefore, this tool crosses all available data on the internal and external environment of a business, identifying the convergent points and risks that may arise, providing a guideline for making decisions.
The benefits that this solution provides to companies are directly connected, to the possibility of obtaining a wide range of important information so that the company stands out and obtains better performance from the market.
This is possible because the tool ensures more substantial comments, defining specific characteristics by region, product and service preferences according to filters such as: age, region, socioeconomic status, among others.
It also allows a better understanding of the company's internal processes, detecting where systems fail, what has left the network at risk and which software has not shown the expected performance.
Other benefits may be associated with the use of Big Data Analytics such as:
- Identification of more accurate standards;
- Competitor analysis;
- Identification of new product development opportunities;
- Evaluation of leads, clicks, views, opportunities and conversions of digital marketing campaigns;
- Decrease in churn (customer churn).
In this way, we can realize that this solution offers an immense potential for growth, since it guarantees access and the correct processing of all the data necessary for decision making in a more strategic way, aligned with the objectives of the company and with the needs of consumers, introducing businesses to digital transformation in an efficient way.
