6 advantages of using big data for your business
With the growth of the internet, availability of wireless networks, smartphones, e-commerce and social media, in less than a decade, big data has become a multi-billion industry in Europe. Businesses, small or large, now all analyse their datasets to reveal trends and patterns to make data-driven decisions.
Here are six advantages of big data that Nyenrode Business University believes can be beneficial for your organisation and for your own growth as a manager:
Learn more about big data with Nyenrode Business University!
1. Understand your market
When growing your business into new markets, it is important to gain insight into which market holds the most potential for your product or service. What are the regional trends that might impact your forecast and which local competitors are playing in the same field? Analysing these data sets can help you gain a better understanding of how to drive your business forward, and how you can meet market expectations and differentiate from competitor offerings.
2. Know your customer
Understanding who buys your product or service, why they chose your organisation and what they value in what you have to offer is crucial. Analysing these data sets will enable you to create customer personas which will provide you with more specific insights per customer segment. This not only helps you to optimise the development of the products or services you sell, but also helps to launch better targeted campaigns, so you can get as close as you can to your best customers.
3. Improve your processes
Between the moment your customer first hears about your organisation and the time they purchase your product or service, they will go through different stages. Understanding the process your customers go through as well as any internal processes you have put in place around developing, offering and selling your product or service is crucial in order to find improvements and, where needed, even shorten the related cycles. This will create more efficiency within your organisation and more efficacy towards your customers, says Nyenrode Business University.
4. Boost your innovation
While some organisations take a more traditional approach to using big data, others see it as the driving force for change. Better insight into your organisation’s data will enable you to spot early market trends, see what is driving your competition, or which new features your customers are looking for. Many organisations launch separate business units that are still part of the parent company but have a lot of freedom to take a more creative and innovative approach to the development of new products and services. This often results in a more rapid market response.
5. Beat your competition
Ultimately, all of the above reasons for using big data should enable your organisation to become more competitive, more agile and more notable. Responding to market changes, seeing what your customers want before they know it themselves, and optimising lengthy processes will make sure your organisation stays ahead of the game, and that your competition will have a tough job matching your abilities and gaining a share of your market.
6. Grow your skills
Most important in utilising the advantages of big data in your own company or the organisation that you currently work for is your own role as a manager. Are you able to gather the data sets needed to become more competitive and drive your products or services forward? Are you able to make data-driven decisions to convince those around you to make that change?
Learn all about big data during the MBA at Nyenrode
Nyenrode Business University can help you accelerate your career in business with their one-year international Full-time MBA in Amsterdam. The programme is designed to mirror the way businesses operate and includes the latest topics such as big data. Find out more by requesting the all-new brochure, or by scheduling a meeting with their programme advisor.
Will you be part of the next generation of data-driven business leaders? Nyenrode’s Full-time MBA in Amsterdam starts in September 2023 and is awaiting your talent!