Business development is increasingly widespread and innovation is increasingly showing ‘fangs’ to help business development which is increasingly ‘WOW’. Maybe 10 years ago we never knew that the use of big data will become increasingly widespread and necessary for business in the future. Big data is a collection of data that is larger and certainly more complex than previous data, so we cannot use traditional software to process large and large amounts of data. The advantage of big data is that we can overcome many business problems that previously could not be solved. That is why people say that big data is a business innovation in the future.
This demand for big data has skyrocketed in recent years, so many companies are competing to use internal data warehouses, software to analyze data, obtain public and private databases and initiate artificial intelligence strategies , or what we often refer to as Artificial Intelligence (AI).
In other words, big data has a role as a very valuable commodity such as oil or gold that will provide many benefits for business. So, why do people really pursue the collection of big data in the current digital era? Let’s look at some of the following reasons.
1. Big Data is a Source of Insight.
A few years earlier maybe business people and entrepreneurs did not realize that big data is a gold mine for their business now and in the future. Big data plays an active role as a source of insight for those of us who work to provide the best products and services for customers.
Through big data, we can learn what customers are interested in, what products and services they are not interested in, and so on. With the help of artificial intelligence or Artificial Intelligence, business people and entrepreneurs in various companies can already use data obtained from consumers and users of their products and services.
Big data also helps us to find customers who are more appropriate with the orientation of the products and services we have, so that the marketing process can be done more precisely. Data analysis and data visualization also allows us to make decisions according to available big data and find other opportunities hidden in consumer data.
2. Big Data can be Used Offline.
Amazingly, big data can not only be used online by looking at the data searching for goods, the number of clicks and purchases of products or services, but big data can also be used offline. Cool?!
For example, large companies like Amazon have already introduced surveillance strategies in several stores around the world. Amazon installed new sensors and actuators in each of these stores and began collecting data related to preferences and behavior from consumers.
Now these data will be collected and form big data which will later be used as a driving algorithm that will regulate changes in the prices of goods and services, which will certainly react to changes in consumer demand.
3. Big Data Assists Us in Managing Online Reputation.
In today’s digital era, our loyal customers and customers tend to provide their comments and reviews regarding products or services through social media. Now, when consumers post thousands of comments and reviews about our products and services on social media and other forums, we might find it difficult to manage the online reputation of the businesses we have.
But, we don’t need to worry anymore now because they all have a positive side that we can use well. Feedback and complaints that consumers provide online can be transformed into data that can be analyzed using sophisticated artificial intelligence models and tools.
One effective way is to use sentiment analysis using NLP (Natural Language Processing) techniques to understand the dynamics of emotions and feedback from users. The step we need to do is create a Facebook application that will take and analyze consumer posts about our company and use the sentiment analysis approach.
With sentiment analysis, we can identify positive and negative reviews of the products and services we have, especially on e-commerce platforms in Indonesia. By knowing sentiment analysis we can assess our performance so far and find solutions to improve it.
In addition, another major advantage of sentiment analysis is that we can manage online reputation automatically. As we know, facing and processing thousands and even millions of feedback from consumers manually is a very difficult thing to do and also requires expensive costs. So, juggling all feedback into big data that will be distributed to business intelligence software will be a very efficient solution and become an advantage for our business.
4. Big Data is the Main Fuel for Artificial Intelligence Research (AI).
As we know that artificial intelligence (artificial intelligence) really requires big data as their main ingredient in developing AI. Whatever our business model, we need to introduce effective data acquisition strategies to increase the power of AI.
When we have stable access to get quality data, we will indirectly help the development of AI better and more efficiently. AI can also help increase employee productivity and create better experiences for our clients and business partners. So, the role of big data is very influential for making AI.
5. Big Data is a Personalization Instrument.
The final reason is customer personalization is one of the main sources of excellence for companies offering their products and services online. Personalization powered by big data will be a very powerful tool for retaining consumers by offering products, services, and features that are really sought after by consumers.
There is so much data coming through business in the digital era today, and all of that data is not possible to be traditionally analyzed by the human resources we have. Artificial intelligence and technological advances have turned this pile of data into valuable gold fields that can be used by any business.