Posted in Operations & IT Articles, Total Reads: 666
, Published on 19 April 2015
In the past, the value of a company was assessed largely on the basis of its capital and physical assets such as land, buildings, equipment, and inventory. Today, the real value of a company is much more than the value of its physical assets or its simple accounting net worth. Technology adds value to the assets of a company. The technology resides in the company’s people and its technological systems.
And now, with the widespread use of cloud, mobile, social media, big data and other technological advances happening at a lightning speed, the shift in the way how technology is affecting our Business is something to watch out for.
The most sought-after field nowadays, in the Management domain, is the Big Data.
Big Data has emerged as one of the fastest growing fields in recent times and every business is looking forward to leverage it to get ahead in the competition. It won’t be wrong to say that it has completely revolutionized the way decisions are made, how value is created and how value is delivered in an organization.
Various dimensions of big data are: volume, velocity and variety.
Volume refers to the amount of data. With all the data-gathering tools available in industry, the amount is overwhelming for many companies. It is measured in Exabyte or pet byte. Similarly, Velocity refers to the speed at which data can be processed. For analyzing data with real-time effects, such as fraud or trading patterns, every second faster can make a difference. And, Variety, the third variable, refers to the various forms in which data is available. This includes video, audio, texts, satellite images, and much more.
With the incoming tsunami of information, companies are now able to use data to their advantage, which helps them in making better and more objective calls. Some of the ways in which Companies use this ‘Data’ to their advantage are:
1. Show Customers their own Data
Customers get excited when they see their own data. Sites like Mint.com and LearnVest allow consumers to review their spending by category and see where their money went in a given week, month or year. Also, providing data to customers, related to health and fitness, can help in making a lot of difference in their lives. And, at the same time, it can make a huge difference on a company’s return on investment.
2. Predict customer’s needs before he asks for it
A lot of companies are using big data to increase customer satisfaction and to increase purchases to online shoppers. Companies gather a lot of data on customers- their purchases, lists of websites visited, their localities, restaurants visited, their preferred brands, and the list goes on. The amount of data received is gigantic, and hence, aptly known as Big Data. Companies try to predict the customer’s future activities on the bases of past experience.
3. Improve customer-service interaction
A large number of companies use Big Data to improve their customer service. When a customer reaches out to the company, the representative can more quickly and efficiently solve the problem if they have the right data in front of them. They won’t need to ask many questions from the customer as they would already know the answers.
4. Identify customer’s problems and find a solution to them
Most companies are aware of their customer’s pain points, and if they don’t, they are not actually paying attention to their customers. A good Manager makes his employees dig deep into the data to solve those difficulties and improve customer’s experience.
So, Companies are using Big Data to give their customers personal treatment and build better long-term relationships with them. And, more and more companies are investing in it to expand their business.
Another important aspect of technology giving a different dimension to Business Management is the Social Media Revolution.
Social Media is a platform that is easily accessible to anyone with internet access. It has tremendously helped in Business Management by increasing communication, fostering brand awareness and improving customer service for the companies. Apart from this, social media serves as a relatively inexpensive platform for organizations to implement marketing campaigns.
Leveraging the power of content and social media marketing can help a company to elevate its customer base in a dramatic way. Some of the ways in which Social Media Marketing can help improve a company’s business are: Increasing Brand Recognition, Improving brand loyalty, Converting More Opportunities, Obtaining Higher conversion rates, Higher Brand Authority, Increasing Inbound Traffic, Decreasing Marketing Costs, Better Search Engine Rankings, Richer Customer Experiences and Improving Customer Insights.
Hence, it is necessary for companies to keep pace with technology, as it is due to technology that our world is developing at a phenomenal speed. And clearly, the application of technology, and not just its development, is a key to success in the competitive global economy.
This article has been authored by Karishma Manik from DoMS IIT Roorkee