Let’s say you have a small e-commerce store, and due to server overload, your website goes offline for about an hour. How many sales will you lose within that hour? Probably, around a few hundred thousand dollars?
But do you know how much would Amazon lose if their website goes down for an hour? Approximately $17 million per hour. Crazy right? That’s why Jeff Bezos created his own Amazon server and cloud service to withstand traffic and sales.
Data management for businesses is not a new headache. Be it a small e-commerce store or a giant like Amazon, managing the data of customers and transactions is something that cannot be taken for granted.
We are living in a digital world. The users search for a company before buying from there. No one wants to buy from a website that cannot handle and protect users’ data.
With this huge amount of data, there is a responsibility of managing that data online and keeping it safe from the clutches of hackers. Not only that, but you also have to make sure that data doesn’t inundate your server.
For startups, this might not be a big problem, but when the business starts scaling, managing massive data becomes a challenge.
If you are facing this problem with your website or online store, this blog is for you. Read it, re-read it, and apply the strategies that big businesses use to manage all that data.
Take our word; never again in your life, you will have to worry about losing that precious data or your website crashing under a load of data.
The following examples will help you to manage the data and beat your competitor with innovation and creativity.
Customer Acquisition & Retention with Big Data Analytics
By using big data, businesses can recognize patterns and trends of customers and then use it to their advantage.
It’s important because understanding customer behavior will trigger loyalty. It means that the more data a company can collect, the more patterns & trends businesses can identify.
Modern technology is a gift as it enables companies to gather data and present it in an understandable form. What big brands do is they use big data analytics strategy to understand customer behavior.
When you analyze customer insights, it gets easy for your business to understand the data and deliver what customers exactly want from you.
Today, consumers share their opinions on social networks. It allows brands to understand consumer input and focus on creating products and advertisements based upon that input.
Risk Management with Huge Data
A number of challenges contribute to the difficulty of managing a massive amount of data. One of those challenges is to sync that data in real-time to be accessed from more than one device.
Online tools like Google Drive file stream download help the enterprises to synchronize data and lower the risk of losing that data.
Today, data management is crucial. Consumers are worried about losing their data, and corporations are working on fraud protection and implying proper security features to secure their data.
Opting for reliable and secure cloud services like Amazon and Google is imperative to secure your data. With these services, the risk of losing any of your data is negligible.
Data Management Demands Innovation
As they say, “necessity is the mother of innovation.” So when the corporations face data management problems, they brainstorm innovative ideas to solve those problems.
Today, you don’t need to call a conference of experts to fix issues that your business is facing. Now, everything is online. For every problem of yours, there are thousands of solutions online. You just need to know where to search for them.
Mostly, successful companies adopt the habit of working on innovative solutions to upgrade their product and deal with the problem at hand.
These days, everything that a company does is for the sake of the customer. That’s why it is essential to know more about the customer by analyzing their data, as mentioned earlier, and making decisions based upon that data.
An excellent example is Amazon Fresh and Whole Foods. Here, the data comes directly from customers, which is then used to improve the product and quality of the service.
Each touchpoint of the customer is analyzed. Based on that data, the logistics, delivery, and even the interaction of customers with suppliers are done in the most viable manner.
Whether you are a startup or a big corporation, when you plan to scale your business, you must do it in a way that it sustains for a long time.
The only possible solution to this is innovation, and creating solutions that are more feasible for your brand.
The consumers are putting data out there every day. Smart businesses take that data, analyze it, and create better solutions for their customers.
Managing huge caches of data is difficult, but if done systematically, things will turn out just fine. There are tools like Google Analytics that enable a company of any size to take a huge chunk of data, analyze it, and strategize based-upon that data.
The customers are already looking for things that suit their needs and cater to their desires. For businesses to grow, they must analyze the data and give the best solutions to the customers.
The data is all out there. The real challenge is for companies to take that data, analyze it, and use it for their benefit. When you start scaling your business, it is essential to learn how to manage big data without exhausting all the resources.
It is best to prepare for these situations from the very beginning. When a company is small, it is easy to build systems and devise strategies that will work when the business grows.
If your business has already made it big, then you must now live up to your reputation to give the customers what they need.
About Author :
Justin is a fashion enthusiast and has the soul of a traveler. Staying atop the fashion trends, styling and grooming are etched in every fiber of his being. Not only that, but he loves to share his thoughts with a myriad of people via his blogs. You can follow him on Twitter @justcody89