Some 62 percent of companies with 500 to 1,999 employees are using big data to pursue their business objectives. This resulted from a survey by Bitkom Research on behalf of the auditing and consultancy firm KPMG. It shows that a big data strategy is no longer exclusively relevant to large corporations, but has now also extended to medium-sized companies.
Although more and more retailers and manufacturers use big data with increasing interest, the results still leave much to be desired, according to the statements of users. Only about every second company draws a positive conclusion from the handling of data analyses. What is the reason to why big data is being treated as the driving force behind eCommerce?
Big data helps to reach every business goal – if it is used right
Big data promises the user clear competitive advantages. It offers companies insights into customer preferences, allows the possibility of personalised offers and can also strengthen services. Big data also promises users higher odds of winning in the price war. In eCommerce today, intelligent price setting and the right margin determine which online retailers survive on the market.
Many companies rely on the promise of big data: According to Bitkom, 82 percent of German companies of any size use big data. Some 59 percent of these companies state that they annually reach at least one of their business targets with the help of big data.
At the same time, however, half of the users are not fully convinced by big data solutions. According to the Bitkom survey, around half of respondents are not satisfied with the identification of new customers, nor with the analysis of existing customers. This result sounds sobering at first, but on closer inspection the cause for this fact quickly becomes clear. Most of these companies lack a targeted strategy. Almost one in four companies (27 percent) have not developed any strategy for data analysis and 59 percent have implemented data analysis in at least some areas of the company. A strategic approach to big data projects is indispensable if the results are to be illuminating and fruitful.
A big data strategy should be individual – just like each online shop
The data mountains on the net are huge, with 2.5 trillion bytes produced daily. Beating a path through the data jungle is in itself a complex process. Retailers and manufacturers must therefore ask themselves before a big data analysis: What is my company objective and what data do I need to achieve these goals? Every company has a different profile, so it also has its different needs. And these needs should be reflected in the big data strategy.
Translating those needs and goals into big data language requires data experts. Only 25 percent of companies surveyed by Bitkom claim to have capable employees who can analyse and evaluate the data. For big data projects to achieve the desired success and make the investment in expensive high-performance systems worthwhile, companies should consult professional service providers.
The right consultant and the appropriate software pave the way
Many companies are entering new territory with big data. A specialist who steers companies through the data jungle is indispensable. In consultation with big data experts, retailers and manufacturers can jointly define goals, determine the correct approach and achieve a long-term exchange – even after project end. This ensures that companies select the right analytical technology to collect and evaluate data. A user-friendly software can greatly simplify the process here.
A Business Intelligence software like blackbee helps the user find their optimal pricing strategy. blackbee is one of the cloud-based big data applications and can thus be quickly put into operation. This allows the user to keep track of price developments on the market every day. Appropriate price adjustments can thus be made in a short time. Read here by which four steps blackbee creates the basis for an ideal pricing.
Find a prolonged companion among the right experts
These software-as-a-service solutions, including blackbee, can be tailored to the needs of the user. At the same time, they reduce costs for the company it would otherwise have to invest in implementing their own big data strategy by means of suitable employees. In this way, small and medium-sized enterprises can remain competitive with larger companies.
Each company has its own profile and clear business objectives. These aspects should be reflected in the big data strategy. To make big data projects efficient and profitable, it is advisable to contact experts with whom a dedicated agenda is developed. Together, goals can be better defined and achieved. At best, a long-term cooperation will result, follow-up projects become more versatile and the findings more comprehensive and profound. With this approach, retailers and manufacturers can use big data successfully and secure themselves an advantageous position in eCommerce.
Convince yourself: Use big data for your price management and test blackbee!