Automation and Big Data are no longer the future- they are now intertwined in multiple industries, especially since the pandemic struck the entire world. According to statistics, advertising automation can help businesses save almost $130,000 a year in costs. Marketing automation can generate 250% higher engagement and purchase rates than traditional marketing tactics. The global spend on automation is expected to cross $25 billion by 2023 at a 14% annual growth rate.
Similarly, the revenue generated from the business analytics and global big data market is expected to reach 274.3 billion US dollars by 2022. And why not? Most people had to work from home throughout 2020 due to the pandemic. Accordingly, cloud computing took a significant corporate role since half of the world’s population became online. Cloud can help you analyze your big data faster, thereby leading to insights that can improve your products and business. Thus, the promise of Big Data started to materialize in 2020.
All in all, Automation and Big Data can take businesses of all sizes to a whole new level. Here are the most amazing ways Automation and Big Data will take the lead in 2021. But, first, let’s clear the air about what exactly Big Data and Automation is.
Big Data and Automation: What’s All The Hype About?
Big data is nothing but data with a huge size. And this data is not only exceptionally huge in number but also growing exponentially growing with time. Corporate and organizations have a keen interest in big data for better business analyses and strategic patterns.
Automation is basically the process of performing the monotonous tasks that most humans tend to avoid but can’t because those tasks are important. Incorporating automation into your workflow can help your employees focus on tasks that are really important.
3 Major Ways Automation Affects Businesses
Automation is already changing the way businesses deal with orders, complete projects and serve customers. Your employees can get their priority tasks done stress –free without having to worry about the monotonous yet significant work.
Here’s how automation positively impacts businesses in 2021:
Businesses generate better productivity
If you run a business online. So, you may have to respond to the customer’s basic queries while working on real-time projects for clients. What if you could focus only on the real-time projects? Wouldn’t that help you get more projects done, thereby boosting the productivity of your business? It’s the same thing when you incorporate automation into your organization.
You can easily avoid preventive maintenance costs, thereby making sure your firm completes all sorts of chores without the need of an extra supervisor.
The best thing about automation is it can help you predict the latest consumer trends and stock market trends related to your industry. So, you can modify your business strategies accordingly. Productivity is now a bigger concern since 54% of firms have been shut down due to the COVID-19. This is the right time to leverage the power of automation so that your firm can stay focused on increasing productivity and effectiveness without any kind of distractions.
You get a stable, smooth workflow
Let’s say five people have been assigned to work on a project. But, each of them had to get hold of project details in different systems. Wouldn’t it be difficult to coordinate work if you had no common ground among your team members? Automation tools, on the contrary, let you organize all the project details in one system. So, you can make the tools accessible by everyone on your team. That way, you can maintain transparency with your team members in terms of status updates, project budgets, etc.
It is important for every organization to streamline an inefficient process and workflows for confirmed business growths. The greatest advantage of using automation is getting all kinds of monotonous tasks without the involvement of manual effort. Thus, it helps the management to focus on the evolving needs of the customers rather than on pesky or unimportant tasks.
Firms get to reduce operational costs
Businesses often find it a challenge to increase their profitability levels. And 2020 has made us witness the greatest economic downfall all over the world due to nationwide lockdowns. The operational expense of any firm usually doubles every 14 years. There are specific automation tools that are built to take care of your time-consuming tasks. From processing sales orders to creating invoices for customers, automation covers all these monotonous activities. Also, you needn’t have to worry about spending the extra budget on these trivial tasks.
From scheduling outbound payments to tracking shipments and managing logistics, you can get a wide slew of time-consuming activities done using automation tools. Some firms tend to outsource certain services to cut down their operational costs. But, that brings the problems of poor visibility and lack of control along with it.
3 Major Ways Big Data Affects Businesses
Big Data is no more a mere concept but a mainstay in the corporate world. 2020 has already witnessed a total of 40 trillion gigabytes of data. No firm has the time, patience or even calibre to decipher all these data in real-time. But, big data can help businesses collect, analyse and interpret data almost 10X quickly and easily.
Increases customer retention rate
Big data can help firms study the buying and behavioral patterns of customers. So, big data can serve as effective chatbots for different natures of business. These chatbots aim at providing high-end customer service. Using the chatbots make it easier for firms to provide seamless customer support since there aren’t any budget, time or even staffing constraints.
You can also conduct different experiments, such as using polls and surveys, to understand the buying preferences of your target audience. You can uncover the meaning of those data using big data analytics, thereby designing customer responsive products in the future.
Customizes marketing techniques
Big data analytics can help businesses predict user preferences so that you can enrich product data accordingly. You can design customised marketing strategies once you know what exactly your target audience is looking for. Remember, personalised marketing strategies always help marketers create a closer bond with their clients.
Big data can provide deeper insights into which content is best suited for each stage of the sales cycle. You can thus increase your conversion rate, prospect management and revenue value. It also helps firms improve customer responsiveness and gain greater insights about their preferences.
Protects sensitive information
Nearly 2.5 quintillion bytes of data is generated every day and this growth is predicted to accelerate with time. The risk of security threats and identity thefts also increase with such a considerable increase in the amount of data generated. It is due to big data that most businesses end up using machine learning, speech recognition and NPP. These technologies moreover safeguard on a wide gamut of sensitive data.
Big data enables experts to create a predictive model. Firms can use this model to issue a warning signal as soon as it notices a threat. It keeps you on the pulse of your business processes and database so that you would know if hackers tend to mess it up.
Big data and automation are both crucial for businesses to thrive amid this pandemic situation. Big data helps you unpack the meaning of tons and tons of data. Automation helps you complete the monotonous tasks at your organisation without the involvement of manual effort. Merge both the technologies and you will be able to take your business to newer, better heights.