Data is the central resource that allows businesses to grow and develop. Every successful business requires insights and information to thrive, regardless of their size or sector.
Big Data is therefore crucial for understanding demographics and target audiences, helping businesses to cater to their customers’ needs. This article lays out the advantages of Big Data and shows how it can benefit your law firm.
What is Big Data?
Big Data is the combined information flowing in from apps and devices. It is vast, fast moving and widely varied. Big Data emerged as an answer to businesses needing to understand trends and preferences regarding large amounts of data, offering ways to control analytics.
Big Data can help companies manage the steady stream of information relating to sales and consumption. Unique to Big Data is its ability to study data in real-time rather than retrospectively, with the high frequency allowing for theories to be tested in the moment.
This practice is time-efficient for businesses, allowing customer satisfaction to be gauged swiftly. By partnering Big Data with modern technologies like artificial intelligence, it becomes easier to harness swathes of information, particularly with machine learning becoming smarter.
Big Data can be used in virtually any sector. It is as useful for emerging companies as it is for larger corporations. The advantages of Big Data are numerous, bringing the potential to set a company far ahead of its competitors.
The advantages of Big Data
A significant advantage of Big Data is the way it can be used to analyse both existing customers and potential new markets.
Here are a few ways it can be utilised:
- Consumer dialogue: Big Data lets customers receive immediate, personalised treatment. Today, customers are used to shopping around, examining different options and speaking directly to companies through social media. Big Data accommodates the detailed profiling of new and returning customers to appeal directly to their wants, before introducing relevant products and services.
- Re-developing products: Big Data offers a way to collect feedback. Analysing text lets businesses understand what customers think of their products so that they can make any necessary changes or developments. This is useful both for pleasing existing customers and attracting new ones, through the ability for a business to adjust what is offered.
- Risk analysis: Big Data scrutinises social media feeds and news reports in order to monitor developments, trends and changes in the sector. By monitoring these changes, businesses can alter their tone where appropriate.
- Data safety: By mapping out a company’s entire data landscape, sensitive information can be identified and stored, while internal threats can be noted. For the legal sector which deals with highly confidential information, Big Data is crucial for ensuring data protection.
- New revenue streams: Through analysing the market, Big Data identifies trends and insights. Non-personalised data can then be exchanged between same-sector industries, widening a companies potential customer pool.
How legal businesses can benefit from Big Data
Big Data can assist companies in a variety of sectors, including the legal sector. Effective usage can help legal businesses increase their client portfolio by listening to what clients are looking for and delivering what they want.
Some ways to achieve this through Big Data include:
- Security: Advanced analytics capabilities lead to more streamlined ways to manage security and privacy issues. Garnering a reputation of being trustworthy and safe will appeal to new clients, letting them know that their data will be managed ethically.
- Managing threats: Big Data can assist with malware countermeasures, detecting intrusion and digital watermarking, keeping businesses securely sealed from harm and therefore attracting new clients.
- Varied data: Effectively managing the huge amount of customer data gives businesses a thorough overview of the people who are and are not being attracted to their company, identifying avenues for change and development.
- Real-time analysis: Working with up-to-date information decreases the chance of wasting time on retrospective analysis. Decisions can be made based on what clients want in the moment.
- Relevancy: So many companies are now data driven. By not moving with the times and creating the personalised services that Big Data can offer, your brand may seem irrelevant and lacking.
- Efficiency: Integrating Big Data into your business structure can speed up routine tasks, freeing up time and money to focus on how to cater for new clients.
Big Data is already becoming an integral part of business and seems set to stay. It brings with it many advantages for businesses, leading to more fruitful client relationships.
If you’re keen to learn more about effective Big Data management, get in touch today.