Benefits of Big Data Flashcards
What are the benefits of using Big Data?
Attracting and Retaining customers
Focused Marketing
Gain Competitive Advantage
Identification of areas of potential risk
Faster Innovation
Improved Business Processes
Fraud Detection
What is meant by Attracting and Retaining customers?
Identifying patterns in consumer behaviour
What is meant by Focused Marketing?
Using big data to analyse trends and focus marketing.
What is meant by Gain Competitive Advantage?
Managing big data effectively will allow businesses to gain an advantage over businesses in the same market.
What is meant by Identification of Areas of Potential Risk?
Effective analysis of big data will allow businesses to identify riskier areas in the business and act promptly.
What is meant by Faster Innovation?
Quicker speeds of analysing big data means businesses can react more quickly to market changes.
What is meant by Improved Business Processes?
Businesses will be able to streamline their operations to improve processes such as supply chain and distribution.
What is meant by Fraud Detection?
Machine learning technologies means bank are better able to detect fraudulent transactions.
