IMPACT OF BIG DATA IN BUSINESS

Abstract

In the globalised era of technology and development people are advanced with vast amount of data which ultimately serve their decision making process. Data plays a very dominant role in understanding the demographic pattern and preferences of customers which can be used by business in fostering their product and services. With everything being available in a single click the behaviour of customers have been shifted from conventional mode to digital mode. The new era consumer is offered with enormous number of choices which ultimately draws their rationality and emotional appeal in buying decision. And this is simply due to the extensive competition due to the large number of business. And here comes the relevance of big data, where business can effectively rely on this new paradigm in customizing their business strategies to gain more customers in serving their need with the power of big data. Hence, this paper throws light in understanding the effectiveness of big data in business and how business can build strong customer base by harnessing big data.