A common use of big data today is to gain better insights into consumer behavior. Businesses are now collecting data from every possible source, including social media, credit card transactions, GPS tracking, etc., in order to better understand what their customers are looking for and how they are engaging with the company’s products and services. It’s important that businesses have an adequate plan in place to collect, analyze and use this information effectively, as well as ensure it remains secure. Here are some effective ways to use big data and analytics for business ventures. Create new Experiences, Services, and Products If you’re looking to build a business that generates revenue, then your product should give customers an experience they couldn’t get anywhere else. Start by understanding what sets your business apart, whether it’s expertise in big data or years of industry knowledge, create new experiences, services, and products for your customers based on what you already know. Read Related Blog: Top Hadoop Consulting Companies That Offer Incredible Support To SMEs Analyze & Predict Consumer Behaviour This can be especially useful when you’re setting prices. It helps you understand what prices consumers are willing to pay, or more accurately, what price they wouldn’t mind paying. By analyzing data from your existing customers, you can also pinpoint your most profitable segments and figure out which products/services they’re likely to buy in the future. You can then use predictive analytics to make a more informed decision on pricing. Analyze & Predict Consumer Behavior Big data and analytics can also help businesses understand consumer behavior, enabling them to predict buying patterns—for example, whether a customer will buy something after watching a particular advertisement. This knowledge is invaluable to businesses who offer seasonal or limited-edition products that they want to get into customers’ hands before they sell out. Identifying Risk & Fraud During Audits As an accounting firm, one of our specialties is helping companies identify potential risks in their operations by conducting audits. One way we do that is by using predictive analytics to identify fraud among company employees. Big data services are especially useful in these situations because they allow us to make accurate predictions about future events based on patterns found in past data. How exactly do we use big data consulting services? Read more about other effective use of Big Data and Analytics for Business Ventures: https://www.valuecoders.com/blog/technology-and-apps/10-effective-use-of-big-data-and-analytics-for-business-ventures/