No matter the size of a cross-border e-commerce company or what field it belongs to, big data and the role it plays will affect every company, specifically in the following four aspects.
1) Data will become an asset for all companies
Today, even the smallest companies are generating data. If a company has a website, a social media account, accepts credit card payments, etc., or even if it is a small store run by one person, it can collect data from its customers’ basic information, customer experience, website traffic, etc. This means that companies of all sizes need a strategy for big data and a plan for how to collect, use and protect data. This also means that smart companies will begin to provide data services to companies, even if the other party is a very small company. This also means that companies and industries that never thought that big data would be “for them” will compete to catch up, because companies want to make improvements, they need to use data. Data is an asset that can be used to improve the operation of the company.
2) Big data allows companies to collect higher-quality market intelligence and customer intelligence
On the one hand, whether a company likes it or not, the companies they do business with will know a lot about it, and the amount and types of information they have are increasing every year. Every company will have a deeper understanding of what customers want, what they use, and which channels they usually buy from. On the other hand, companies need to take a proactive attitude towards developing and enforcing privacy policies, and all systems and security measures must be in place to protect this customer data. From a realistic point of view, most customers will allow companies to collect some personal data, but they want companies to be transparent about what data is collected and why, and they also want to choose not to participate in the data collection process.
3) Big data becomes a tool for company improvement
From using sensors to tracking machine performance, optimizing delivery routes, better tracking employee performance and even recruiting top talents, big data has the potential to improve efficiency and increase operations within almost any type of business and many different departments. Companies can use sensors to track the operation of freight and machines, as well as employee performance. Some companies have begun using sensors to track employees’ location, stress levels, health, and even who they talk to and the tone of voice they use.
In addition, if data can successfully quantify the qualities that a good CEO should have, it can be used to improve human resources and recruitment processes at any level.
4) Big Data Can Be Built Into the Products a Company Offers
In every possible area, companies will use the data they collect to improve products and customer experiences. John Deere is a great example of a company that not only uses data to benefit its customers, but also offers it as a new product. All new John Deere tractors are equipped with sensors that help the company understand how the equipment is used and predict and diagnose failures. But the company also installs sensors to help farmers, providing them with data on when and where to plant crops, as well as optimal tilling and harvesting patterns. This has become a new revenue stream for a company that has been around for a long time, and as more and more things in our lives are connected to the Internet – from smart thermostats to Apple Watches and fitness trackers – the company has more and more data, analytics and information to sell back to customers.