Big Data And Business

In recent times with the dynamics of contemporary corporate culture around the world becoming increasingly cutthroat, it is important or small as well as large businesses to keep innovating their model of business operations. Constant updating of their working methods and models is something that keeps within the competitive context and at the same time, it also helps them boost their scale of profitability. Many companies in order to cope up with the advancement that they need to make in their working methods have explored avenues and frontiers of social media platforms through the help of which they can easily expand their market outreach and can cater to the needs and requirements of a wide customer base.

However, in addition to this, there are more such techniques and methods that can be employed to achieve far more effective results on a sustainable scale. This can be done in the form of big data or advanced analytics as it is also known as. During the course of this discussion we will look at ways through which Mojo Coffee retail store can make use of big data and advanced analytics in order to enhance their performance, revenues, sales volume as well as enhance their existing processes.

 However, in order to develop a comprehensive approach on this it is first important to have a look at some of the key global competitors of Mojo Coffee who have adopted a similar strategy of using advanced analytics or big data for modifying their work practices. One of such examples that we have here is of Philz Coffee Inc. which has made use of big data dynamics to deploy Euclid analytics in its stores with the help of Wi-Fi sensors to track customers location within the store and his dwell time in the outlet.

One of the key takeaways for Phillz Coffee after the deployment of big data has been in the form of taking some serious steps and formulating policies through which they can best design the setting and layout of the furniture in their outlet. At the same time, data that can be obtained through social media integration tools can also come in handy to track customer interests, their feedback and can also provide the brand with a constant place of presence through which any of their negative feedback and other queries can be addressed without any delay (Preeti, 2013).

Moving on to the next phase of our discussion, we need to enlighten some of the key aspects through which Mojo Coffee can acquire greater competitive advantage. First and foremost, through the deployment of big data techniques and tools Mojo Coffee can easily unlock any areas or loopholes that may be present within their financial or technical mechanism or infrastructure (Spakes, 2013). By switching operations from manual to automated forms greater transparency can be assured in all different type of operations that are required for running an organization effectively.

Secondly, Mojo Coffee through the integration of social media plugins and tools can also keep a track on the changes in trends that take place within customer likes and dislikes. This can help Mojo Coffee to segment its range of tastes and services by creating market segments which can provide it with greater focus and attention towards improving its service.

 Most importantly, it will also provide Mojo Coffee management with a greater vision and avenues to explore that can help them in increasing their focus towards diversification, expansion and innovation for competitive advantage.