Is Big Data a Big Deal? How to Use Big Data to Skyrocket Your Business
In 2015, the big data analytics market was valued at $125 billion.
That’s a lot of money, and the market has only expanded since then. If you aren’t leveraging your company’s customer and facilities data, you’re missing out on a potential gold mine.
Use this guide to learn what makes big data tick, how to use big data, and what you should do to get started.
What Is Big Data?
Big data sounds complicated, but it’s actually pretty easy to understand. It’s the sum total of data that a business generates about its customers and operations.
Organizations collect data from a wide variety of sources and use it to build customized databases on their customers and operations. This includes things like demographic information, previous purchases, browsing history, socioeconomic status, and dozens of other variables.
This kind of data gathering has been going on for decades, but it’s only recently that big data has exploded in value. The smartphone really kicked it into high gear. It allows companies to gather extremely detailed information about their existing and potential customers.
For back of house applications, big data allows you to track expenses and physical factors with much greater detail. Fuel consumption, product throughput, and other factors can be tracked with extreme accuracy.
Companies can either gather their own data or purchase fully fleshed out databases from outside companies. This allows them to rapidly expand their marketing reach.
Why You Should Use Big Data
At this point, if you aren’t using big data for your marketing and development, you’re seriously handicapping your company. Instead of making guesses about what the market wants, you can find out exactly what it’s interested in.
For marketing purposes, big data in business allows you to laser target your customers. It allows you to identify exactly who your perfect customer is and target advertisements to them.
Things like social media, browsing history, and sales records are most valuable for this purpose. With modern advertising methods, you can present a customized ad to a very small number of people to maximize your ROI.
How to Use Big Data
If you’re just getting started with big data, your best bet is to purchase information. It takes a while to build up a full database from nothing. Using a data science firm allows you to hit the ground running.
There are a lot of companies that offer not only data but the resources to process it in the way you need. It’s also a good idea to get big data training, such as that offered by District Data Labs, for some of your own staff.
Big data also shines for non-marketing purposes. You can use it to track the movement of goods throughout your facilities. This allows you to improve efficiency and tells you exactly what changes you can make.
It’s a Numbers Game
In the past, many major business decisions were made using anecdotal evidence or even ‘gut feelings’. In today’s hyperconnected society, knowing how to use big data efficiently is essential in order to stay competitive.
If you liked this article, check out some of our other interesting articles located here.
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