How big data could transform your organization and the business of your customers
Each person will generate 1.7 megabytes of data per second by 2020. That’s a lot of information, much of which could be useful to businesses. Which is probably why 97.2% of organisations are already investing in big data, with an expected 20% growth in the big data market in 2019 alone.
Lots of data is one thing but how can you transform this tsunami of information into something that actually adds value to your business, and your customers?
For many organizations data is present but is unstored, unmanaged and when working with multiple systems, remains in silos; huge quantities of information remain underutilised driving a wedge between optimised performance and knowledge.
Benefits of visualised data
New software systems and platforms recognise the importance of data, making it accessible, manageable and visual to allow users to act upon the information. Efficiently ingested and managed data that has been processed with clear visuals will allow your business customers to;
- Make better business decisions: clear data that shows performance from across the business allows users to make swift, bold decisions based on market data that mitigates the risks that such choices might normally involve. Data from key metrics can then be analysed to measure the success or business decisions and strategic activities. This is evidence-based decision making, turning business into a science rather than an intuition-based guessing game.
- Optimise marketing with personalisation: By accumulating the right information on your customers and processing it accordingly, you can create advanced segmentation based on behavioural patterns rather than large unwieldy demographics based on age, gender etc. You can then produce multiple versions of the same ads and target each one to the relevant segment, responding to customers in real time and creating continuous omnichannel experiences.
- Improved customer service that is responsive: More data on each customer means a more personalised service. Customers can tailor to individual customers based on a bit of knowledge of their tastes and behaviours. How about airlines that identify passengers with a fear of flying and use the knowledge to spend some time reassuring them before take off?
But perhaps the most important benefit of big data is the freedom it provides businesses to act. If you have the data and can provide the data — don’t just sit on these golden insights, help your customers see them and respond to them. Small businesses and start-ups have one major advantage over bigger, clunkier organisations — the agility to move fast and make swift changes. Big data now empowers small businesses to make those decisions in a better, more evidence-based way, mitigating against the risk of failure.
By presenting data is an easy format, you will enable your customers to profit.
Optimising your systems for big data management
- Connect your data: Identify all your data streams, the data flows and entry and exit points to ensure that you are not losing data and keeping all user data secure. Collect data into a central depository that can ingest the information and begin to categorise
- Store your data: Make sure your data is safe and can be accessed from a central location through the cloud for your entire business and by all your customers.
- Sort your data: feed in algorithms and artificial intelligence features to optimise the performance of the data and how it is presented to ensure that your business and your customers’ business can make the most from the data provided
- Present the data: make it visual, ensure it is clear to understand and demonstrates the trends and activity that is occurring across the business. The better the user interface the more your customers will use the data and benefit from it.
When the world lacks data scientists
Unfortunately, across the worldwide technology and data market the skill sets and knowledge to deal with and gather data is severely lacking — there are not enough data scientists for all the businesses in the world. Dealing with complex business rules and domains presents another challenge, as technologists need also to understand the business fundamentals to be able to design effective data models and dashboards that provide actionable insights to business users.
Sciant’s experience in building big data solutions for customers in the travel and hospitality, and logistics industries is that for such solutions to be effective, the team working on the solution needs to include experts in the business domain alongside experienced technical resources. Understanding of the business domain allows Sciant to significantly reduce the time and cost of implementing big data solutions and reduce the risk of big data initiatives not delivering the benefits.
With the lack of data scientists on the market, any effective big data solution should provide the facilities for end users to explore data on their own, that is user-friendly and displays the data most needed for the organisation. Furthermore, organizations need to take this process seriously and train their users on optimising the performance of the data interface to benefit from the data performance.
Furthermore big data goes hand-in-hand with AI. If you want to sift through vast quantities of information in double quick time, machine learning algorithms are the only way forward.
Put data silos behind you
Data silos should be a thing of the past. It’s time to merge your different data streams and provide new insights to your customers so they have a better understanding of their business and their customer behaviour in order to streamline their business.
At Sciant, we have the building blocks to identify the data streams to process the information, store and then present to the customer. We believe that data should have self-service capabilities and we provide the full solution.
So if you have the data, don’t just sit on it. Use it.