Does Big Data Really Help You Understand Your Customers Better?
We say absolutely yes. The popular definitions of big data out there focus mostly on analysis, storage, and structure. The definition we like to go with is that “Big data is an evolving term that describes any voluminous amount of structured, semi structured and unstructured data that has the potential to be mined for information” (whatis.com).
For this blog post, we’ll focus on data capture and analysis as the key contributions of big data to business growth.Scaling businesses intelligently require a good amount of data and analysis to ensure that growth strategies are aligned with the right information to achieve success.
In the ‘old world’ data is about transactions, and by the time these transactions are recorded, it’s too late to do anything about them: companies are constantly ‘managing out of the rear-view mirror’. Big data In the ‘new world,’ means companies can now use new ‘signal’ data to anticipate what’s going to happen, and intervene to improve the situation. Like data analysis at JAMA, that helps you predict market trends based on answers to tell questions from your industry clients and stakeholders. (timoelliot.com).
Examples include tracking brand sentiment on social media (if your ‘likes’ fall off a cliff, your sales will surely follow) and predictive maintenance (complex algorithms determine when you need to replace an aircraft part before the plane gets expensively stuck on the runway).
What then are the contributions of big data to business growth?
- Improvement of business performance through real-time analytics
2. Helps mitigate risk and make smart decision by proper risk analysis
3. Gain instant insights from diverse data sources
4. Data capture via digital market research and surveys allow businesses collect useful data about customer behavior, market trends, industry data directly from the people who matter the most to that business sector.
5. Shows a proactive approach to business growth. An intentional strategy that puts actionable data in your organization’s database.
6. Data analysis unearths trends and growth opportunities for the organizations who are taking advantage of the business growth side of big data.
Ready to start your journey into actionable consumer and industry data yet? Start here.
