In the modern world of online purchasing, communication and planning we produce tons of data by the second. Daily we upload 55 million pictures, 340 million tweets, and 1billion documents. That is a total of 2.5 quintillion bytes a day; this is big data. To process all of this data we need cloud-based networks to help process it all. This way they can be expected to analysis over a million pieces of data in minutes. So how can it help my business I hear you ask? Well, let’s take a look at some of big data’s most important functions.
Big Data can become an asset to every business, no matter what size.
If your business has a website, social media accounts or accepts credit cards then you are collecting data. This data needs to be understood, evaluated and then implemented to make it worthwhile. Savvy smaller businesses will see this as an opportunity to dominate their competition. Big data can provide businesses with all the key information about their customers.
Big data will enable companies to collect better market and customer intelligence
The information big data gives out will help to dictate future products, services, and performances. Big data is collecting our habits, preferences, and insights. This data is also up for sale with the highest profile co-operation being IBM and Twitter joining forces for the purpose of selling analytical information. By examining a broad range of sources, big data includes data from CRM data, intelligence and purchase histories. It allows companies to build up a customer profile and the potential for bespoke customer package resulting in higher purchases and happier customers.
Big data will improve internal efficiency and operations.
Big data gives businesses the potential to track almost anything. From machine performances to employee performances, data can give us hard, quantifiable evidence which in turn will help businesses improve aspects of their work. As well as performance-based tracking, big data could help businesses track employee health, stress, and productivity at certain times of the day. This kind of data is vital for the hiring of new staff, transforming recruitment in the process.
Big data will allow companies to improve the customer experience and build big data into their product offering.
Big data gives you the ability to collect all product and customer service data in once place. An example of this is TV streaming service Netflix and their use of big data to create their own series. Netflix used data taken from their customers in order to understand what kind of show their customers would enjoy. With this information, Netflix made their own series, the critically acclaimed House of Cards. This kind of information ensured that Netflix would not be ‘gambling’ their money on a series which might not possibly work. The data ensured that it would be a certain success.
This brief summary of the powers and potential of big data should indicate how useful the data can be. The majority of big businesses are already utilising big data however most SME’s are not discovering its full potential. Big data is accessible and affordable for smaller companies through cloud-based data crunching services from established brands such as IBM or Microsoft and also a range of start-ups. If you are not already considering it, then make it a priority.