We’re surrounded with huge amount of data as the world is going digital and is connecting everyone. In order to remain in the business and stay ahead of competitors, companies have to start making sense of the data around them and put it to use before their competitors can.
Big data and the internet is not the same thing, although the internet helps you get access to the endless data you can use for further insights to plummet your business forward. Big data means making sense of and comprehending information from large piles of data in a way it’s useful to the business.
Big data is a relatively new concept and most businesses are trying to grasp what this is about. In the last decade or so, only a quarter of the data available was in digital format. However with the rapid advancement of technology and digitization, the picture is quite different now. 98% data today exists in digital form which has made it the hub of every business activity.
Be it a GPS location using the satellite or be it how many likes your business garners on, or big data in healthcare industry Facebook, everything today can be “datafied”. Through powerful processors, algorithms and softwares, a lot of insight can be drawn from even the minutest data. Even something as juvenile as Facebook likes discloses what your customer’s preferences are, what kind of content is he interacting and engaging with, what’s working for you and what’s not.
A new rank has quickly emerged and that is of CIO’s- Chief Information Officers who are suddenly feeling the pressure to deliver. There are a few key points to keep in mind if you’re planning to use big data for your business as well:
Set Realistic Goals: Big data alone cannot transform a business’s sales model and sometimes top notch bosses expect big data to deliver miracles which isn’t possible. It’s a journey that one needs to take for a successful business growth and not a one stop solution to success. Maximize big data to the fullest but end of the day have realistic growth about your business as well.
Have an Outside-In Approach: When thinking about investing in big data to boost sales and get better ROI, think from the point of view of boosting the customer experience i.e. how you can improve customer satisfaction, how to increase customer loyalty etc. and make goals that are focused on the customer. This will help get better funding and will help you pitch in your business better.
Think of Big Data as a service: Organizations generally do not have a high budget to invest in new technology and also there is a lack of a skilled workforce for these emerging business profiles. In such a situation, user services of big data like cloud computing and big data can also be used in other services like financial services to analyze chunks of financial data belonging to customers.
Firms should start looking to invest in big data as this is slowly going to be the future. With newer jobs, newer profiles up for grabs, this segment of technology is selling like hot cake.
The internet and technology is reshaping how we work with the world these days, and the more we start tapping into the realm of big data, the better because this is the future. Data is quickly changing the way we’re making decisions about the customers, investments, growth and overall business model and is slowly paying a key role which is only going to increase with time.
Riddhi Gupta has a penchant for writing and is also a tech expert. Check out what’s new in technology and get your hands on the latest gadget by using godaddy hosting coupons available on cashkaro.com. Gupta covers issues relating to technology and business and has created a reputation for writing articles and new about the latest technological trends and developments happening around the world.