Big Data is a broad term for very large or complex datasets that traditional data processing applications are insufficient.
We all generate data on a daily basis, whether through an internet search, a purchase, a sale and so on.
The time, date, location, cost, payment details, delivery preferences, interactions but social media are just some of the elements that make up a gigantic collection of complex data, and that if collected and analyzed, results in invaluable information for any business.
Manu Marchal, founder of Big Data London explains that: “Big data is nothing more than a “marketing buzzword” saying, “You don’t just have big data: either you have problems or you have opportunities.”
More and more companies are looking at Big Data as a manageable solution, with it companies can already discover information about their potential customers that until recently were virtually inaccessible, and also understand current customers.
How are companies using Big Data?
Do you believe you can predict what the customer will ask for before they even click on your product?. The famous online retailer Amazon, BELIEVE!.
She recently won a patent called “Early Shipping.” It may sound like science fiction, but with this patent on Amazon through a system based on previous searches and purchases, as well as wish lists and how long the user hovers over an item, it will allow sending items to shipping centers in areas where it believes they will sell well.
The new option will potentially reduce delivery times, but using your customer data, it may be possible to detect what it will buy.
But Big data is not just for big business, smaller enterprises are beginning to have access to a universe once monopolized by large corporations: the possibility of mapping the tastes and habits of consumption of the population.
Five Tips for Using Big Data in Your Business
Find out what you’re looking for
With so much data you could collect, it’s easy to get lost. Therefore, it is important to know what you are looking to understand and where you want to go and thus use the data that will really be useful. Be sure to delimit the metrics that matter your business strategy, and then do the analysis.
Look for companies that can help you plot these metrics and make good use of Big Data.
Don’t be fooled by sporadic metrics
Sporadic metrics can be nice but they don’t help us make decisions, for example: let’s say you’re analyzing traffic accessing your page, and you’ve seen a spike in traffic today, that’s great, but it doesn’t tell you anything because it’s a single metric.
You need to look at where this peak of access may have come from, you also need to look at browsing behavior to understand the quality of traffic.
Qualitative and quantitative balance
Statistics and metrics can help you understand trends and performance, but it’s also important to understand why things are happening, so think about using focus groups or customer surveys to gain a deeper understanding.
Have a management system
A relationship management system with your customers can help you become familiar with your day-to-day interactions.
There is a lot of data that you can collect with a relationship system.
The data do not exist in the vacuum
Sometimes data anomalies are out of your control. Keep an eye on global events, take note of weather conditions, holidays, sporting events or other external influences that can distort results.
Too much data, isn’t time enough? Maybe it’s time to hire a specialist.
Although the software can help identify patterns in large data, it usually needs a human to figure out what is happening and why. Big Data also breeds great data experts: people who specialize in finding the signal between noise statistics or programming software to sift through the huge volume of data.
Source: Sage
