You may have heard of the term BIG Data before but maybe unsure as to what it is:
What is Big Data
Definition taken from Wikipedia – Big data is a term for data sets that are so large or complex that traditional data processing application software is inadequate to deal with them.
It is an essential way where if used correctly and to the businesses advantage will change how your business performs, WILL lead to significantly more business and will help you outperform your competitors!
Most industries today have already established new ways to leverage the data driven strategies so they will capture value, compete and innovate. Healthcare is one of the best examples of industries who keep on using this data and one of the pioneers in analyzing health outcomes.
Another industry that uses Big Data are industries who offer products like children’s toy and industrial goods. They determine how their products will be sold on the high-street and online. This kind of knowledge and information of the newly created service offerings it has provides better design for the future products.
Big data will help you to create business growth opportunities.
Most of these companies sit in the middle of the large flow of information wherein the data of their services and products, supplier and buyers, consumer intent and preferences can be analyzed and captured. Furthermore, Big Data provides the ability to estimate metrics like consumer confidence and it is considered as a powerful tool for prediction.
The patterns within the data will allow you to use it and test theories in real-time.
Due to this, there are great studies for different domains on how the healthcare and industry’s can broadly apply the way the leverage of Big Data be emerged.
Here are the 5 ways on how you can leverage the data you collect:
- You have the ability to unlock significant value to make the information you collect transparent information. The data you collect on your clients will always bring clarity and efficiency for your business.
- You can narrow down the segmentation of each customer type and the information collected will provide you precise analytics on the services and products you supply.
- Store and create more purchasing data in a digital format. Businesses can now accumulate precise performance information from product records. Through the use of your data, it will help you to boost the performance and expose the variability of your business while controlling experiments and having better decision management.
- It can be used in developing new services and products of the next generation. Manufacturers can now use the data that is obtained by the sensors that are embedded in the services or products and create innovative sales service. It will help you avoid product failures and your business would have a proactive maintenance.
- Offers you refined analytics that will improve your decision-making as well as minimise the risk and valuable insights that remain hidden.
By collecting data on your customers, learning about them and understanding them better your data will provide a great advantage to your business, providing you with improvements and will help you be more competitive in the industry.
So how are you currently collecting data on your clients?