Friday, 16 September 2016

4 Ways Big Data Will Change Business

Big data is going to change your business. What is big data, you may ask? It is a large volume of data that is collected from a variety of sources (both internally and externally) that companies can use for analysis and interpretation. This can come from either unstructured data (data that is not easily organised, such as social media posts) or multi-structured data (data that comes from information about the interactions between people and their machines). So whether or not you’re a mom and pop corner store, or you’re a Fortune 500, big data is changing the way that business works and relates to it’s clients and consumers. 

First, you should look at it as an asset. 

It is almost impossible to not generate data when you are a business; all you need to have is a website, any social media account, even if you just accept credit cards at your store! All of these account for your business acquiring big data. And while the amount of data and information you can collect may seem overwhelming in terms of how to collect it and use it properly, it is actually a tool that can be used to improve your business. Which leads me to my next point.

Second, you’re going to be more intelligent and tuned in to what your customers need. 

All the data that is collected can be analysed to see the trends of your customers. With that big data you can gain insight into the trends of your customers. You will be able to learn what your customers want and need from your business, so that in the future you can adapt to better suit your customers. 
Third, the increase of information you have will increase the efficiency in your company. 

Big data isn’t just about finding out what your customers might need. You can also big data collection as a way to track the movements, stress levels, and even the health of your employees. If you can improve the quality of the employee’s job experience and increase their efficiency, then that can vastly improve your business’s ability to help your customers. 

And fourth, your customer experience’s will be vastly improved. 

The best thing to do for your company is to be able to improve your customer’s experience. The data your company collects can be used to improve your products or services; this can be used to not only keep the customers you already have but to gain new ones.