Big Data brings a state of confusion as well as a myriad of opportunities for business owners and marketers alike. Big datasets can be extracted from various sources; from customer surveys, from customer analysis to online customer feedback.
The data obtained through these processes can help companies obtain a deeper understanding of their customers and improve their customer relationships and sales. Analytics enables companies to identify loyal customers, target new markets, and also improve overall profitability by providing actionable analytics and action plans.
The confusion of being data-driven
The term Big Data is used to describe the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s about how businesses use the data that matters.
Big Data can be interpreted for insights that guide to more profitable decisions and strategic business actions.
A few years ago, the most common question asked by people in an organization was, “Do we have this data?” Today, people are asking, “How do I use this data?”
The idea of being data-driven is now at the forefront of every business. However, too many businesses are still struggling to sort through their big data to find answers to basic questions.
Many companies are also confused because they don’t understand how they should gain value from all their data.
Turning analytics into business value
With the increasing volumes of data produced and stored, the need for big data analytics is on the rise. Companies are investing in big data initiatives with the hopes that they will gain valuable insight from all of that information.
But from an organizational standpoint, moving from big data to business value can be a long journey. The companies who get the most out of their big data projects have one thing in common: They know how to extract value from their existing systems and tools before moving on to purchase new ones.
What is Big Data?
Big Data is a term used to describe a collection of data that is huge in size and yet growing exponentially with time. In other words, Big Data is a massive volume of both structured and unstructured data that is so large it is difficult to process using traditional database and software techniques.
Big Data usually encloses data sets with sizes beyond the capacity of commonly used software tools to grasp, curate, organise, and process data within a fair elapsed time.
One major advantage of Big Data is its ability to handle high volumes of information at great speed and make real-time decisions based on its analysis.
Why Big Data is it important?
The promise of big data has opened up a new world of possibilities for eCommerce. Not only can online retailers improve operational efficiency with big data, but they can also leverage customer data to improve the customer experience and increase sales.
Merchants can glean valuable insights from analyzing customer data, such as when shoppers are most likely to make a purchase, what customers are looking for and why they aren’t converting — to name a few. Big data helps merchants get a better understanding of their customers to deliver more personalized shopping experiences.
How to create a high-performance analytics environment?
Big Data allows you to convert raw data into actionable insights that can have a real impact on your brand’s growth. However, as more and more companies embrace Big Data, it becomes increasingly challenging to identify the right tools, processes, and skills to create a high-performance analytics environment.
Here are some tips for getting the most out of your Big Data environment:
- Take control of your data with a sound strategy
- Choose the Right Tools
- Integrate Data Accurately
- Empower Key Decision-Makers
- Have a Clear Strategy
Read more: 5 Principles to Consider When Using Big Data for Your Business
Takeaway
Big data can be very beneficial for companies! Just make sure you know what you are executing. The idea behind Big Data is to have a constant stream of information about your company’s performance, so you can make decisions that enhance your business. If handled properly the confusion that big data brings can be converted into a stream of opportunities.
However, it’s not always easy to implement right away. Figure out what you want to do with it (for example, find trends, better understand customers) and make sure you have the resources in place (technology and training) before you begin. Don’t try to be an expert overnight, but learn how it can improve your business.