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Looking for ways to grow your business? Better the productivity of your internal teams? What about scaling your operation? Or using resources more effectively?
The answer is data. Big data, to be exact. These vast datasets hold the answers to the above questions and others that will better your company’s longevity. However, as much as businesses can benefit from effective data collection, processing, and analysis, most have trouble.
Yes, big data is intricate, multi-layered, and overflowing. Learning how to extract meaningful insights from big data and put those insights to work for your business is complex too. But it will continue to be a business’s most valuable asset. Here’s why:
The World is Becoming More Digitally Involved
We’re moving toward technology, not away from it. Consumers are connected to their devices and doing more on them every day. From shopping to booking doctor’s appointments to socializing, every digital platform they’re on presents an opportunity to collect big data.
Businesses are also taking their operations online. For example, they’re running eCommerce stores. Digital marketing and advertising are incredibly popular. And they’re using advanced applications and technology, among other things.
As we do more online and acquire more devices, you’ll need big data collection tools to manage the continual influx of data on customers, internal teams, processes, and other practices.
Consumer Needs and Markets Continually Shift
Consumer needs are constantly evolving. For example, today, your target audience loves social media, but they may move away from spending as much time online in ten years. Or they may not be as into sustainability right now as they will be in five years.
Markets are continually shifting as well. What’s trending today may not be the hype tomorrow. The marketing messages resonating today may not be in ten years. Maybe products will be manufactured and distributed differently in the future.
Big data can help you predict how consumer needs and markets will shift. For example, you can use the association technique to mine customer data for patterns and relationships that indicate future behaviors.
You can also implement data mining tools like RapidMiner Studio or Alteryx Designer to work through significant customer datasets that reveal customer expectations and needs. Data mining tools and techniques will allow you to make necessary pivots faster to keep up with ever-changing consumer needs and markets.
Big data on your customers can also help you create user personas to better the marketing and overall customer experience as needs evolve. With user personas, you can mimic how customers will interact with a new product/idea. You can also develop fresh marketing content and improve the purchasing process and customer service.
When consumer needs and markets shift, big data can ensure you stay on top of those changes and adjust.
Data-Driven Decision-Making is Getting Results
We’ve all heard the term data-driven decision-making, and we’ll continue to listen to it.
Data-driven decision-making is responsible for a lot of positive results for companies worldwide. Facts, numbers, and stats make company leaders feel more informed and confident about their decisions moving forward. Big data produces this information.
Of course, you need people on your team who can extract information like this from these massive datasets, visualize it, and present it to leadership. But an executive or manager making informed decisions for their business through big data rather than relying on an inkling is the future.
We Need to Improve Accessibility
Accessibility is a hot topic today. The conversation around accessibility, diversity, and inclusion will get louder and louder over time. The goal for every business should be to make everything they do accessible.
Consumers are more supportive of brands and businesses that prioritize honoring people of all abilities and backgrounds. So, companies are using big data to figure out how to make their messages, platforms, apps, processes, products, and services more inclusive.
For example, let’s say you’re collecting data on how visitors behave on your website. Big data can reveal that users are often leaving your homepage without visiting any other page. You might then analyze this information and determine it could be because your navigation bar isn’t accessible. You can then adjust where your navigation bar is and see if the issue gets better.
You Can Build a Better Team
According to recent big data statistics from Findstack.com, “73% of all data is never used for analytical purposes.” Teams just don’t have the technology and, a lot of the time, the skillset to analyze big data and pull meaningful insights from it that drive a company forward.
More and more companies realize that data is worthless without analysis. So, they’re using big data to build a better team. Company leaders note the skills and experience they need to dig into big data. And they’re recruiting and hiring talent that can help them remain data-driven.
Collecting data for the sake of collecting data is out. Instead, the future of big data is intentional, innovative, and goal-driven. Data privacy will continue to be a hot issue as real-time data becomes more readily available. Also, professional roles surrounding big data will multiply. As we become a more technology, data-driven world, our businesses must do the same.