The evolution of technology has given businesses access to data like never before. “Big Data” is a modern term to describe the age old practice of collecting, storing and analysing data to make better decisions. The difference today is the sheer volume of data that now comes from an incredible number of sources.
From sales, to social media and Google searches, the plethora of structured and unstructured data gives decision makers an unfathomable level of insight into their business and consumers - but what should we be using all this data for?
Understand and address product failures
In a previous life, businesses would have to wait months to track a sales chart decline and pay big dollars for market research to identify what’s going wrong with their product. Big Data allows you to identify any weak points or product failures and rectify them quickly before succumbing to sales declines or worse – bad PR.
Inspire new product ideas
Big Data can give you key insights into when people purchase your product or service, how they use it and where it can be improved. It can even spark ideas about launching a whole new product or service. Furthermore, the amount of data available can also provide great insight into what your competitors are up to, helping you gain an edge.
Understand your competition
While you can access more data about your business than ever, you can also see more data relating to your competitors. Sure, it may not be in as finer detail, but you can still use it to get a valuable understanding of what their strategies are, and which ones are working. Identifying this can give you an edge and also save you from making the same mistakes.
Improve logistics and business flow
View holistic data on the way your product or service is being delivered by staff, identify double ups or down time and optimise your business for maximum profit. Get a deeper understanding of where you can save costs from staffing, vehicles, phone calls and all other facets of your business.
Really know your customer
Know exactly who is browsing your products and who is purchasing them – and keep in mind, these may not be the same types of people. Many businesses have noticed quirks from their data such as men visiting the site but females actually making transactions. Big Data can show you what time of day your customers think about making a purchase versus actually making that purchase, so you can customise your sales strategy.
Improve marketing strategies
Marketing, promotions and advertising are more highly trackable and customisable than ever. Big Data allows you to see which types of customers respond to what types of messages and use this information to deliver highly targeted messages. Big companies use their data to break down the newsletter mailing groups into minute segments to ensure every message sent is specific to the reader.
So maybe it’s time your business started embracing and harnessing the true power of Big Data.
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