Big Data's Values for All Businesses
For various businesses,
the evolution of big data has improved the accuracy of decision-making and has
opened doors to a world of possibilities. Big data analysis is a practice once
thought to be possible only by corporations capable of sustaining costly analytical
departments, hardware and software.
The term ‘big’ is rather ambiguous. Megabyte, Gigabyte,
Petabytes are all historical references for big data. The true value of data
isn’t in its vast quantities alone, but rather in the variety and velocity in
which data is available. Action Plans can still be made from large volumes of
stagnant data, however without variety to increase the accuracy of your decisions,
businesses are taking a risk by increasing the probability of wasted time and
money. Companies with internal sales and marketing departments are unknowing
recipients of big data, stored in the form of weblogs, customer response from
advertising, promotions and CRMs such as Salesforce.
Domo, a Business Intelligence company, created an info-graphic that illustrates
how much activity web traffic and applications generate every minute. They
determine that for every minute, 517 new websites are created. |
| Image Source: Domo |
The increasing number of participants in social media, such
as Facebook & Twitter, data from web traffic, search engines, with the
availability of open source CRMs and free analytics tools like Google Analytics
are cost effective options available to businesses of any size.
Consistent data that constantly changes is a signal for
growth, an aim decision makers hope to achieve. Regardless of the size of one's business, everybody should begin
exploring big data to/for:
Understand
Customer Needs & Wants
What drives an individual to become your customer? How do you know which area of your business was so impressionable that you were chosen? Have you ever sat down and just patiently observed window shoppers? They move from brand to brand, shop to shop, looking at similar clothing.
What drives an individual to become your customer? How do you know which area of your business was so impressionable that you were chosen? Have you ever sat down and just patiently observed window shoppers? They move from brand to brand, shop to shop, looking at similar clothing.
Target Customers
Insights gained from analyzed data based on demography; geography, gender, culture, country and even beliefs can help tailor your goal(s) in alignment with your customers. For example, if you have had difficulty marketing an anti-perspirant to Iceland, turning to data can help narrow your focus.
Insights gained from analyzed data based on demography; geography, gender, culture, country and even beliefs can help tailor your goal(s) in alignment with your customers. For example, if you have had difficulty marketing an anti-perspirant to Iceland, turning to data can help narrow your focus.
Improve Customer
Service
Customer Service is not just providing after sales support or reactively answering customer queries. Big Data allows us to proactively implement additional ‘value’ added services. Remember, it’s not about what we can do for them when they ask; it’s what we can do for them before.
Drive Research & Development
It's a known fact that large corporations spend financially large sums of money on improving their products. Big data for R&D is more about variety and validity and less about volume. By combining real world data with test data through the collection of big data, businesses can research through failures faster and expedite the rate of success.
Customer Service is not just providing after sales support or reactively answering customer queries. Big Data allows us to proactively implement additional ‘value’ added services. Remember, it’s not about what we can do for them when they ask; it’s what we can do for them before.
Drive Research & Development
It's a known fact that large corporations spend financially large sums of money on improving their products. Big data for R&D is more about variety and validity and less about volume. By combining real world data with test data through the collection of big data, businesses can research through failures faster and expedite the rate of success.
Other Benefits of Big
Data:
Identify Relationships and Patterns
Predict Growth –CRMs
Analyze Social Behaviors – Why they join / leave
Increase Customer Participation – Feedbacks / Reviews
Identify Relationships and Patterns
Predict Growth –CRMs
Analyze Social Behaviors – Why they join / leave
Increase Customer Participation – Feedbacks / Reviews
Since the publishing of our blog post on the 5th September 2013 titled “Big Data: The Race is On” by FingerTec’s CEO, we have been amassing large volumes of data to process, evaluate, analyze and have produced actionable plans to meet the growing demands of the biometric industry and our customers with results to show for it. Have a look at our range of clients.
Big data does not discriminate or segregate businesses based on numbers. The decrease in hardware and software costs, accessibility of social media and improvements in technology have made big data a Big deal.
Big data does not discriminate or segregate businesses based on numbers. The decrease in hardware and software costs, accessibility of social media and improvements in technology have made big data a Big deal.
By Justin Goh, Analyst, FingerTec HQ
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