5 Ways To Use Big Data To Gain Market Insights
Big data can help businesses to manage their operations and marketing more successfully, but all too often it is either completely neglected or just results in an overload of information that cannot be processed. In the past, all businesses treated their data in the same way, simply using it to prop-up already established marketing campaigns.
Now, businesses are learning how data can improve their organisation in three important areas: developing new business models, increasing revenues, and empowering operational efficiency.
How businesses have made the change
The key to managing data means developing new ways of looking at information. These include:
- Keeping an eye on the long-term while developing the short-term. At the moment, all companies are busy worrying about keeping up with big data. If you are open to new opportunities, then you could start managing that data through cutting-edge technology.
- Managing your data warehouse. Some businesses are unsure whether they need to use a data warehouse to store information, or use Hadoop. The fact is, they can work together, with the warehouse being used to structure data and to store it where it is most needed, and Hadoop being used to manage raw data before it is processed by the warehouse.
- Use data views. Analysing data is all well and good, but sometimes you need to view the data. Use it to answer questions, or even develop new questions for your business. Each time you analyse information in this way, you get more information from it. You may even choose to employ a data scientist to harness data analysis and viewing correctly.
- Include small data. While you may be focused on big data, you should not forget small data sets. These can be brought together to create new kinds of information, so that you gain more insights into your customer values and purchase information.
- Start your data initiative today.
The Rise of Data Scientists
New technology means new jobs, and one of the most important roles is that of the data analysts. When they become super-analysts, examining a wide range of data for businesses, they are now known as data scientists.
The best of these scientists will be able to analyse large data from a range of sources, viewing them from a number of different angles until they extract all of the information possible from that. More than that, data scientists keep on top of trends and issues, using these as the basis of any data selection. This allows them to deliver very important information to the business. Many people are now using Microsoft big data solutions to manage their database marketing.
Many data scientists work with a mixture of learning and of intuition, which have made some consider the scientist to be ‘part analyst, part artist’. Of course, a data scientist cannot perform their work without a bespoke database that is designed to meet their exact needs.
Why maximise your Big Data?
Data is quickly becoming one of the key ways that businesses learn about their customers, and as more people live most of their lives online, it becomes possible to see every website contact we make as leaving a digital trace. The main importance of big data, however, isn’t in the massive amount of information gathered, but how it is used by businesses.
As big data increases, companies need to be more pro-active with what they do with this information. Regardless of how you store your information, from a simple spreadsheet to a massive open-source database, having the flexibility to connect and consolidate your data will become essential.
Karen Harding is the marketing manager at Objective IT, one of the South East’s leading web and software development companies. If you wish to learn more about how databases can improve your business, contact Karen today.