We are becoming swamped with data. From smartphones, tablets to social media platforms, masses of digital data are generated each day.
As a business operating in this data-dominated landscape, you need to value its importance. Data must become a key business asset. Whether you are a local store or one of the Fortune 500 companies, data is quickly changing the way your business operated. Gartner predicts that by 2019, 90 percent of companies will have a position for Chief Data Officer (CDO).
This is where Big Data and analytics tools come in. Big Data involves the process of analysing huge amounts of data from multiple sources, finding trends and patterns, and using all of this information to make smarter, more informed decisions.
The age of Big Data has a significant impact on business management. Here are some ways it will be doing that:
Data will become the Most Crucial Asset for Businesses
As mentioned above, no matter how small your business is, it generates some amount of data. Whether you have a plain website or a social media page, you have data about your customers.
The data you collect and analyse can help you provide users with an enhanced experience. For instance, you might see that the webpage on your website, that is responsible for ordering your product, is slow or difficult to use and is the reason why your customers are abandoning their shopping carts. With this insight, you can improve the quality of that page.
You might now be getting an idea of how big an asset data can be!
Big Data and Analytics Tools Can Provide Enhanced Intelligence about Your Customers
If you are like most businesses, satisfying your customers is at the heart of what you do. You can do this with Big Data and analytics tools. You can look for patterns and things that are influencing the way people behave for instance, Facebook advertising tools can give you insights into people’s interests and hobbies.
Now, as a marketer, this is great news. This information helps you create personas for your customers and your target audience and so you can plan and target marketing strategies accordingly.
Big Data Will Enhance Efficiencies
Talking about an organisation’s internal management, Big Data will also help companies enhance efficiency. From tracking performance of a particular piece of equipment/machine to streamlining delivery processes or customer interactions, it will help companies optimise processes.
What’s more, it can be used to enhance your hiring process, that is, it will help you attract top talent.
Finally, these Big Data and analytics tools will not just remain within IT. They will increasingly be deployed across more and more functions within your organisation.
With a team of data analysts, we at Centelli are a business intelligence consultancy in the UK. Over the years, we have helped many businesses make use of data and make informed and insightful decisions.