In the current scenario ridden with technological inputs and various kinds of data that are being used in day-to-day lives/projects, televisions, computers, phones, credit cards, and sensor-equipped buildings are contributing to the never-ending data stream, and how! Yes, data is not only growing exponentially but is multiplying at a monstrous speed, with its size doubling up every two years. As per forecasts, it is expected that the data created by us will touch a whopping 44 trillion gigabytes or 44 zettabytes by the turn of 2020. That’s massive!
Now the big question that comes to the fore is: How do we expect businesses to embrace such large volumes of data? How in the world can we begin making sense of big data
Role of Data Strategies
Studies suggest that organizations and businesses that fail to implement well-conceived data strategies are likely to gain less profitable figures than their competitors, especially those making proper use of insights that are driven by data. It has been proved that companies using diverse analytical tools, predictive analytics
, smarter sets of metrics, and data sources are more likely to attain the expectations of their projects, in comparison to those who fail to integrate big data strategies
. Interestingly, this is not for big corporations only (also consider checking out this perfect parcel of information for data science degree
It’s quite obvious for small-business owners
to get overwhelmed and awed by the mammoth nature of big data, but then, they should also consider the right resources for gathering, using, and developing this information. The primary reason behind this is as business volumes expand, the data pile also increases significantly. When the accumulated data is properly sorted, analyzed, and compiled, it ends up revealing many important business aspects that may otherwise go unnoticed.
Taming Big Data
In most cases, big data offers tremendous opportunities for business projects
to identify, retain and assimilate those bits of information that bring about improvements in productivity and profitability metrics. So, it becomes important to make good use of these info-rich clues to make well-informed decisions. Here are some pertinent questions that should be considered by small businesses interested in big data usage
#How do I understand the most pressing challenges posed by my business?
Think of all the problems and potential issues that your business/project may have encountered in the past few months: failure to retain customers, bad customer reviews, employee attrition, internal issues, inability to meet deadlines or project specifications, or anything else that may have been particularly harmful for your company’s reputation. Next, you need to prioritize these issues. The act is essential as it helps you pay attention to all that is most important, right from the initial phases of your ongoing project.
#How can I improve upon my profits and overcome challenges with better information and insights?
It is easy to devise strategic plans for mitigating the challenges faced by your business in its early stages. However, the act should be on the basis of (and in response to) data-generated insights. The identification of real as well as potential problems becomes clearer with the help of data. Problem-solving becomes a less time-consuming affair, and it becomes possible to prevent similar problems in the future.
#Can data help me get better insights about my customers?
Data-driven customer intelligence goes a long way in understanding the behavior of your customers. It is important to analyze buying patterns, pay attention to the ways in which issues are addressed, listen to complaints earnestly and empathetically, and understand their sentiments to the core. These practices help in the formation of more effective customer-centric strategies.
#Is it possible to apply these insights and properly manage them to avail the opportunities presented by data?
It is easy for forward-thinking companies to understand that all data-driven insights are worthwhile guidelines in instances of managing the challenging and tricky aspects of projects. They use data to decipher the not-so-evident, yet critical issues to make better and more profitable plans for the future (also consider checking out this career guide for data science jobs
The Next Step
Big data is an extremely versatile option as it is applicable in businesses of all sizes. If used in the proper manner, it succeeds in making huge differences in all small and big matters. All that is required is that it should fit well in the organizational framework
and be used in the right context. So, go ahead and answer the questions given with reference to your immediate requirements. Apart from helping you clear your confusion with regard to big data
, you can look forward to taking a structured approach towards correct data utilization—right from the word go!
All the best!
Author: Uma Daga
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