You may have heard the term “big data” and felt it was too complicated for small firms to employ. In fact, it might be quite profitable for your company.
What exactly is big data?
Big data might be difficult to define for such an essential corporate resource. Some people refer to it (jokingly) as data that is too large to fit on a spreadsheet.
More often than not, it’s a mix of data from both conventional and digital sources that is relevant to your organisation.
It can be gathered either internally or from other sources. The most crucial thing is that the data is useful and can be utilised by your company to achieve its objectives.
Where may a company look for big data?
We have discussed the conventional and digital sources of big data. What kinds of data fall within those categories?
Data from traditional sources
Traditional data sources often come from a company’s internal records:
- Data from the point of sale
- Client/customer feedback and survey
- Shipping prices and timeframes
- Accounting records
- Call centre interactions statistics
- Records of inventory management
- Sensor reporting for machines or equipment
- Counters for foot traffic
- Data on marketing
Sources of digital data
Digital data is gathered through your brand’s online interactions. Interactions with your online platforms and social media presence are the most common sources of data. Among the digital data sources are:
- Interactions with your brand on social media (across all platforms)
- Mentions on social media (discussions about your brand)
- Your website’s traffic
- Internet sales.
External information
External data may be quite beneficial in putting your own company data into context. External impacts, for example, can be used to explain or locate increases in online traffic or purchases. Big data from outside sources can sometimes be useful in informing longer-term strategic choices.
- Online trending search results, census data
- Economic information
- Weather/season
- Important occurrences (both scheduled and unpredicted)
How can a company benefit from big data?
It’s evident that there are several sources from which you might obtain data. There’s no need to use every piece of data you have, but it’s essential to keep an eye on key indicators that signal your company’s health while leveraging other streams to help you make strategic decisions.
Request assistance with data analysis
If you don’t have time to crunch the statistics manually, look for trusted software that can do it for you. Consult with your IT support provider to see if they can propose a product. You might also hire a data analysis firm to provide reports based on your raw data.
Improve your client service.
Understanding how people engage with your website is quite beneficial. You may alter the website to make popular sites simpler to access if you see patterns or specific goods being searched for. This might lead to an increase in sales.
Most businesses nowadays recognise the importance of being active on social media. Keep track of where your name appears with a free service like socialmention.com. For example, you’re better equipped to respond to emergent concerns and client complaints.
Your website may be watched to offer incredibly precise information on visitors, such as their age, location, gender, and the number of unique visitors. You can truly understand what’s going on with your audience and customer segmentation when you mix use patterns and sales data with demographic statistics.
Follow the competition
Because there are so many methods to track websites and businesses online, it’s a good idea to run competition analytics. You may learn a lot about them online, but keep in mind that they can do the same with you.
Internet of Things (IoT)
The volume of data grows as more computers connect to the cloud and each other. This enables for considerably better efficiency to be achieved, as well as the early detection of concerns such as maintenance, which saves money and downtime.
Boost staff productivity
Employees’ workstations can be monitored to see how much time they spend online. You may make assumptions about stress levels, health, and focus depending on the programme.
Are internal networks being effectively utilised? Your internal networks, like your customer-facing website, may be analysed for traffic trends.
Strategic applications
Big data, in addition to providing immediate feedback, may be incredibly beneficial for long-term planning. Combining sociological and economic data regarding locales, for example, might assist you in finding your next retail site. You might also inquire about the costs of shipping or freight to these areas. When making future plans, include current information to supplement global data.
Campaigns of targeted marketing
Targeted marketing initiatives are a great way to put big data to work and can be quite effective. Examine prior statistics from previous campaigns. What was the reaction of your target markets? How active were your consumers on social media? Did the drive result in any sales? These statistics might assist you in streamlining your strategy for your next campaign.
Cost-cutting
A comprehensive examination might reveal inefficient aspects of the firm that may need to be eliminated or adjusted. You can also discover regions that are functioning very well and provide additional financial resources to them.
Big data might be frightening, but it’s clear to see how its careful use can yield valuable insights into how your organisation operates, how people engage with it, and where future prospects lie. Smaller firms can observe trends just as well as larger organisations, but they are considerably better positioned to adapt and go ahead of the pack.
Computers in the City, your IT partner
Computers in the City is London’s longest-standing IT partner. With over 20 years’ experience, we can assist you to meet your IT support, consulting and cloud computing needs. We’re proud to be local, offering 24-hour support in straightforward language that takes the stress out of IT support.