No matter the size of your business, data management is a vital component to developing and sustaining growth in 2019 and beyond. From the largest corporations to the corner store, every business is able to use ‘Big Data’ to their advantage.
What is Big Data?
Big Data refers to the collection of all data that extends past a spreadsheet or database and can come from videos, photos, video recordings – practically every source imaginable. Business owners are able to analyse this data and utilise it in numerous ways to assist their business’ growth.
How does Big Data work?
The term ‘Big Data’ encompasses a wide array of data types. IT departments are able to use advanced analytics to look at correlations and threads within these types of data by running millions of simulations until patterns are found. These simulations provide an unprecedented level of analytics that can benefit your business.
Why is it important for my business?
You may think that Big Data doesn’t affect your business, or it’s something you don’t need to look into, but the reality is that businesses of all sizes generate data. Whether it details from social media posts, EFTPOS payments, or your website, this data all falls under the Big Data umbrella.
Big Data management can benefit business owners across a variety of industries including:
- Financial services
- Transportation and logistics
- Energy, and
It collects better customer information and increases the customer experience
Using analytic artificial intelligence (AI), you’re able to track patterns that showcase how a customer engages with your business. For example, you can collect information on how customers physically move around a store, so you can position products based on customer behaviour.
Big Data management also utilises social media listening. It allows you to monitor social media interactions with your brand and incorporate that data into the transformation of your social media presence.
It helps improve internal efficiency
Another way you can utilise Big Data in your business is to track internal operations and analyse these in order to improve performance. For example, AI can be used to better record survey results, going past physical surveys that can often have employees tell a company what they want to hear.
Beyond tracking employee patterns, Big Data can be used to improve machinery and equipment performance. Simulation results can allow you to optimise the operational efficiency of these devices, whether that’s a vehicle, industrial machinery or a supermarket checkout system.
You can better track KPI’s
The results of Big Data analysis can provide useful assistance in tracking KPI’s, particularly in more specific and flexible time periods. Today’s powerful AI systems are more equipped to handle wide-ranging projections and discover patterns for your business growth.
Current issues around Big Data management
Big Data management means your business will have the opportunity to collect more data than you ever thought possible. For some, this can be overwhelming and leave you pouring over results, not knowing what’s needed. Because of the sheer amount of data available, it’s important that you succinctly plan what these simulations are focusing on, before initialising them.
Putting a filter on your analytics also makes sure that your privacy can be secured, while also providing transparency to your employees or customers about data collection.
Learn more about Big Data management
Now that you know why Big Data management is important to your business, you’re ready to take the next step and learn more about how analytics can help you. Qualifications can also help manage your business. For instance, taking an analytics master will help improve your knowledge and mastery of Big Data management.