Every company needs to analyze data in order to make good decisions. It’s not by accident that the history of entrepreneurship is also the story of major developments in public opinion polling and data analysis, for example. Today using Big Data is the most intelligent way to arm yourself with information to answer business questions.
What is Big Data?
The term Big Data refers to the large volume of data that exists within your company. This data is less obvious than you might imagine. It can include information such as the volume of emails exchanged, system user login data, etc.
Human communication has gone through great transformations throughout history. Today it’s fundamental that a company understand data related to social networks, for example.
This data can provide relevant insights which are often ignored by common data collection and analysis methods. The Getúlio Vargas Foundation (FGV) analyzed social network posts made on April 28 – the day on which a general strike took place in Brazil.
The data showed that there were more interactions on this day than any other in history and listed the politicians who are most engaged with the social networks. Imagine how this valuable information will help these politicians make decisions about their future electoral campaigns.
Using Big Data provides you with a real time map of everything your company needs to know.
How Should You Use Big Data?
This concept takes three aspects into account: the variety of the data, the data’s volume, and the speed with which the data is captured. This way you can establish analysis criteria which will help your company understand what type of information should be studied and why.
You’ll need to invest in data management and analysis software to protect this data and ensure that it will be available for analysis whenever necessary.
What Results Has Big Data Already Provided to Companies?
Many firms are now able to forecast customer trends, enabling them to offer new products at opportune moments.
This diminishes the chances of failure considerably. Corporations can also begin to look within themselves, analyzing the large volume of information generated by their own processes.
Customer service is another area that has benefitted from this strategy. Through analysis, it’s possible to perceive what causes customer dissatisfaction and implement a strategy to resolve the problem, before it takes on larger proportions and affects your company’s image, for example.
Making your internal processes efficient is always desirable in any segment. That’s why Big Data has often been used by businesses to improve them. Analyzing this data shows a company what should be altered to improve the quality of the company’s work.
Using Big Data is a current day solution and thus ignoring it doesn’t make sense. The sooner your company incorporates Big Data into its work routine, the sooner it will be able to improve its strategic direction.