What is Big Data?

We live in a world where almost every action of ours leaves a digital footprint. Data is generated each time we use our GPS-enabled smartphone, go online, swipe our credit card or communicate via social media. In addition, ‘smart’ home devices and industrial machinery with sensors also gather and transmit data. The term ‘Big Data’ refers to the collection of all this information and how it can be harnessed effectively — especially when computed to reveal patterns & trends in human behaviour. In fact, the science of Big Data is being hardwired into how businesses are providing their services and goods. This is true for all companies from the largest corporations to SMEs. Data is becoming more easily available. It is also becoming easier to analyse, creating space for insights that are actionable.

Big Data insights are relevant to all businesses

With the growth of the digital realm and digital payments becoming more common, even the smallest businesses are generating data which can be studied. A website, a listing on a site that reviews services, a social media presence or the practice of accepting credit cards means that there will be Big Data to be learned from. The insights from this should be channeled into making the organisation better. A strategy should be formed to determine how best to use and protect the big data. Data is a tool that is within the reach of the entrepreneur that can be immediately assessed and actioned upon. Organisations not making the most of the data available to them will find themselves compelled to do so eventually by market forces.

Benefits of leveraging Big Data

1. Targeted marketing

Big Data’s first great contribution to business was making marketing more targeted. Using Big Data, companies are able to discern what are their customers’ specific needs. Based on this, they can use their preferences to engage in targeted marketing. This practice leads to more conversions and purchases. Marketing products that tailor to a customer’s specific needs would benefit companies immensely.

 
2. Improved operations & efficiency

Companies are already using sophisticated technology to track items for shipments and delivery. There is even technology that allows for the study of how employees are interacting with present or potential customers using tone of voice. Other technologies can assess employee stress levels and health for various indicators. All these new technologies will yield a mountain of data that employers can sift through to improve their business. When it comes to streamlining the business on delivery aspects and customer service, huge changes are to be expected with the new technologies employed and the data they yield. Data can also be used to make the hiring process at every level more targeted.

3. Enhanced customer experience

Building onto some of the earlier points, implementing insights from data can help improve overall customer experience. All the pain points generally associated with obtaining products or services from providers would be identified and addressed. A team with a staff geared towards optimisation which can be formed using analytical insight would lead to better business outcomes for its customers and for the business itself.

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