Big Data and Effective Business ManagementJune 7, 2019 No Comments
Featured article by Fred Anderson, Independent Technology Author
Every business must respond to its environment. Part of that environment includes how its customers are behaving, what they are doing and where their aspirations lie. When a business truly understands their market, it has a real opportunity to refine processes, tweak campaigns and grow.
These needs can be traced to big data. Big data allows us to understand how our market behaves and predicts what it will do next. This is done by, as the name suggests, analysing huge amounts of data using computer software and talented individuals.
Without these computer programs and personnel who understand detailed analytics, businesses could not understand their environment and make specific decisions which bring about success. So, with these relatively new changes, how is big data affecting the way we run and manage a business?
New Staff and New Technology
Businesses now require big data experts. These talented individuals do not only come from generic computer science background or mathematical degree. There are in fact reputable and proven data courses that people have been accredited with to show they are experts in this particular analytical field.
Therefore, your business may need to create a new job or department , together with possibly a new hiring process to find these experts. To attract these types of people – who are in high demand – you will need to show that your business is able to effectively utilise their expertise. Furthermore, there should be evidence of how your company embraces new technology and ideas, whilst providing a positive working environment. A perfect example being a progressive company like Intouch Games Ltd, who take pride in making sure their staff is looked after and appreciated.
So, once a new role has been decided on by the management, you then need to pair them with the tools they need to get the job done. This may also involve buying new software and adopting suitable working practices.
Changing Team Goals
Big data is also changing the way we set goals within the business. As external and complex goals become more measurable with big data, these can be fed back into targets set within the business. For example, if you now can predict the way the majority of customers think, the marketing team can have more aggressive targets set based on the results of big data analytics. Team goals can become much more complex and help managers understand where they are performing well and areas that require improvement.
Increased Attention to Detail
A detail-orientated approach is a common phrase on the lips of business owners. However, the level of detail is now more intricate than ever. Businesses can now understand more about their market and predict trends with more accuracy. This means the level of detail that is put into content creation, website development and marketing materials must reflect these new-found details. In fact, big data is revolutionising sales and marketing by making it more sensitive to the audience’s every move and intention.
Is Your Business Big Data Ready?
You may be ready to embrace big data analysis and obtain its many benefits, but is your business ready? It is not only imperative that you have all bases covered, but that you are responsive to new information, together with accepting new ways of collecting as well as managing data.
DATA and ANALYTICS