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Understanding The Power Of Big Data For Your Business

January 17, 2019 No Comments

Featured article by Wendy Dessler, Outreach manager

We live in a new age of big data. While many small businesses make the mistake of thinking that big data is only for big businesses. Don’t let the name fool you. Big data is for businesses of all shapes and sizes. Big data is a type of analysis that uses a large quantity of data to find patterns and insights into behavior. These patterns are useful for making smarter business decisions.

Though it’s only recently gained public attention, big data isn’t new. The term itself has been around since the 1950s. How exactly has big data changed in the last few years? More importantly, how can you harness the power of big data for your own business?

 Understanding The Power Of Big Data For Your Business

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Evolution of Big Data

Throughout human history, societies have used data to make decisions. The first time we saw the “modernization” of big data was actually in the 1880s after the 1880 census in the United States. With so much data to process, the government was looking for an easier way to make sense of so much information. A man named Herman Hollerith created what was essentially a punch card machine for consolidating huge chunks of data. Thus, big data (by many different names!) was born.

Until the invention of the personal computer, data was mostly used in the government. Data was used throughout the World Wars as a way to share information across country lines. By the time the Internet of Things (IoT) was established in 1999, there was a lot of data

Today, thanks to the internet, smartphones, and other devices, data is heavily involved in all aspects of our lives. From what websites we visit to how many steps we take every day, this is all a fundamental part of big data.

Though it might sound like a way for the government and businesses to keep tabs on it, it’s hardly as conspiratory as it seems. This data is collected as a group, and individuals aren’t really the end goal. Companies wish to understand how their audience interacts with technology and the world so they can better serve their needs. This is good news for businesses of all sizes.

Big Data in Practice

Now that you understand where big data came from and what it is, let’s talk about how to use it for your company. It doesn’t matter if you’re running an established organization or a startup, big data is likely your biggest asset. It helps you bridge any gaps in experience and make smart decisions. It allows you to create products and services your users actually want. In essence, it’s the foundation of your business.

How exactly can you harness the power of big data? Here are just a few ways:

Customer Experience – Experience matters. 88% of buyers today will pay more for an experience they enjoy and trust. With big-name brands like Amazon beating more retailers, for example, on price, experience matters more than ever before. When you use data, you can make sure you’re efficiently meeting your customer’s expectations throughout their experience. Amazon also offers their platforms as a service, such as ELB, which makes it even easier to track your customers’ activities and requests on your websites. (source: https://www.loggly.com/blog/quick-easy-monitoring-amazon-elb/ )

Building Products or Services – How many times do you encounter a product or service and you ask yourself who thought this would be useful in the first place? Odds are this has happened to you more than a few times. If you want to compete today, you need to constantly have new products and services. However, they have to actually be useful to your audience. Big data shows gaps in the market that need to be filled.

 Understanding The Power Of Big Data For Your Business

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Innovation – Industry moves at lightning speed today. Think of the top players in business today: companies like Amazon, Spotify, and Apple. These are businesses that refuse to stand still. If you want to attract more customers, you need to anticipate technology and change. For instance, Netflix didn’t find success because they expected DVD sales to keep going up. They knew it was time for a change, and they acted on it. By analyzing data, you can find your own path to the future.

Marketing – Finally, big data is a way to make smarter marketing decisions. Marketing today is complicated. You can’t simply build a website and expect people to come. You need a way to attract attention, build virtual relationships, and establish authority. Thanks to big data, you can watch your trends shift over time, expect what’s to come, and make fast decisions.

Bring Your Business Into the Future

If you’re not using big data, you’re falling behind. There is so much competition today that you can’t afford to overlook big data. Forget everything you’ve been told about data being bad, or that data is a way to cheat the system. Data allows you to use all of the resources available in this digital age to your advantage.

You want to do what’s best for your business and your customers. That starts with big data as well as your own data. What data do you already have, and how can you utilize additional sources of data in the future? These are the questions that will turn your business into a future-proof company.

About the Author

Wendy Dessler is a super-connector who helps businesses find their audience online through outreach, partnerships, and networking. She frequently writes about the latest advancements in digital marketing and focuses her efforts on developing customized blogger outreach plans depending on the industry and competition.

Wendy photo: https://drive.google.com/file/d/0B03VXE7Dwyk1Tmp0eFg1X1EtMzA/view

 

DATA and ANALYTICS 

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