Data: Are you counting?
One of the biggest information technology trends of 2015 is the uptake of big data. From small business to large multinational corporations, 2015 has represented a switch from gut-based decision making to data backed decisions. This has seen an elimination of risk, and has introduced countless businesses to brand new metrics they did not realize where key to their continued success. But besides, aiding in decision making, what are the benefits of developing a data analytics strategy?
- Recognize unknown trends in your business – A trend can be hard to spot in a mass of numbers, and can even be obscured by other metrics you are measuring and focusing on. Trends are important to recognize in your business so you can control them, or work quickly to counteract them. This control of your business is key to longevity. A big data strategy could help ensure your business continues to thrive.
- See new opportunities in your business – When running a business, data is often used to gain a practical understanding of the status quo. As long as the data is showing positive results, there is no need to change the current actions of the business. This is fantastic, until the data is no longer showing positive results, and action must be taken to pursue other opportunities. Big data allows you to spot and see these opportunities before action is needed, so you can fully analyze and understand the chance laid before you. Big data will also highlight opportunities in areas you had not considered, such showing you a pathway to continue diversifying your business, or showing you that you can minimize your focus to achieve further success and stability.
- Understand your customers – The biggest benefit to big data is the ability to know your customers and react to their needs quickly. Businesses that do not employ a big data strategy may believe that they are able to know their customer’s wants and needs through employing different forms of data collection such as surveys. However, by employing a big data strategy, you are able to understand your full customer base and analyze every interaction with a customer. This powerful analysis allows you to be able to react to even the smallest changes in your customer base, and implement such activities as product re-development focused on your changes in customer needs.