There is a lot of speculation about ‘big data’ and what exactly it is.
It’s gigabits of information, many may find un-excitable. But in reality it is the staple of the 21st century and the reason businesses thrive. This is explainable in an age where multi-billion pound valuations are handed out to ‘the next best tech company’, many fail to register why. They’re making, tens of millions selling their products, services and advertising. Yet it doesn’t add up. Where are companies getting the multi-billion pound valuations?
The truth is, selling products, services or advertising all contribute to the price tag. But the real goldmine is in harvesting data.
With millions of people subjected to the same experience, and a little help from demographics – you can start to analyse patterns, trends and behaviours. It’s essentially the same as asking millions of people to fill in a survey – without the hassle and a much more natural experience. This is essentially business intelligence – making productive use of the information you have. This therefore adds a value to the invaluable, data.
Business Intelligence is most importantly the consumer habits of markets.
This information is invaluable – hence the valuations – and can provide accurate insights into key market information. Now you may think that you have to come up with the next Whatsapp to start hording and analysing data. But the reality is – between customers, prospects and leads there is a good chance you’re already sitting on a handsome amount of information. Information that can be used for more than email marketing.
The real treat with data, is – if analysed properly, you can start to develop patterns and trends within your market, you can start to understand the habits of your consumer, be it business or customer orientated. The key to processing this information is with the right set of tools, such as, integrated business intelligence either on premise or in the cloud. These tools have the ability to process your data.
Using the data in form of spreadsheets/workflow forms or most efficiently; an existing database, you can then input this information and present it in automated visual displays, such as, graphics and charts etc. This makes data management and analysis, a much more manageable process – opposed to finding mediums and trends in excel spreadsheets alone.
This data can be used for a variety of reasons
Proof of concept, marketing understanding product management or even seasonal promotions and a whole host of other options for you to make informed decisions on. By understanding consumer behaviour you can review past habits or predict future trends. This information is readily available for you to make strong, informed decisions – no matter what department, market or sector you are in or targeting.