First all, what is Big Data? The original phase was coined by industry analyst Doug Laney, to describe methods of analysing large volumes of mega data gathered by enterprises. He categorised Big Data according to the three Vs: volume, velocity and variety. Since then Value has been added to the equation. This refers to the commercial value of any new data sources to determine the Return on Investment.
Data analysis can be applied to improve production management or to predict employee behaviours. Review of buying habits and personal data can give businesses clear insights into their customers’ like, dislikes and demographics. The long-term return on investment can be measured through better marketing campaigns or improved products. Ironically, the process does not begin with the data. It starts with asking the question: what problem do you want to solve? For instance: if you want to grow your market, an analysis of your existing customers will give you insights to develop a typical profile:
demographics of individual buyers; or decision-makers modes of contact or interaction, motivating pain points or triggers, profitability and other external factors. If you don’t have a means to access this information, then look at opportunities to gather it. For example websites, social media sites, sales statistics, surveys, demographic trends etc. Here are a number of analytical tools you can use: - Google Analytics:
Helps
monitor traffic to your website; provide insights on visitor behaviour.
- IBM's Watson Analytics: A
Big Data solution to help unify data, pinpoint sales patterns, automates predictive analytics and enables dashboard and infographic creation.
- Canopy Labs: Helps to determine the profitability of each customer and better focus your resources.
- Customer relationship management (CRM) tools: Offer
insightful information and easy collection. Most are online (or SaaS, meaning software-as-a-service), and help track leads, sales, conversion rates, customer information including histories, complaints and more. Commonly used tools include GetBase, Act, NetSuite, Zoho, BuilderFusion and Salesforce.
These are just a few tools to help analyse Big Data. Ultimately, the more you know, the more value you can offer to clients and employees, the greater the chances of business success.
The subject of Big Data is complex; here are a couple of sources for further information.
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