You’ve probably heard or read the term “big data” at least once
in the past few years. Maybe your response was a sarcastic “big deal!” under
the assumption that this high-tech concept applies only to large corporations.
But this isn’t necessarily true. With so much software so widely available,
companies of all sizes may be able to devise and implement big data strategies
all their own.
Trends, patterns, relationships
The term “big data” generally refers to any large set of
electronic information that, with the right hardware and software, can be
analyzed to identify trends, patterns and relationships.
Most notably for businesses, it can help you better understand
and predict customer behavior — specifically buying trends (upward and
downward) and what products or services customers might be looking for. But big
data can also lend insights to your HR function, helping you better understand
employees and potential hires, and enabling you to fine-tune your benefits
program.
Think of big data as the product recommendation function on
Amazon. When buying anything via the site or app, customers are provided a list
of other items they also may be interested in. These recommendations are
generated through a patented software process that makes an educated guess,
based on historical data, on consumer preferences. These same software tools
can make predictions about aspects of your business, too — from sales to
marketing return on investment, to employee retention and performance.
Specific areas
Here are a couple of specific areas where big data may help
improve your company:
Sales. Many businesses still
adhere to the tried-and-true sales funnel that includes the various stages of
prospecting, assessment, qualification and closing. Overlaying large
proprietary consumer-behavior data sets over your customer database may allow
you to reach conclusions about the most effective way to close a deal with your
ideal prospects.
Inventory management. If your
company has been around for a while, you may think you know your inventory
pretty well. But do you, really? Using big data, you may be able to better
determine and predict which items tend to disappear too quickly and which ones
are taking up too much space.
Planning and optimization
Big data isn’t exactly new anymore. But it continues to evolve
with the widespread use of cloud computing, which allows companies of any size
to securely store and analyze massive amounts of data online. Our firm can
offer assistance in planning and optimizing your technology spending.
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