Thanks to the digital age, companies now have the ability to leverage large troves of data to eliminate much of the guesswork from their business operations. Even now, data is already altering decision-making in nearly every aspect of business, from research and development to engineering, product creation, and cyber-attack prevention.
Amazingly, it’s predicted that as a global population, we will amass over 74 zettabytes of data in 2021, and by 2025 global data creation is projected to grow to more than 180 zettabytes. (If you’re scratching your head wondering what a zettabyte is, it’s a fancy word for one trillion gigabytes).
Putting Big Data To Use
With the facts above in mind, it’s evident that the problem for businesses isn’t how to acquire more data; instead, it’s how to put that data to good use.
You see, without a defined plan for analyzing your data, all of the data you acquire from your company and its clients is just a giant pile of meaningless information. Consider a library where books are stacked in random order. It’s probably not going to be not the best place to go if you’re looking for specialized information on a topic you’re interested in (especially if you’re in a hurry). You’d probably spend more time and energy looking for the book than you would reading and applying what you’ve learned.
The same applies to big data. Suppose companies learn how to implement a way to organize, analyze, and retrieve data so it can be used throughout their business. In that case, it gives them a newfound ability to spot trends and anticipate demand, giving them an edge over the competition.
Look Up To The Cloud
For many of the bigger organizations, the usage of massive data stores, commonly known as data lakes or data warehouses, has become commonplace in recent years. As you might expect, these solutions differ from standard warehousing solutions in that they prepare data for analytics. This is accomplished by storing and organizing all of your structured and unstructured data on a large scale. This delivers large amounts of data that are designed to improve analytic efficiency and native integration across the organization.
To put it another way, cloud data warehouses are becoming a more vital component for businesses that want to get the most out of their data, and if your company doesn’t have one, now’s a good time as ever to get on board.
There are many cloud-based services out there that can help you turn big data into significant business insights, which is why it’s definitely worth checking out this snowflake vs Redshift detailed comparison so you can see a side-by-side breakdown of two of the most popular solutions.
Get To Know Your Customers Better
One of the main advantages of analyzing your big data is that you gain the ability to acquire valuable insights and learn more about your consumers. After all, the more you get to know your customers, the more efficiently you can target them with relevant items and services that fulfill their wants and needs, and the more revenue your company will produce.
The good news is that you don’t have to own a big company to make use of big data. Practically any business can benefit from using big data if they can harness its power and learn how to use it to discover patterns and trends about consumer behavior. Here are some of the critical insights data analysis can bring:
- Discover barriers to customer success and lead conversion
- Understanding which marketing techniques influence your customers best
- Predict what your customers will want in the future
- Unearth profit opportunities that you wouldn’t have had access to previously
Remember To Put Your Data To Work
The data your company collects is meaningless unless you put it to work, as we’ve discussed several times throughout this post. This means companies must figure out how to put a system in place and develop an infrastructure that allows employees to get the information they need when they need it. In addition, employees need relevant reports that are supplied quickly to extract value from the data, especially if they are in a customer-facing role.
That being stated, putting your data analytics to good use is easier said than done. To get around this, you’ll need a good knowledge of “why” you’re collecting the data you’re gathering, so you can design new strategies based on the data-based insights you’ve discovered and ensure that the information you gather and utilize aligns with your organization’s goals and objectives.
Without the correct tools, big data is little more than a jumble of irrelevant information that would take years for human analysts to sift through, with no assurance of generating any valuable insights. This is why businesses are turning to cloud-based solutions to better organize their data to be accessible in real-time and be used throughout their operations.
This guarantees that organizations get the most value out of their large data troves since it appears that the future problems for organizations will be how successfully they can translate big data into smart data while managing the underlying infrastructure, performance, and costs associated with it.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.