How Big Data Can Be Used for Your Business

The expression "data analyst" summons pictures of a solitary expert working alone, applying obscure recipes to boundless measures of information looking for valuable insights. Information investigation is not an objective in itself. The objective is to use the information to empower your business and develop and craft strategies that improve operational efficiency and profit margins.

In this article we take a look at how an experienced data analyst in Washington, D.C. is qualified to give your business a competitive advantage against your competitors through the analysis of big data. 

Embracing Big Data for Your Business

Big data is an all-inclusive term that often refers to large amounts of information. Traditional data is typically relational data found on internal databases. Conversely, big data is collected and generated in large volumes and varies in frequency, variety, volume, and value.  

In most small to medium sized businesses big data is a moderately undiscovered resource that organizations never exploit yet should. Big data does not simply provide trendy information and statistics, but rather genuine case studies that uncover what's going on now, and what is prone to happen in the future in each niche group. These glimpses into the future provides your business with the opportunity to gain insightful projections that prove valuable during quarterly planning events and development. 

Big data use and implementation is best observed in the accomplishment of online powerhouses, such as, Amazon, Google, Facebook, and eBay. Through proper big data sorting, development, and monitoring each online influencer provides a detailed account of just how effective and useful big data is. For example, through the analysis of big data Facebook is able to position local businesses in front of consumers most likely to buy based on online behaviors, locations, and interests. Likewise, Amazon provides detailed shopping recommendations based on transactional coincidences, search, and behaviors within the website. 

Understanding Big Data

Without the proper application of big data many companies fail to harness the power of innovative databases that are readily available to them. To understand how big data is utilized in general you can equate big data analysis as the same process employed for drilling oil. When an oil rig works to drill for oil it begins by slowly chipping away at the surface. Once the surface is successfully penetrated with the least amount of surface or environmental disruption the rig begins to drill deeper and harder. Often the deeper the drill digs the more accelerated the pace. 

As so it is with big data. The more information there is to sort and analyze the slower the process is likely to be. Initially, identifying the type, variety, and volume of the data sets the tone on the types of outcomes to expect from the data and how it is most likely to benefit your business.

As you undertake the task of gathering, sorting, and analyzing big data remember to allow your data analyst in Washington D.C. to work at a pace that makes sense for your business, objectives, and information. Consider that our digital era produces an alarming amount of data and information every second. The rate at which this information is gathered and sorted duplicates at regular intervals, consistently daily. 

Types of Use for Big Data Findings

Once your business has embraced the value of big data you must determine what to expect and identify tangible outcomes that can be derived from this data. Begin by asking general questions such as what sort of significant worth big data in transactions and shipping are likely to provide. Or asking particular questions to better identify your target market.

From a quality perspective, the utilization of big data is often categorized as one of three measurements: 

Effectiveness

Operational effectiveness directly affects the way your business runs, interacts with customers, and supplies your products or services. For this situation, information is used to settle on better choices, to upgrade asset utilization, and to enhance process quality and execution. Ensuring that your business is effectively operating and serving customers efficiently is the first step in keeping your company competitive and savvy within your industry. 

Often discovering how your business is operating and identifying various areas of improvement saves time, reduces downtime, and conserves your resources. As your data analyst works through big data trends and outcomes, various patterns emerge that offer key points on how to simplify your operations for optimal interactions with each transaction or project.

Experience

The second measurement is client or customer experience. The largest point and purpose is to increase or improve customer loyalty, perform exact client segmentation, and improve client or customer handling. Big data pushes CRM strategies and helps all customer oriented practices to be relevant, controlled, and measured.

Likewise it also empowers you to discover new plans of action to supplement income streams from existing items, (also known as upselling), and often propels thoughts of innovation to improve customer experiences and sales funnels. When using big data to improve the way your customers or clients interact with your business you gain valuable insights that help you to strengthen your brand and authority within your industry organically as well. 

Marketing

Data driven advertising continues to grow in popularity as more and more business turn to digital marketing. When big data is used to identify target audiences the return on investment is often positive. Marketing data sheds light on how your business can create relevant messaging, identifies proven pain points that your company solves, and gives you a competitive edge against your competitors. Big data is compiled in many ways such as via mobile behaviors or website traffic patterns.

Utilizing data gathered based on how visitors interact with your website, how many conversions your sales page secures, or how long a user spends on a webpage on your website provide valuable tips on how to build your next campaign.

Big data is one of the most essential parts of any business. As your business begins to embrace the use of big data, you are sure to learn more about your business than ever before. Some of the most simple and reliable ways to acquire big data is to first examine your internal databases and then explore industry norms and standards. Your data analyst will sort, gather, structure, and present this information to help you gain a competitive advantage in your industry, as well as provide you with a solid starting point for any projects or operational changes on your calendar.

Not sure where to start or if you need a data analyst? Read our quick post, How to Use Data Analyst for Your Business to get started.