For just over a decade, businesses and governments have been collecting what’s known as ‘big data’.
This type of data goes beyond simply collecting names and numbers, compiling all sorts of information that organisations can use to their advantage. Recently the International Data Corporation predicted that the Big Data Industry would experience a 26.4% compound annual growth rate and be worth around $41.5 billion by 2018. This suggests that more and more companies are now willing to spend significant amounts of money on collecting big data and finding ways to harness its power.
Changing market research
Whereas in the past businesses would conduct market research made up of surveys and polls, today they can simply use big data instead. By compiling social media data, search data and other forms of big data, businesses now have the opportunity to improve their research and react quicker to changing markets.
Using big data
In today’s digital world, a wide range of industries including government, science, public health and education use big data, however there is still a lot of uncertainty over how to tackle it and uncover its findings. In an article published in 2014 by Harvard Magazine, it was suggested that improved statistical and computational methods that linked datasets, visualised data and created ‘big algorithms’ were necessary to tackling the complexity of big data.
Not exclusive to big businesses
Whilst the incredible minds at Harvard, NASA and Google are all harnessing the power of big data, this doesn’t mean that it’s limited to rocket scientists and large corporations. All sorts of companies can benefit from using big data , from established businesses to one man and his website. Below we’ve explained how the average business can use big data to their advantage.
Improving customer loyalty
One way businesses can use big data is to gain their customers’ loyalty. By aggregating data from a wide range of sources such as credit companies, social media feeds and blogs, companies can learn a great deal about their customers, which can help them to provide a better product or service. The personalisation of services is key to impressing customers and winning their loyalty. The more loyal customers you have; the more profit you’re going to make. Remember it’s much less expensive to keep the business of loyal customers than win the business of new one!
No matter what sort of business you run, big data will make a huge difference to your bottom line. Harness its power and you will soon see the benefits it offers in terms of aiding decision making and helping you to learn more about the people who buy your products and services.
Baker Goodchild offer expertise in data processing and big data. If you’d like to discuss opportunities in these areas for your business, please feel free to give us a call to discuss your requirements.
Image Credit: Lumax Art