Not a secret, virtually any size enterprise can reap substantial benefits from collecting, analysing and utilising the big data. What are those benefits and which domains of the business development smart data analytics can advance?
Risk Analysis for Start-Ups
Start-up company owners have a lot of variables to consider when they are building their business. With limited human resources, the entrepreneur can easily fall into a trap by day-to-day operations, while overlooking other important factors contributing to reaching their business goals. Data analytics can help a nascent business assess their social impacts, economic importance and their accomplishments.
Data analytics does not automatically mean looking inwards. External data gathering can help understand the market and the environment of the business. A simple data gathering technique can be just re-analyzing peer-reviewed journals, newspapers, social media feed and surveys. The information already gathered by these sources can allow a business to avoid common problems and save money.
Product or Service Re-Development
Are you currently running a business? Then you may be surprised to learn that data analytics can be of great importance to you. You may already know about the importance of feedback and be able to use it to benefit your business, but collecting the information is only one aspect of what you could be collecting to help your business. Big Data can help you figure out how customers perceive your product or service and in turn, you will be able to revamp or redevelop your product or service to improve its reputation. Designing the product around the needs and wants of your base clientele is a key to a successful business.
Product or Service Expansion
Consumers simply know what they want. They may not always know what they need, but they will always know what appeals to them and where their priorities lay. It is because of this understanding that they will do their own research before they commit to a product or service. They will read reviews and watch Youtube videos regarding the product and potential comparison products after maybe seeing an advert that piqued their interest.
With “big data”, different business can profile customers in a far-reaching manner. Business owners should be aware of these review and comparison sites to check the various desires as well as the preferences of their customers. Based on it, they can offer the products and services tailored to their customers. They can also do a cost analysis of the customer’s desires to see if a product or service is viable in the first place.
Targeted Marketing & Data Management
Once you have gathered your data in the form of customer feedback, emails, names, social media account insights and customer addresses; you may wish to employ computer-aided software to begin advanced information breakdowns for marketing purposes. For instance, you may wish to pinpoint a where on the map the majority of your clients come from, the gender split or simply which social media platform is predominantly being used by your clientele. All this information will allow you to create tailored marketing campaigns especially if your marketing budget is limited.
Staff members should be trained on how to gather data as a standard and about “big data” management, which is not as simple as you think and there can be large penalties associated with mismanagement of customer data. Where “big data” is sensitive to the identity of a client or customer, such as financial, medical or criminal records, data must be encrypted and protected from public access. By this, we mean to say that this sort of data should be kept offline and in no way accessible from a cloud source. Such breaches of privacy can be costly to any company and in some instances mark the end of business entirely due to the fines incurred.