How Businesses Can Utilise the Availability of Data?
Coined in 2005, the term big data is a relatively new one. It describes large data sets that can be analyzed by specialized processing tools to reveal patterns in human behavior – patterns which are increasingly being used to inform smarter business decisions.
We’re all producing data at an exponential rate. To give a sense of scale, 90 percent of the world’s data was generated in the last two years alone. That’s every web search we make, every social media post we upload, every message we send online and so on.
The speed of our data production is only increasing with everything at our fingertips – more than half of our web searches now take place on a mobile phone. Here are three ways the availability of big data is opening up business analytics on a bigger and more accurate scale than ever before.
Better Sales Analysis
Big data is transforming the way retail businesses operate. With data points such as transaction histories and sales receipts, supermarkets, departments and eCommerce stores hold incredible volumes of data that can be analyzed to extract valuable insights.
These insights can provide real-time answers to questions such as how much of a product is being sold, who it’s being sold to, which store its being sold from and what time. By analysing the patterns that emerge, managers can spot opportunities, counter problems and make smarter decisions almost instantly.
Live Inventory Analysis
Big data is also being used to enhance operational efficiency, improve processes and squeeze out higher profits. Live data analytics dashboards can present operations and finance managers with a holistic view of a business’s performance in order to iron out problems and maximize gains from a company’s product inventory.
Rather than re-stocking based on what their instinct says is selling well, data can tell decision-makers what is in short supply, helping them to meet demands while avoiding taking on surplus stock.
Smarter Customer Analysis
Finally, big data can tell businesses more about who their customers are and how they’re responding to marketing efforts. On a large scale, this insight can be used to identify who their most loyal and profitable customers are and inform future strategies to keep them on board with more targeted and personalized campaigns.
Crucially, big data can help to optimize marketing spend by displaying what’s working and what’s not. For example, call tracking software can link an inbound call back to the exact marketing campaign or channel that led to the action. A marketer can then shift more or all of their budget to the effective tactic, and drive more valuable results for the same spend.
Are you making the most of your company’s data? If you’re not sure, consider using it in these areas to help you stay ahead of your competition.