Big data has had a big impact on the corporate arena. It can be the key to business growth and a great way to drive future success, and given the rise of mobile, cloud and big data as a whole it’s something that’s only going to get more viable.
With that in mind, here are 4 big data trends that have the power to change everything:
1. New analytic tools being easily (and cheaply) available. The rise of available tools to capture customer data will let you determine how, where and when you go about it, meaning data can be easily and cheaply collected according to your precise business needs to put you back in control.
2. Marketing collaboration rather than dictation. The days of simply pushing a message out to consumers are no more. They expect engagement rather than blatant advertising so the focus needs to be on collaboration, and big data can be the key to that – by utilising accurate data it’s possible to precisely target promotions using the power of predictive analytics by, for example, tracking shopping habits and social media interactions, offering huge scope for engagement.
3. Don’t ask – just listen. Market research needs to be focused on active listening rather than asking direct questions or bombarding consumers with information. As mentioned above, they expect a two-way dialogue and big data lets you start the conversation – by harvesting online interactions before processing and analysing the data you have the power to clarify what consumers really want.
4. The speed of the business cycle means your product is now your research. Companies need to keep up with innovation by constantly reinventing their product according to consumer demands, and that means poor performing assets should be ruthlessly axed – accurate data analysis can be used to precisely target those products, allowing for tailored and incredibly quick product development.
Big data has the power to transform business operations across the board, so get on the big data bandwagon and see how new technologies and ways of thinking can change your business for the better.