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The phrase ‘Big data’ is being used more often than ever especially in relation to businesses. Ever wondered what this may mean?
Simply put, Big Data is a term that describes the large volume of data – both structured and unstructured – that floods a business on a day-to-day basis. Data which organizations can potentially mine and analyze for business gains.
So if you’re saying, “Big data isn’t relevant to my business,” maybe because you’re ignorant of its benefits; you are totally missing the boat.
According to Forbes, big data and its implications will affect every single business big or small and change how we do business, inside and out. It doesn’t matter what field you operate in or the size of your business; as data collection, analysis, and interpretation become more readily accessible, they will have an impact on every business in several important ways.
1. Data will become an asset to every business.
Even the smallest businesses generate data these days. If the business has a website, a social media presence, accepts credit cards etc., even a one-person shop has data it can collect on its customers, its user experience, web traffic, and more. If you own or operate a business, and you have questions about how to improve that business, you have data, your data is an asset, and it can be used to improve your business. Simple as that.
2. Big data will enable companies to collect better market and customer intelligence.
Like it or not, the companies you do business with know a lot about you — and the quantity and diversity of what they know about you is increasing every year. Every company will get much better insights into what customers want, what they will use, what channels they use to buy, and so on.
3. It will improve internal efficiency and operations
From optimising delivery routes, to better tracking employee performance and even recruiting top talent, big data has the potential to improve internal efficiency and operations for almost any type of business and in many different departments.
These are just the top three impacts big data will have on businesses of all types in the near future. Is your business ready to capitalize on these opportunities?
We understand that it can be challenging to know where to begin that is why we have come up with a solution that is just right for your business.
Talk to DataXpert today!