Data is growing exponentially- we are collecting AND analyzing more data than ever. As this occurs, it is also becoming more and more helpful- not just for the medical field (where we often hear about big data analysis being used), but for businesses as well. Here are 4 ways that big data is having a big impact on business:
It Provides Businesses With More Detail
The more data a company has, the more information can be extrapolated (such as customer data). Because knowing your customers is the key to a thriving business, a greater level of detail and insight is the difference between a good company and a great company.
Because you can analyze data according to specific criteria, it enables businesses to be more targeted. This can allow a business to provide more tailored products and services to their customers. Because this is the age of customization, this provides a more positive experience for your customers.
Big data can improve decision making in two ways: the analysis provides decision makers with more information and detail, and it also provides decision makers and management teams with accurate information. Data analysis is based on hard facts, rather than gut feelings or guesses. It can help minimize risks by uncovering statistics that may not have been known prior to to analysis.
This of course, is our favorite way that big data is helping business. Simply put, it saves your business money by highlighting problems before they become major issues. As a result, making quick decisions, based on facts will provide a greater return on investment, and more quickly.