Businesses Want Big Data Benefits ... But Don't Know How To Get Them.
A recent survey by DNVGL (ref. https://www.dnvgl.com/Images/ViewPointReport_BigData2016_lowresRetEx-R_tcm8-61203.pdf) reveals that more companies than ever (around three quarters) are investing in Big Data, yet less than a quarter of companies admitting to having a proper strategy.
(Note that the figures are taken from their own recipients)
So, further to our recent article about 'data-exhaust', let's look at why this could be significant for your business...
What is 'Big Data'?
At it's heart, 'Big Data' is all about empowering your company to make better, more accurate and faster choices about how best to run your sales, marketing and operations.
From a sales point of view, it can be harnessed to get that bit closer to your customers
A Sales Example ... Caesars.
This well know gaming company has employed data analytics for a long time already and is now stepping into the future with big data analytics for better, faster decisions.
Historically, they've always had data about their client's habits from their website click-paths, loyalty programmes and real-world slot machines.
However, until now they've had trouble in integrating all this information in real-time to gain better insights.
By using Big data thinking (integrating and analysing multiple data streams in real-time) they discovered when :
1) Someone was a new customer to its loyalty programme ...
2) Had a poor run of luck in the slot machines ...
3) They'll likely never return.
By being able to test and analyse in real time, they discovered that :
1) If that new client is presented with a free meal coupon ...
2) Whilst still at the slot machine ...
3) They'll be much more likely to return to the casino ... to spend more money.
The key thing they discovered was in the timing that the coupon offer was made : it was critical to be offered not too soon and not too late.
Signal and Noise
The trouble is that (as the findings from the survey bear witness) most companies have little understanding of big data and as a result, the "signal gets lost among the noise".
This is hardly surprising, when you consider the global quantity of information is apparently increasing at around 2,500,000,000,000,000,000 bytes per day. Actually - that figure was taking all the way back from a year ago around April 2015 ... so it'll be more now.
What This Means For Your Business
Clearly, we don't need more data, just more people trained in how to process it.
Like security, Big Data analytics is only going to become more relevant and important and the tools that are emerging to help savvy business owners get ahead should at the very least be investigated.
Big data should be considered for incorporation within the company's training manifesto, to at least appreciate the opportunities available.
One might consider the mantra ... "Ignorance isn't bliss, it's just ignorance."