Nearly every company in the country is managing Big Data. However, not all of them are leveraging it effectively, leading to missed opportunities to land new customers, improve operations or otherwise make positive strides.
Big Data is being created on a practically continuous basis and collected almost nearly as fast. Every online, digital and social media interaction is a potential source, and figuring out how to use the data to your benefit is essential.
If you aren’t sure how to begin, here’s what you need to know about using Big Data.
Understand What Your Company Collects
All incoming data is essentially raw. Until it is processed and analyzed, it doesn’t provide much meaning. However, you can’t take those steps if you don’t understand what kind of raw data is being gathered. Once you do, you can create a plan to leverage it to your advantage.
Making Big Data Meaningful
Simply having boatloads of data isn’t enough. The information is only valuable if you can derive meaning from the data that has been collected.
Often, this means organizing and analyzing the data in a logical way. Precisely what that entails may vary by business, as each company has its own goals and sources. However, you can begin by considering what datasets are most critical to the success of your business. Once that is handled, you can look at the incoming sources and decide how that information can be extracted.
Just make sure you don’t neglect organization. Much of the incoming data will be unstructured, meaning it doesn’t follow a particular organizational paradigm on its own. For example, while a database is a highly structured source of information, incoming social media messages are not. They may contain text, videos and images, all of which would be handled differently when you want to derive meaning. However, you also need to be able to interconnect your insights, ensuring you get a complete picture.
Monetizing Your Big Data Findings
Once you can make your Big Data meaningful, finding methods for monetizing your insights is easier. Typically, you’ll need to review the findings on a regular basis and identify potential uses, such as making changes according to your discoveries, using the data to guide decisions, or simply learn what is and isn’t working about your current approaches.
The idea is to take the insights and use them to locate opportunities. How you go about this will depend on your business type and goals, though the process of examining your stores of Big Data for meaning is largely the same regardless of your industry or objectives. Additionally, you may have to revisit your approach to analytics if you aren’t getting the insights you need, as your initial process might not lead to the meaningful information you were hoping to find.
Ultimately, Big Data is powerful, but only when it is used properly. If you’d like to learn more about leveraging Big Data, the experienced professionals at The Squires Group can help. Contact us with questions today and see how our data analytics expertise can benefit you.