The era of objective, Data-Driven decision making for smart organization has come. As entrepreneurs, our goal is to drive business growth to our organizations. To do that, we need to have a clear view on our goals, our KPIs, and most of all, on the impact of the actions that our strategic decisions generate. Thanks to this clarity we can learn from market feedback and better shape our strategy to win the market. Clarity we can learn from market feedback and better shape our strategy to win the market.
Think about online advertising. It is an increasingly popular trend because companies can finally reach specific targets, while clearly measuring returns on marketing investments. Something that both billboards and television commercials were lacking.
So it is fair to say that right now access to data and analytics is not a problem anymore.
What we truly need to drive growth into our organization today, is that expert judgement in reading the data, ultimately taking the right actions.
Big Data as a Trend
But why is Big Data such a big trend nowadays? With the risk of sounding redundant, let’s take a look at the data:
- More data has been created in the past years than in the entire history of humanity.
- There are up to 40,000 searches per second on Google only. If you want a deeper insight, take a look at what happens on the web every second.
- IBM estimates that we create 2,5 quintillion bytes of data every day
- Within the next 3 years, we will see a growth of over 50 billion connected devices (the Internet of Everything).
- 73% of companies of already invested in big data (or committed to invest) by this year
So we can agree that the real question is not if Big Data is or isn’t a big enough trend to impact your business. The question is whether your company is ready for it, or it’s not.
In fact, in the next five years we will see smaller to bigger business making use of some sort of analytics dashboards to run their companies,
And it is clear that the direction we are heading will give us new ways to harness the value of data. In a way and with a scale that was not available to us with smaller amounts. (and that is basically the core definition of “Big Data”)
Application of Big Data in today’s companies
But what is already happening? How Big Data Analytics is changing your work?
There are different ways in which Big Data is already having an impact on business processes:
At the core, analytics dashboards gives us the ability to go in-depth with sources of data and emerging trends, thus helping us to faster and better decision making. This is what already happens with Web Analytics dashboards such as analytics, but thanks to modern applications of big data, the quantity and the diversity of data has a much broader scale (and value). Think about all the connected objects that will generate data about themselves and the people who are using them, or think about all the content that is generated every second on the main social media platforms, and merging them with the behavioral data coming from how people are interacting with your online touchpoints.
But the data is not only used to measure results on what we are already doing: it can also help us decide where we stand regarding the upcoming future.
For example, thanks to cloud-based analytics connected to software or hardware platforms, organizations can identify areas of improvements and reduce cost as a result. Also, thanks to detailed insights on customers, companies can better study their needs and accelerate the innovation process. This means both bringing new product and services to the market, both improving customer success thus raising retention rates.
In general the ability to “capture” the customer needs based on a continuous stream of data is a goldmine for marketing and sales. This means that big data can help both teams access to untapped opportunities, concerning general market trends, but also product-specific insights. This ultimately leads to a predictable and steady stream of revenue, leading to the business growth.
Big Data + AI = Competitive Edge
And speaking of synergy with other popular trends, Big Data has a strict connection to Artificial Intelligence. RIght now, the main method to train AI is the use of many forms of Machine Learning. This means that the precision of the AI as a result is dependant on the data sets that “trains” the algorythm through machine learning. So with bigger, better, more diverse datasets, we can also have better AI features and products to help us take business decisions, leading to unprecedented competitive advantages.
As the EY report on Big Data states: “the idea of data generating business value is not new, however, the effective use of data is becoming the basis of competition.”
No matter how big is your company: when done right, Big Data Analytics through Social Media Monitoring is an activity that pays for itself by letting you calculate clear ROI for each action, bringing immediate results. Here’s a FREE set of success stories that will inspire your next strategies.
You’ll find a brief selection of case studies, and for each, a list of takeaways. Each takeaway is an actionable tip that you can apply, starting today, to the way you do marketing on social media.