Big data has become a buzz word in the industry and the opportunities to use Big Data for brands is massive, however the key is figuring out how to get value from it.
This infographic from data management company Alteryx was created from research conducted by the Economist Intelligence Unit. It lays out some of the key areas where big data analytics can be applied to allow companies to gain true value from it.
The bottom line? It’s not how much data you have it’s what you do with it.
- It’s no good your data only sitting with data scientists and analysts. Relevant data in an easy to consumer format should be accessible by all people in the company. Sharing more data across the company leads to more efficient and effective decision making.
- The immediate opportunities for big data are
- Make better management and strategic decisions
- Identify opportunities that you weren’t aware of quicker and exploit them faster
- Brand wars are being won not by the best product or the best price, but the best ongoing relationship with consumers. Using big data gives a massive competitive advantage in understanding customers and meeting there needs.
- Big data should consider much wider sources of data.