December 10, 2014
Why Big Data is important to modern business
Data is becoming a vital asset for modern businesses across most sectors in the UK, with facts, figures and statistics a crucial factor in deciding production, profit and overall success. Being able to pool this data in one place – Big Data – makes it easy and simple to track your progress in the business world, much like the dacadoo health platform does for your health.
Being able to collate information in one place can improve a number of areas of modern business, which can make your company more competitive with its rival, regardless of what sector you are in.
Find out more about your audience
Big Data can make it easy for companies of all sizes to discover more about their potential audience, such as what stage of the buying cycle they are in. This can influence and advance practically every single area of business. All firms know that being able to identify the people who are going to use your service or buy your products is key to increasing your profit margins and beating your competitors. Big Data gives you access to all the facts and figures that can determine who exactly you are directing your marketing resources to.
Guide new potential strategies
Having statistics can help guide any new strategies that you embark upon as a firm. They can inform resourcing decisions in the right areas, reducing the amount of waste and losses your company makes each financial year. For example, basic data could involve what months during the year you were busiest in terms of sales. This can help guide your marketing materials, meaning you can focus strategy on new customers during the low months, and target loyal consumers in the periods where you know you perform well.
Evaluate progress
Big Data can give you the tools to see what strategies are being most successful in terms of sales or increasing brand awareness among potential new consumers. This can mean that you can evaluate which marketing materials or resources have been most effective with customers, and which may need scrapping next year. This can be extremely useful for modern businesses that are always trying to reduce the amount of wasted money, and boost profits.
Encourages investment
Once you have evaluated which campaigns have enjoyed the most success, you have the figures necessary to guide future investment. This can encourage and provide the evidence your investors need to make a commitment in the direction you want.
Promotes transparency and accessibility
Having access to Big Data encourages more transparency throughout the business. By having figures in one accessible place, you can publish the data to employees. This can be directed as praise at the end of a positive month or quarter, or provide evidence as to why you need new ideas or resources during this period. This can help motivate workers in your business, and makes them stay in the loop in terms of your company’s aims and goals.
