Analyzing collected information can uncover nuances about your target market that can be hard to catch with human intuition alone. For example, you can discover correlations between events and an uptick in market activity through data evaluations.
This method can also work with substantially larger sets of complex information, also known as big data. With new technology, brands can benefit from big data analytics to improve business operations. This information can give you a competitive advantage over others in the same industry and market.
Why Is It Called Big Data?
To understand the difference between big and small data, you need to know the “three Vs”: volume, variety, and velocity.
Volume refers to the amount of data you have to process and evaluate. A single person could compile a quick sheet of small data information. Big data cases can take entire teams to complete predictive analytics on a single topic.
Variety means the types of information available, from numerical to audio or video details. Small data usually comes in a single form, like a Microsoft Excel sheet. Big data comes in various and sometimes non-traditional formats, which take more work to analyze and detail.
Velocity refers to how quickly someone can obtain and evaluate the information received. With current technology, we can process small data in often real-time speed and accuracy. Big data usually contains massive chunks of information that can take much longer to understand.
How Big Data Boosts Business
You can use big data analytics to improve business operations by gathering and utilizing large amounts of information. For example, modern school districts use big data for daily processes like:
- Keeping student health records
- Increasing data privacy and security
- Predicting possible student career paths
- Customizing learning programs per student
- Adjusting grading systems for better improvement-monitoring methods
By using technology that helps them categorize this information, school systems can utilize big data to do these things. Likewise, businesses can do the same to discover market preferences, improve customer experience, and build customer loyalty.
For example, you can evaluate the success of several marketing campaigns by collecting big data. Customer reviews can indicate how audiences receive the marketing attempts, studying video click rates can indicate upcoming interests, and more. Then, you can use this information to make resourceful business decisions that increase income.
Don’t Get Lost in the Numbers
As with any tool, you should be careful with how you use big data to ensure it properly benefits you. A large amount of data doesn’t do much if the data coming in is poor quality. You also need experts who can utilize the data you receive.
However, this warning doesn’t mean you shouldn’t try to use this tool. For example, predictive measures from big data occur anywhere you see a “For You” or “Recommended” page. YouTube, Spotify, and many other companies have been able to use big data analytics to improve business operations.
With dutiful management and budgeting, you can start gathering big data to improve your brand.