Data-driven decisions to boost your business value

The advent of data science has made us capable of revolutionizing the businessservices market. The popular concept is, however, faced with very low understanding. The most misfortunate of interpretations is the one concerned with the suitability of data science for various businesses.

This may be because ‘Big data’, the phrase in buzz, is quite misleading. It does not require you to be an established firm generating huge amounts of data to be able to incorporate data science. Even smaller companies and start-ups generate enough information to get useful insights. The sector you work for is not a restriction either. Nevertheless, to attain the required boost in your business value, it is essential to know what kind of information can drive your decisions.  

The context of ‘Big Data’

What mankind usually talks about is the availability of technology for easy access to information. But what is undermined is the increasing rate at which the amount of information itself is growing.  In the present scenario, data is not regarded as useless post the achievement of the purpose for which it was collected. It, in fact, has great economic value even after that. The consolidation of all structured and unstructured information from the various processes of a business is what is referred to as Big data. This may be from

•         Market analysis using the available databases (of companies and the government)
•         Analysis of routine procedures in the business to automate them
•         Scouting for staff and clients
•         Customer feedback

The segment of your business it can help

To realize the importance of incorporating data analytics into your decision-making process, it is essential to look back at the developments in the market over the past few years. Artificial intelligence is increasingly gaining a better knowledge of the world and software industry has disrupted a number of traditional business models. But global market research reports also reflect a number of interesting and promising opportunities that modernization of the world has created.

It is, thus, a wise choice to spend on business analysts. They are a crucial aid to your business because the data they bring will serve not one but all your business segments.

·       Marketing research

With the right minds and tools, big data can be used to visualize trends and patterns in the industry.  A data-driven predictive analysis can help you make well-informed decisions. Data mining techniques for companies that hold a large amount of consumer data can also be utilized for consumer segmentation. Big data is also an integral part of risk managing strategies.

·       Setting business goals and formulating strategies

Once what big data means to you is strategically defined, you can leverage the information to map practical business goals. These may be in terms of growth of the company, an increased market share or an expansion of clientele.

·       Re-developing your product

Big data can also be translated to customer intelligence. Constant feedback and information about their activities can provide actionable insights. You can modify your product or service according to the contemporary needs.

·       Creating new revenue streams

Data monetization is a compelling new business opportunity. Selling non-personalized trend data to other companies functioning in your vertical might be able to generate a good amount of revenue for you.

If used efficiently, big data can prove to be of great value to any firm. It is important to exploit the available technologies to reap these benefits.