How are you using your company’s data?
Big data is completely changing the game for businesses around the world. Companies now have access to more data than ever before, through social media, web analytics, email, and much more.
Did you know that this year alone, we’ll produce approximately 33 zettabytes of data. To put this in perspective, it’s estimated that all of the human languages ever spoken equal around 42 zettabytes.
The most forward-thinking businesses are already utilising this data. Consider Amazon, which is expected to make approximately $10 billion just from AWS this year. And GE’s gas turbines now come with sensors, producing up to 500GB every day. If GE can use this information for a 1% increase in efficiency, the company will save $3 billion.
But what does this mean for your business? Increasing spending on collecting and analysing big data may be one of the best ways to move the needle over the next few years. Consider the fact that 29% of businesses agree that big data has helped them create new revenue. Not to mention that 36% are either investing, or planning to invest more in big data. This is one bandwagon that you’ll want to jump on pretty quick.
Big data can help you see where you can optimize your supply chain and improve your manufacturing efficiency. When you begin using big data, you can analyse it to see trends and gaps, making continual improvements.
One example? Industrial and manufacturing companies. These types of businesses can make tools, vehicles, and machines “smart”, which allows them to be data-enabled, connected, and continually reporting their statuses. Once you analyze that data, you can get real-time visibility into your business and operations.
You can also use insights from your customers to see where they’re falling out of the sales funnel, where you can use upselling, and how you can encourage them to buy again.
You’ll also be better able to understand exactly what makes your customers tick. You’ll be able to see where they live, how they shop, what they’ll purchase next, and why they recommend a company to friends and family. You can also better engage and interact with customers by using data based on customer feedback. This includes public data like census data and in-house data like customer service logs, sales data, text analytics, browser logs, and social media.
Not to mention, the more insights you have about your products, the more innovative you can be as you spot holes in the market. You’ll be able to monetize your data by either selling data to third parties or customers, or providing added products or services to your current customers.
Want to learn more about how you can channel your company’s data? Check out the ELN module here: www.idbs.com/discover-e-workbook/eln/
Have you begun making the most out of big data? Are you planning to embrace big data in 2018? Leave a comment below and let me know your thoughts.