3 Strategies for Businesses to Create Value with Big Data
Performance ManagementHere, you need to understand the data, specifically transactional data, which is available in your database. You will need to run some queries, and multidimensional analysis, in order to understand the data that is available. These queries, and the answers that are obtained thereby, will help you understand the situation, and help you come up with ideal decisions to manage the situation. Let’s say you are a retail business, and you need to identify the customer segments that prove to be profitable for your business. The answer will help you identify your short term and long term business decisions. The business intelligence tools used to run these queries and conduct the related analysis, come with dashboard capability, which also helps generate multiple reports. The report developers interact with the data made available from various departments and segments of the business like HR, CRM etc. The business intelligence tools have integrated the different segments of the business to make data availability easy and convenient.
Exploring the DataIf you are a business planning to market your product/service to the target audience, how will you identify the target audience? There is data available, but analyzing that heavy size of data will not be possible by a single individual or team. This is where big data strategy can help you improve the marketing ability of your business. Data exploration is an ideal big data strategy that will help improve your targeting abilities. This strategy uses a large amount of statistics to explore the data, and identify answers to the questions, which most marketers tend to ignore. Predictive modeling analytics help predict user behavior while cluster analysis help identify the customer segments that have similar attributes. This strategy also helps identify the cluster or customer group that you can avoid targeting. Data mining techniques are a part of this strategy which helps retailers identify buying behavior exhibited by the buyer. Fast and direct results are obtained as a result of the statistical analysis. Organizations are looking at more effective and automated techniques to mine the data, and gather relevant results.
Social AnalyticsThere is a whole load of non-transactional data available on the internet, specifically on the social media channels. This data needs to be analyzed to understand the consumer, and their habits. The data based on the conversations can be segregated into three major categories: awareness, engagement and reach. Mentions of the social content can be segregated as awareness, while interaction and two-way communication forms engagement. The extent to which the content has floated across the social media channels defines the reach of the content. These social metrics are essential as they help identify the success of social campaigns. Digital footprints on the social media can be identified and measured now, with the relevant tools. This data is huge, and the relevance and need should be measured before analyzing it. Semaphore Software offers big data solutions that meet your business goals, and immediate decision making needs. If you have a requirement regarding big data analysis, and metrics, get in touch with us via email@example.com
About Deepa Ranganathan
Deepa is a technical content writer at Silver Touch Technologies. She loves researching and exploring new cutting edge technologies in depth and detail. With a sound technical knowledge and a deep love for writing, she offers well researched and informative content for a wide range of readers.