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For every business, it is of vital importance to reach their customers with products and services to meet their needs.
For this reason, over years multiple marketing strategies have been implemented to improve engagement with their audience. This has been possible thanks to the work and ingenuity of the Technical Officer who can study a Professional Master’s Degree MBA in IT Management (CTO, Chief Technical Officer). They can create a system that helps businesses: Big Data.
But what is Big Data about? In this article, you will find below how you can use it for your benefit. Keep reading!
What is Big Data?
Its definition is not particularly deep as it is a data set that is stored in large quantities for analysis, and as it is quite large and complex, conventional data processing software applications are not able to process it. It has a combination of data that vary according to the type of data:
- Structured data: These are processed and sorted by data mining tools and displayed in rows and columns, such as the system used in Excel, spreadsheets, and even satisfaction surveys. The most common data to store in this type of data are dates, rates, or currency.
- Unstructured data: This type of model stores information in a non-structural form such as documents like pdf files, data from social networks like Facebook or Instagram, or image files. Since it is not a traditional database, it cannot be stored in a standard way, so methods such as Machine Learning or Artificial Intelligence are used.
- Semi-structured data: They are constantly evolving as their parameters change, for this reason, they do not have a defined schema, but are organised by employing labels or “tags” that allow them to be grouped and hierarchies to be established. Examples are emails, HTML language, XLS FILE, and JSON text format.
The V’s of Big Data
In Big Data you will find some characteristics that are presented as listed:
- Volume: This refers to a large amount of data it stores and manages. These are stored in the database, as they are processed for decision-making as well as for other purposes.
- Variety: There are different data which are collected and registered in types, forms and sources. These work together with semi-structured data and unstructured data as we can find emails, videos, image files, text documents or social media data.
- Variability: It is the constant change that information undergoes, which is why it focuses on the correct interpretation of information.
- Velocity: The speed in real-time at which data is created, stored and processed.
- Veracity: To ensure the trustworthiness of the data is crucial, thus Big Data applies this method to obtain useful information that does not affect the process.
- Visualization: Once the data is processed, it is presented in a way that makes it both readable and accessible, so that you can find patterns in the data to be analysed. There are tools to help you understand them.
- Value: Finally, when the above characteristics have been completed, the information that represents a utility is extracted, transforming it into knowledge and actions. The result will be key to the optimal management of our business.
Why should you start collecting data?
Collecting data goes beyond that, obtaining this compiled information you can start by analysing and utilising it, in case you haven’t noticed, this could be the key to success for your business.
First of all, thanks to this application, the daily data collection it provides allows for almost instant feedback.
Furthermore, the data you acquire from your customers can guide you to social media marketing campaigns, and thus, increase engagement with your audience, as well as improve brand value. On the other hand, you could reach other people with similar interests to your prospects, either by voice-to-voice or SEO strategies, in addition to positioning in these same networks.
Keeping up to date with the current market is a priority, but although trends are always fluctuating, Big Data will help you spot them and use them to your advantage.
When you are the leader of a group, you know that decision-making is often a crucial point for any company, that is why implementing Big Data will help you to see the root causes of failures, challenges, problems, and obstacles, which will save you time and money, as well as generate value in business decisions.
One point to highlight is the offering of products and services that respond to the specific needs of potential customers. This is essential for sales and loyalty, and by analysing their data, one can create tailor-made products and services to satisfy them.
Finally, you have the opportunity to keep track of the competition. Big data and data services provide a better understanding of the competition to anticipate their moves.
In conclusion, in your business, there will be several areas that can be applied to Big Data as a strategy to enhance them, hence take advantage of its usefulness as a business to lead your company on the path of growth. Use the data that your customers provide you with! Consider hiring a Big Data specialist, this professional could open many possibilities for growth, or expanding your knowledge in this field.