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- Big Data: 3 tips for maximizing profit
Big Data: 3 tips for maximizing profit
17 Jan 2020
The exploitation of Big Data opens doors onto the consumer world. More than ever before, it’s possible to paint a clear and concise picture of each individual consumer in order to better target their needs. Whether you’re the head of a booming business or a smaller start-up, data-collection technologies are more advanced and accessible than you might think. Here are our top tips on how to use Big Data to benefit your business.
What is Big Data?Just like its name implies, Big Data (or mega-data) is an expression used to describe a volume of data, structured or unstructured, that is so huge it becomes difficult to process it using traditional processing techniques. Essentially, it’s all the data produced every second by every online user. Worldwide, approximately 2.5 quintillion bytes of data are created daily, and that number is increasing steadily.
Information collection: an undeniable crazeMega-data is a considerable asset for companies of any size the whole world over. According to a new study conducted by NOVIPRO and Leger on the challenges associated with information technology, 75% of Canada’s decision makers plan on using data to perform predictive analyses.2 What this means is that ¾ of Canadian companies plan on profiting from Big Data to improve their business strategies. The advantages of data collection are endless. The only problem? It’s easy to lose yourself in the sea of available information. Collecting data is not enough—you need to be able to compile and transform it. Here are 3 key tips on how to collect information the right way:
1- Set an objectiveWant to gain visibility? Attract new customers? Increase customer loyalty? The data available to you is just so massive and unorganized that without a precise objective in mind, it can be easy to lose yourself in the mass.
2- Surround yourself with industry expertsOnce you’ve established your main objectives, make sure to surround yourself with partners that are equipped with the best tools for the job. The goal is to come up with a solution that aligns with the needs of your company. Need mobile data for geolocation purposes? A partner specialized in GPS localization would be a wise choice!
3- Know how to measure your investmentOnce your strategy is in place, it’s important to calculate your benefits. Did the money you invest in strategic data collection allow you to make a bigger profit? Depending on your initial objective, the return on your investment can be based on different metrics: recurring sales, traffic, average value per order, etc. Basically, you need to ask yourself if the investment is worth the results. According to a study published by McKinsey, companies obtain an average of 131% ROI, compared to their competitors, when their directors and managers have access to adequate Big Data analysis.
Examples of how to use Big Data in your businessHere are a few concrete examples of how you can apply Big Data strategies to your business: A big-box retailer could track consumers’ movements in-store to figure out how to strategically display its merchandise and special offers. An ideal partner in this situation would use business-grade Wi-Fi technology to capture precise data, such as consumer demographic, number of visits per customer, time spent looking at certain items, etc. A restaurant owner might want to identify the exact conversion rate of people who pass and enter their establishment, with the goal of adopting a more attention-grabbing signage out front. They might also use the tools offered by business-grade Wi-Fi. This technology anonymously collects data on every individual who passes in front of the owner’s place of business and reveals information such as the number of customers, time spent inside or at a table, frequency of visits, etc. Managers of a renovation company might want to anticipate the needs of their customers in order to better manage their inventory. Who buys what, and when? A Machine Learning platform could analyze a subject’s available data and decipher the search trends for each season. This technology would help business managers make more informed decisions when it comes to inventory by providing predictions on consumer needs and market trends. When you’re bombarded with so much data, the biggest challenge for business managers can be figuring out how to process and get the most out of it without getting lost in the sea of information. The moral of this story? Be sure to have a clear strategy in mind, surround yourself with competent partners, question, test, and analyze. And before you know it, Big Data will become your best ally and will help you and your business reach new heights.
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