Harnessing the True Power of Big Data for Your Business

August 28, 2018 By Manchun Kumar

Harnessing the true power of big data for your business is not always easy but needs a right technique and effective approach. So, hire a team of big data professionals and create a playbook for your next big data assignment is the optimum solutions that help you in achieving the business objectives with best implementable derivatives.

Consider the example of NBA coaches how they are harnessing the actual power of data that further lead them to the victory. Your business should collect and analyze data in the same way so that it can be used further to market your products or services effectively. But when you had a plenty of sources to collect the data and analyze them from different data points, this could be a more challenging task for you to begin.

Here are the possible number of questions you should ask yourself when harnessing the power of big data for your business.

● What should be the data type that you are interested in recording?
● What are the best possible ways to measure or analyze the data?
● How can the effective data analysis help you to create a more robust bottom line?

Below we have given the answers for each of the questions with effective solutions. Let us discuss on each of the facts one by one in detail.

Start With a Team of Big Data Experts

Marketers should always start with a team of big data experts, analytics experts, consumers, brand managers, category experts that could help you in designing an effective business solution and taking you ahead of the competition. Ideally, there are three types of experts available inside a team.

● There are Data Jockeys who will line up, prepare, and manipulate the big data sets for an effective analysis and output.
● There are Data Scientists who have the capability to understand the modern methods of analytics and building robust data models too.
● There are Business Consultants that would relate the Company questions and goals with right analytics methods.

Generating a Playbook for the Project

When you work together, your team should always start with a Playbook for analytic projects, operational tracking or usage applications etc.

Ad-hoc analytics projects

If we are taking the example of ad-hoc analytical projects then you should define the business problem first and make sure that data is analysed properly in all possible aspects. Also, don’t forget to check the data source and its accuracy too. This all facts are necessary to analyze before you start the application.

There are only a limited number of people in a marketing team who are taking the business problem seriously and trying to find out the best solution too. For the rest of the team, you could set the goals and they need to work accordingly. Further, marketing executives should have a more understanding of the data storage and they need to highlight the potential pitfalls that could affect the productivity of the entire business.

Operational and usage applications

In case of operational and usage apps too, marketing executives should have a clear idea of data or subject matter experts also play an important role here because they had a deep understanding of data across all domains. It becomes even more important understanding operational process when you had to take major Company decisions.

Here, you need to give the easy to understand data summaries and visualize them thoroughly to make the right decisions. Low-level marketers can work on specific areas only they are assigned to and start working accordingly. This is true that an in-depth understanding of the data had a potential impact on the major areas of operations.

Instead of understanding which type of ad-hoc or operational project you are working on, your marketing team should always focus on the following points-

1). Set Clear Goals

If your business is lined up with an important question then finding its answer would lead to greater profit and revenues. It would also help in brand recognition and investments could be made more justified. Getting the things right is vital for the business success and goal settings include the following –

● You should analyze data to find out right target audiences that could help in accelerating the business growth.
● Consider the feedback from customers and improve the products or services accordingly.
● Analyse the profiles of purchases deeply and see what they like in your products and try to make them even better like never before.

2). Track or analyze the right data

This is necessary that data should be collected or tracked from reliable sources only to build a trusted data model. According to a plenty of big data experts, the biggest challenge is capturing the right data online. The number of views for your videos, email clicks, and web visits don’t signify that you are successful. Here, the job of big data experts is to capture the reliable sources only and create engaging contents from the same.

● The effective data analysis will increase the number of customers and stand you ahead of the competition as well.
● Further, data tracking helps you to capture the right target markets based on consumer analysis on social media sites. Your brand recognition also helps you in standing ahead of the crowd.
● With advanced analysis and attributes, you could always bring more visitors to your website and it leads to effective conversions too.
● Search engines will help people in understanding your brand positively and helps in best content management too. So, always make your website SEO-friendly and create effective contents too.

3). Choose the best analytics Techniques

Once you have collected data from multiple sources then always choose the best analytics techniques to get your work done. You could use statistical techniques, machine-learning algorithms that are highly relevant to your business and helps in deriving big data insights too. It will generate more operational values. There are a plenty of analytical techniques that you could for your project for better outputs.

Final Words:
This is clear that big data analysts can always deliver an effective and easy to understand visualizations with proper data collection, tracking, and popular analytical techniques. They will tell you how to make your marketing investments more fruitful and implementable directives too. With these popular marketing ideas, you could take your Company on heights quickly like never before.

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