Each organizations these days is after collecting data about its customers. But very few use this data to optimum use.
Most of the organizations are clueless about the huge chunk of data that is available with them. Many companies expect the data to answer their questions. But they forget that data doesn't answer on its own. It is the analytics which help the companies give meaning to the data and provide solutions to the queries. So it is important to know the questions one has to answer before collecting the data and analyzing the same. So what are the big 3 questions before you take up the collection and analytics process in hand:
The best characteristic of data is that it is neutral and it won’t lie. It provides you certain facts, certain realities which you may not be aware of about your business. It can provide insights on each and every working aspect of your company. It is necessary on your part to use this to the fullest in order to device profitability by using certain strategies.
There are myths floating around this powerful technique. One needs to get a complete understanding of the capabilities and the deliverance of this technique and then decide how it will be helpful for the business.
Let us take a look at how different industries use data in order to gain useful insights.
Eg. Shopping malls collecting the data about temperature and humidity wrt the shopping pattern of the customers. Another example is the automobile industry keeping an eye on the social media in order to counter any after-sales service issues.
Big data helps you to organize your data. It helps you to store data at a central location. The flexibility helps you to add column/dimensions to the data. It helps you to dig out insights which were not evident earlier. Your strategy and future decision making can be dependent on the useful insights. Eg a FMCG company discovers that sampling helps to gain more user-base. T hey can cut the advertising cost on various expensive media, focus on digital and shift the resources to the sampling process.
You need to understand these aspects initially before you go ahead with a analytics partner who helps you in providing these services. A clear objective and a need analysis ensure that the resources are put to good use and better results.