Are you thinking of expanding into a new area? Let the data tell you if it is the right move or you need to focus on other points. Are you considering a pricing increase? Play with the data to see the cost/benefit of potentially fewer customers but higher limits. Data allows scope for broad A/B testing and experiments.
Big data is about building new analytic applications based on new data categories. It helps in serving the customers and driving a better competitive advantage.
Big data consists of 5Vs- the exponential growth of data-velocity, variety, volume, virility and value.In other words, just like before but vastly larger, faster, more varied, more viral and massively valuable.
The global adoption of smartphones and tablets is why Big data companies like Google can now go way beyond data that can be inferred easily and thereby become much quicker.
All big data is not alike, so Hortonwork has subdivided these bits into five distinct data categories: social media; server logs; Web clickstream; machine, and geolocation.
Ways to Use Big Data:
1. Using filters to separate important messages from background noise: Dell gets more than 25,000 mentions every day on social media channels in 11 different languages. It can automatically filter for the messages that matter: the ones from influential Twitter users with thousands of followers, the stories posted on concerned tech blogs, the urgent customer requests that could go viral if left unaddressed, with the help of social media analytics tools.
2. Tracking changes in message volume: Changes in message volume on digital media point out the important things; either good or bad. Alerts can be set up to monitor mentions of a company’s name and other keywords and issue warning emails when any unusual spikes in activity occur so that businesses can go ahead of P.R. mishaps and address concerns.
3. Incorporating tools that automatically track sentiment: Social analytics software that automatically scans the text of thousands of messages to reveal a share of positive, negative and, neutral sentiment can give companies a real-time window into how consumers feel about their product, brand or, competitors. Brands can see how opinion progresses in response to events inside and outside the company and shift strategy accordingly.
4. Choosing software that filters out irrelevant reports: Analytics offers a solution. Current tools contain refined reporting functions capable of filtering out boardroom-ready charts tracking changes in brands’ overall visibility and sentiment while comparing growth against competitors. Equipped with these visual services, marketing and community teams can show stats-minded professionals that digital media makes sense for businesses.
Final Words:
For businesses looking for ways to rely on Big data to make better decisions:
Data can inform decisions. While business managers require instinct and knowledge, data should be a constant driver for action. Departments within the company should measure everything. If businesses can’t calculate something, it can be done by surveys. Companies can devote time to the important metrics, especially the ones that relate to income and customer satisfaction. Data should see the light of day. Transparency is king. It not only drives accountability but also grows innovation and creative thinking.
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