How Businesses Can Leverage Big Data

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Big data is here to stay, and it’s getting bigger and more diverse. For example, big data isn’t just about demographics or transactional data; it’s also about purchasing behaviors, location data, user-generated content on social media sites, and more. All of this information can be captured and analyzed using enterprise BI tools. However, big data on its own won’t do anything for you. You need to learn how to use big data to your advantage. Below are a few ways to do just that.

Use Big Data to Solve Actual Problems

What if you could find patterns or identify common characteristics shared by a certain population? Clues gleaned from big data could be used to identify people at risk for certain health conditions or identify potential customers for a given product type based on shared characteristics. Human resources managers could identify potential talent pools while city planners might use big data to identify the best locations for transit centers. Rather than aimlessly exploring big data, think about the problem you want to solve and how big data might help you gain a deeper understanding of that problem. From there, you can drill down, generate data visualizations, and start identifying patterns and trends.

At the same time, keep an open mind and examine data in various views. Data visualization tools often provide “aha” moments that would not have been obvious had you merely looked at columns of numbers.

Share Data Internally

Investing in big data and business intelligence tools on its own won’t do it. According to an article posted on Insead.edu, How Can You Leverage Big Data, “Those who do not share or optimize the use of data find themselves laggards in innovation performance, client intimacy, and operational performance.”

In order to get the most value out of your investment, your entire team needs access to it. This doesn’t mean that everyone gets the same level of access. Invest in a business intelligence solution that allows for various user levels. Many solutions integrate with popular social business applications, allowing for even more collaboration and engagement.

Sources:

1. Insead.com, “How You Can Leverage Big Data,”http://knowledge.insead.edu/operations-management/how-can-you-leverage-big-data-3248

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