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Is Your Data Being Maximized?

Samantha Frida

Data generation is all the rage these days. But are you utilizing it to maximize your outcomes?

You know that data is indispensable for your business to keep up and outpace the competition. And most leading corporations agree, since statistically, the speed that companies are producing and collecting data is only increasing with 40 zettabytes expected to be created by 2020.

The majority of these organizations are then tossing all of this data into data lakes without any real structured methods of extracting some value from it. However, if you don’t have a clear big data strategy, these data lakes will inevitably wind up to just be large storage receptacles that don’t provide much to further your bottom line.

This is the challenge.

The capacity to extricate high value from this data will set you apart from your opponents. It will enable you to perform analytics on bulky sets of data, which will result in the ability to see patterns and trends, while evaluating new connections between data sets and unearthing new centers of income.

You also get the opportunity to get to know all your customers, genuinely and immediately. Before big data, we used old methods to discover information about our target markets. Remember focus groups and printed questionnaires? The communication was obsolete by the time we gathered it. With big data, we have accelerated the process inextricably. Now, we are able to chart the DNA of customers from head to toe. Understanding your customer thoroughly is crucial to marketing to them the way they feel comfortable with so they take action.

So once you have the data, how do you obtain the most value from it? CIOs will emphasize the need to completely reshape the architectures and applications of your big data. Corporate management will be a bit befuddled at the thought of change and will want to know the specific effects. What you need is a plan that encompasses all these intricacies to help everyone stay on the same page, so to speak, as well as assist you in getting started. And this strategy will be customized to your industry, company, and goals.

For instance, retailers have maximized big data to pool social media data, RFID sensor data, and GPS positioning to assess location, product choice, and personal profiles to consequently provide geo-specific product campaigns to mobile devices. Another example is using data extracting methods to calculate the purchasing habits of groups of customers who are experiencing certain personal life changes such as marriage, becoming parents, or divorce. Even further is the tactic to listen and monitor conversations across social channels. Analyzed and utilized properly, a corporation can expand its understanding of its overall business while increasing customer satisfaction and offering faster responsiveness just by evaluating engagement on Facebook, Twitter, and other social giants. Of course, when every company has a distinct plan, the possible uses will differ. The key is that data mining with a definitive strategy has the potential to benefit your company, no matter what your industry or where you are located in the world. Having a plan will deliver true insights that can be used in real-time decision-making as well as to increase your revenue.

Data generation is an essential way to provide organizations the potential for growth. But it’s the strategy that will really make a difference to your company. In nearly all circumstances, the data sets are too hefty, too complex, and change too fast for the customary computing environment. The tools and expertise are available—but you must be willing to invest some money and time to fully develop and execute a solution. Is it worth it?  That’s up to you. As other enterprises search for new ways to innovate and utilize their data, they will outperform the opposition and garner successful results. The companies that don’t will continue along the path of the status quo.

I welcome you to reach out to me and connect via LinkedIn OR email me at sam@dataprovider.com to walk you through the universe of global web data indexed and explore the value for your Corporate needs.

By Samantha Frida, Data Geek
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Related topics: Data Center
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