Big Data. Its a word thats being thrown a lot lately, but what is it? Essentially it is taking large amounts of data and analysing it to provide usable insights to make better business decisions. So how can big data provide value towards your business.
- Big data can provide insights into your customer behaviour. But collecting data on how customers use your services you can help improve your customers experience with your product or service. “For example, if you have a e-commerce website selling T-shirts. You notice than new customers tend to read the instruction on the purchase page whilst reoccurring customers skip over this page. You could implement a solution that when existing customers login it skips the instruction page unless explicitly asked for.
- Performance optimisation of businesses. Business can collect data on projects and processes undertaken and use big data to look for inefficiency in these processes as well as uncover potential business opportunities. Many multinational companies requires some of the company managers to travel overseas to meet up at the world headquarters or meet up with clients overseas, as a result a large travel bill is racked up for accommodation, travel and other expenses. Big Data can help businesses optimise these trips to effectively reduce cost. For example timing trips in advance on non-holiday periods to drastically reduce airfare costs or locating accommodation in the outer city areas to avoid high accommodation cost as well as other high expenses.
The potential uses for big data is almost limitless. As big data solutions get cheaper and the technology slowly becomes