This guide will demonstrate how to use the data stored in your business to aid strategic decision making.
What is Big Data?
‘Big Data is the extremely large data sets that may be analysed computationally to reveal patterns, trends and associations.’
It’s not the amount of data that’s important, it’s what organisations do with the data that matters. The insights gained through analysing large volumes of data can be game-changing, especially when those insights are applied to the strategic planning process.
Big Data may sound like a daunting and frankly irrelevant concept. It is often seen by some small and medium enterprises (SMEs) as the preserve of corporate giants who use their massive computing power to analyse huge volumes of complex information to guide their every move. In simple terms, however, it simply involves extracting relevant business data and analysing it to gain actionable insights that make you more money.
Today’s data tools now make it easier than ever before to extract and interrogate your data in a very cost-effective, easy to manage fashion. This makes Big Data a powerful force for all business managers. Whilst many businesses are still failing to embrace the power of Big Data, those that do are gaining a competitive advantage.
Big Data Analytics
Every day your software system discreetly records every keystroke, transaction and sale line. Many businesses fail to treat this as a massive, untapped asset. If you know how to extract and interrogate this data, the benefits are significant.
In this guide we cover how analysing Big Data can help your business with:
- Faster better decision making
- Cost reduction
- Process improvements
- Enhanced customer analysis
- Better management of your sales funnel
In the guide we also discuss how to prepare your data, how to implement a plan of action and how to ensure that your selected analytic tools and your business intelligence model is user friendly.
The Future of Big Data
Moving forward, Big Data will become an integral part of almost every industry. Applications that are essential to managing data are only going to become more accessible, affordable and user-friendly. It is certainly going to be easier for firms of all sizes to tap into Big Data and achieve greater results. Nevertheless, those that start to embrace Big Data and their respective analytic tools now will benefit most in the future.
Download your copy of the guide and start to see how the power of Big Data can benefit your business today.