Right type of data
There is so much data available online and offline, but if the data is not put to use then it is not the right type of data for you. Identifying the right type of data is necessary, and even more important is to drive insights and predictive analytics from it to add value to any business.
Identifying data sources
In a company, small or big, every department can contribute useful information to help business grow, mitigate problems, and create value. Social media sites provide insights on customer ratings, reviews, and positive or negative tone. Some websites give prices, product range, categories, stock availability related information. All these sources put together, both primary and secondary data, is of great purpose to optimise customer pricing, product innovation, packaging and enhance customer experience.
Research and Development
It’s time every company should consider investing into research and development. There is cut throat competition everywhere and only survival of fittest prevails. Keeping our eyes open to things around us, realising our strengths and weaknesses and working on them, innovating solutions that customers can only dream of having, and the putting best foot forward when it comes to persona building and promoting brands differently are few things that will give the inclination you want to see on your bar graph. All these facets are data driven. Data collection, integration, analytics and insights will only help surpass difficult roads ahead.
Automate data collection
Stressing over data is not good. Automate data collection to get an accurate and quick view of the competitor, online trends and customer behavior. Get to know who’s who in your industry from locations across millions of zip codes. Prepare master sheets of properties, products, services, people that matter to your business. Creating databases has never been easy, but now with tools and services large volumes of data can be easily mapped, gathered and arranged in useful formats for meeting various business goals. Think about it as sending 100 promotional emails manually v/s using email automation tool doing the same job.
It is important to understand big data from multiple angles – collection, storage, processing and analytics. Every company has unique requirements, and it may not need big data solutions right on the onset, but looking beyond a company and data from various sources can certainly help a company add value and grab more market share. Some businesses are data driven, like aggregator sites or vertical search engines monetising on data mainly. Say, property listing sites or one stop solution for all pet related needs to name a few. Such businesses rely on data mining services majorly. Understanding the need for data, managing data and its proper utilisation is something new on the block.