A decade back, companies have been engaging in collecting
data from daily transactions and storing them in databases. The prime aim was
to keep track of records or make some necessary forecasts. However, with the
internet revolution, the amounts of data and its sources have risen to a
drastic level. For instance, Weblogs are available to collect history of
individual customer interactions. Similarly, marketing people constantly gather
information about what people of their endorsed brands. Though it sounds
conceptually easy, an entire array of new processes, technology and governing
mechanisms are needed, which are together called as Big Data.
Following are the 4 broadly implemented strategies to increase
value of company using Big Data-
1>
Management
of performance
Performance management typically involves
proper understanding of the meaning of ‘Big Data’ in databases of company. This
is done by using predetermined queries and multi-dimensional analysis. Data
used for analysis is transactional in nature. A number of business intelligence
tools are available under big data analytics for providing different types of
reports and graphs. Thus, the performance of individual executive can be
assessed and necessary training can be provided to improve their skill sets.
2>
Exploration
of Data
Data exploration implies heavy use of
statistics to experiment over data and discover valuable insights. This helps
in answering many unanswered questions of managers and grants them a
competitive edge. For instance, Cluster
Analysis is used to group customers based on purchase history in order to
determine attributes, which may not have been visible to Analysts before. This
aids the business in attracting prospect clients and thus sees a positive
enhancement in the sales.
3>
Social
Analytics
This happens to be the unexplored section of
data which has gained importance recently. Data is collected from popular
social media platforms like Facebook, Twitter, etc in context to awareness,
engagement and spoken words reach. Based on this social metrics, managers are
able to draw conclusions about the success of digital marketing and advertising
campaigns. Big Data Analytics report in this realm also helps in unraveling the
unexploited opportunities which can be focused upon.
4>
Science
of Decision making
Decision science specifically involves
processing of non-transactional data involving customer reviews, ideas and
product feedbacks. This unstructured information is best sorted using the Big
Data Analytics and suitable experiments can be carried over it. Thus,
provisions are provided to source and poll ideas from various sources and draw
decisions based on them. Thus, Big Data Analytics is a true benefactor of
Decision making process.
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