Three focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. Most businesses today generate significant amounts of data. Data generation creates the need for data storage. The following contributed post is entitled, What Should Your Business Do With All That Data?
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Big data, no doubt you’ve heard of it. What is it? It’s everything, basically. Details of your customers, clients, employees and the inner workings of your business and more. Big data is the norm now and every business no matter how big or small has to get used to storing and handling large amounts of data. But depending on the type of business you run, you’ll need to use it in different ways. Here are the more common and scalable things you can do with big data.
Effective yo-yo pricing
It’s well documented that the best benefit big data brings is the ability to price effectively. According to your consumer profiles and the data they provide, you can increase or decrease your price within the range of the majority of your customers more effectively. This means that as your business grows and you add more products to your line, you will be able to net the largest number of customers at all times. Taking into account a consumer’s age, cookies (past searches and buying habits), their location, past visits, devices and seasonal buying patterns, you can build up a customer profile very accurately. However, you will need to continually track all of this so you can change your outlook and pricing in accordance. This affords you the ability of effective yo-yo pricing.
Studying consumer profiles
Marketing and sales professionals have always been tasked with learning more about the company’s customer base. With the aid of big data, consumer profiles can be made and studied. However, for this to occur you need scalable Cloud Solutions by Online Computers. This type of service offers you a cloud capacity you can increase or decrease on an as-needed basis. It’s inherently flexible, as you can access data and files on any device hooked to the internet. Cloud systems don’t require any overheads either, so you save money automatically. The service is also tailored to your business requirements so if you require upgrades and migrations, you need not worry about not having the capacity, safe passage or hardware to increase the speed of data flow.
Big data isn’t just about customers, it’s also a great help to your business internally. Employees should be able to have their work styles logged by productivity software. This will show the number of clicks they make, for how long they stay on one task, where their cursor hovers the most frequently as well as how long it takes to respond to messages, etc. The data you collect will give you an incredibly powerful insight into how your employees work and where mistakes are being made.
Needle in a haystack
If you have a gremlin in your supply chain, you will find it much easier with the collection of big data. It will allow you to pinpoint where time is lost, where most errors keep being made and who could be responsible for them.
Big data is an incredibly complex yet useful concept. It doesn’t require large scale hardware as you can utilize a cloud system. It must become a part of your company culture if you are to remain competitive.