Today, in this world where data is growing exponentially, it’s easy to get lost in the sheer volume of numbers. The sheer magnitude of what we call “big data” is a little intimidating – and with good reason: as of 2022, there were over 2.5 quintillion bytes of data created every day – that’s a staggering amount!

It seems impossible to keep up with all the changes, but big data offers new perspectives on how businesses can grow their business. Big data has given us the ability to access better information, which in turn gives companies more options on how to proceed with their business.

large-895567__340.jpg (603×340)

  • What is Big Data?

Big data pertains to huge sets of information that are being collected by both private and government entities. The size of this data sometimes becomes overwhelming when you consider the volume of numbers involved. However, data is not a new concept in the business world.

In the past, we had to rely on information that was manually entered from paper documents and spreadsheets. As technology advances, data has been evolving and growing at an exponential rate. Big data is made up of all of this new information; it’s the result of all the technological changes we have seen in the last few decades that have helped make data easier to manage and process.

  • Big Data Creates New Possibilities

side-view-of-businesspeople-examining-graph-on-computer-picture-id1384520967 (509×339)

Companies have been able to gain insights into consumer behavior and they’ve used that data to make real-time changes to their businesses. One of the most obvious examples of this involves Google’s advertisement system.

When you search for a product on Google, you will likely be served ads from various merchants who are selling similar products. However, your search keywords are tracked, and Google has adjusted the advertisements for you and for other consumers.

When you look through your history and see what’s been running in other searches, you can gain a better idea of what product to sell. With big data, companies are able to monitor and access trends as they arise. While small businesses have used this insight in the past, larger corporations have also taken advantage of it. They are able to respond quickly and adjust their business strategies accordingly.

double-exposure-image-of-business-profit-growth-picture-id1200038380 (529×327)

  • Big Data Is Expanding to the Real World

There was a time when companies depended solely on paper records. Then, electronic information was introduced. Now, we are in an age where data is being collected from sensors and other devices that are connected via the internet of things (IOT). The result is a more accurate record of what’s happening in the real world and how it can be applied to businesses. For example, a bicycle company can use data from the sensors attached to their bikes and track how much time it takes for a user to get from one location to another.

Using this information, the company can decide whether their bikes have the optimal speed for customers looking to get somewhere as quickly as possible. Your business can take advantage of this type of data… but it all begins with how you collect information and what you do with your data once you have it.

 

  • The downside of Big Data 

A downside of big data is the thought that is required when viewing the information. Imagine having to look over every piece of paper you’ve ever written, or every piece of data in a spreadsheet, each time your business needs to make changes. If you’re trying to make a major decision, it can be extremely time consuming and burdensome.

The use of big data isn’t going anywhere; it’s still growing and bettering the way companies do business today and in the future. Businesses will have to adjust in order to adopt big data and make the most of what it offers.

240_F_289057148_rT7XyATBKe4pxjJF1EqjiSy9PtaEb53I.jpg (427×240)

  • Big Data Is an Enabler for Smart Business Decisions

Big data and the insights it provides has given companies more options for making smart business decisions. No matter your industry, big data can help you make a difference in your company. Just look at what big data is doing for retail companies. By collecting the “moment of truth” data, they can get a better sense of how you interact with the products they sell. Happy shoppers who have taken photos of themselves using the products and are sharing them online, is a great sign. If a company sees this, they could up their marketing budget where it’s needed to reach more people and increase sales.

At the same time, unhappy customers who share their frustrations with the company over social media or in surveys, are also much easier to spot. You can see where these people need more help or that certain products need an upgrade.

 

  • Big Data Is an Integral Part of Your Business

Big data is part of your business whether you like it or not. It’s important to see it that way, because if you don’t, then you could lose business opportunities and be at a disadvantage in the market. The key to using big data successfully is developing the skills needed to work with it. You must have people who understand what data means for your organization and how to analyze it in a way that helps you make better business decisions for moving forward.

Ready to take your business to the next level? Work with the experts at Echofish to help pair your business with the right growth plan to help you gain leads, increase brand exposure, and boost your credibility. Contact us or book a call today for general inquiries, support, and resources, and take your business to the next level.

+ posts