You can find numerous ways to exploit big data in business analytics. However, there are 4 basic principles one should learn immediately:
· Ensure the goal is clear
Big data can be very descriptive while uncovering the multiple layers of information flow that affect your business.
However, this is not the primary objective. The first question you should have in mind is how big data can help to achieve specific business objectives.
Big data analytics and statistics should lead to a concrete outcome, becoming a tool for the overall improvement of your business.
After all, that is what big data is all about. Traditional business intelligence activities and tools can help you generate insights but you want to take things to the next level and use big data to improve your company’s ability to make intelligent business decisions.
· Detect trends
If you follow industry trends and stay up to date, you can count on the long-term success of your business. On the other hand, it is even better to become a trendsetter, which is exactly where big data shines. For example, if you are a digital retailer who monitors the behavior of online buyers, you would need to detect trends early and act on them quickly.
Big data insights can often help businesses detect changes in customer behavioral patterns and warn them to prepare for game-changing trends on time. In such circumstances, a business could adjust its sales procedures to fit the new model and gain a huge advantage over competitors who ought to adapt once the trend is already set.
· Analyze relevant information
The amount of data you can accumulate is gigantic. This is good because it gives you enough material to work with but it doesn’t mean you should try to uncover it all at once. On the contrary, businesses should focus on relevant information only. Don’t throw yourself into a data ocean if you don’t need more than a small sample to make good conclusions.
· Establish connections
Big data analytics delivers incredible results when it comes to establishing relations between different elements of a business. You should always analyze information clusters in connection with other processes, factors of influence and levers.
For example, marketing is supposed to support sales but sometimes it gives sales agents nothing but useless leads. Big data analytics can help in assessing all leads to determine which ones deliver the best results and which ones should be eliminated. This way, you can successfully connect two or more segments of the business, making each segment even more productive than before.