Big Data and Big Decisions
With the existence of Internet and social media there is a lot of data available for free. This data can offer information about everything such as consumers’ buying habits, their needs and concerns and even their attitude and way of thinking towards certain product.
If you have big company, small one or you are an individual entrepreneur looking forward to open your business, making use of the available data whether it’s online or offline data might be vital to the success of your business. It will help you in making better decisions. However, the question is
How to make sense of the big data?
The availability of big data could mislead sometimes and could reflect inaccurate information. Here, where companies such as environics come to play, environics is analytics company that uses multiple tools such as Geoscape® Intelligence System GIS, PRIZMc2 segmentation, ENVISION. These tools use targeting algorithms to parse the big data and then provide visualization and insights of the demographic, geographic, psychographic and other factors of the potential consumers. Even if your company is small or you are just starting, considering those data and using one or more of those tools might change your plan tactics and might provide you with different business decisions.
“Big data is good, but big data with analytics is big deal.” Jan Kestle, President, Environics Analytics.
David Spitz in Harvard Business Review blog suggests to not only use tools but to use math. To make use of big data we don’t only need software analytical tool, but also we need business expertise that can interpret the data visualized and calculated by those tools. Depending on the budget and the size of your company, consider investing in your current employees by training them and exposing them to those tools to serve your company in more efficient manner.
In this fast passed market, if you are considering to open your own new business consider those tools, if you want to optimize your marketing and your ROI again consider using those tool.
please share your experience and feedback about your preferred analytical tool.
If you think this post was beneficial, please re-tweet it.