Which of the following statements about big data is not true? It’s either true or it isn’t. When you’re asked to evaluate your own performance in an objective, data-driven decision making environment, you must have answers for this question. Without answers, you cannot make informed decisions. And without informed decisions, how can you improve your performance as a leader? Or as an employee?
It is indisputable that there is massive potential for leveraging big data and using it to enhance virtually all aspects of business. Consider the possibilities for what it can do for your sales force, for your marketing program, for your customer service and for your production process. This is just the beginning. There are so many applications for data mining that the list can go on. Let’s explore just some of the possibilities.
Which of the following statements about big data is not true? Data is crucial to decision making. Without data, you cannot make informed decisions. You may make assumptions that may be wrong and then act on those assumptions without hesitation or alternative courses of action. You cannot sell a product or offer services or manage your manufacturing plant unless you have the data necessary to support those activities.
Big data allows companies and organizations to leverage their existing data collection, processing, analysis, and visualization resources to drive business goals and objectives. Big data visualization enables you to visualize your information resources so that you can see at a glance where your company is going. With the appropriate tools, you can clearly see the paths by which you are progressing in your marketing campaign, your sales strategy, your production planning, and so on. By developing strategic plans based on solid assumptions and interpretations of your data, you can increase the value of your assets. In essence, you increase your profit margins and optimize your operational processes.
Companies and organizations cannot function effectively without a well-built sales force. If you want to increase sales, develop effective marketing strategies, and obtain the best returns on your investments, you need to recruit top talent and retain them. This is a critical component of any business strategy because it drives sales and the quality of sales results. Hiring and keeping the best sales talent is not easy.
Building your sales force requires an investment of time, money, and energy. It takes time to train new talent. It requires time to implement proven approaches to build sales. And it takes time to identify opportunities to add new sales channels.
Data mining provides data about the existing market, customer characteristics, and preferences. When used correctly, data mining can provide powerful insights about market behavior, the preferences of customers, and the factors that influence their purchasing decisions. The advantages of data mining are significant for organizations with sales driven business models or marketing oriented businesses. While data mining may seem like a complicated technology, it is surprisingly easy to implement and improve upon.
In summary, “Yes, Big Data is helping my business.” As data mining becomes more prevalent in business and marketing practices, more organizations will enjoy the benefits of having more insight into their customers and competitors. More companies will realize the need to engage in data mining to better understand their customers. Organizations will be able to make informed decisions about their marketing strategies and develop and implement new ones based on the information that they receive. Ultimately, this will have a tremendous impact on the bottom line. What of the data which follows?
“The data mining techniques that I have been using have produced some interesting insights. We know that Facebook users are more likely to buy a product if they have friends who also use the program.” Which of the two statements above is true? It depends on which social network you are using for your marketing strategy.
“Pinterest users tend to shop more often and purchase products that are featured more often.” Which statement above is true? Again, depending on which social network you are using for marketing purposes, this question may not always be simple to answer. A reputable provider of marketing analytics should be able to help you determine the information you need to focus on. Using data to optimize your online marketing efforts is critical for every business.
The internet provides an abundance of information about anything and everything. You need only make a few decisions about which of the following statements about big data is true? If it is true, then go ahead and explore how social media can help you improve your business. However, if it is not, then you are better off hiring a professional to help you optimize your online presence.