“It’s time we see the vast potential of big data to identify market patterns that can help us stay on top of our game.”
Big Data Isn’t Scary
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The explosion of digital innovations in the past years is bringing about countless possibilities. Machines now have predictive abilities to map out consumer behaviour. We’re comfortable talking to chatbots now than we were years ago. Even the typical model where consumers are found at the end of the business cycle is swiftly being turned on its head.
We are, indeed, at the cusp of digital revolution. Our actions are pretty much guided by the data we consume, and no longer do we speak of future as something we can’t lay our finger on.
Welcome to the Age of Big Data (which isn’t really something we have to be scared about)! Clearly, we only have to figure out its value for our companies and how can we leverage its multiple possibilities.
But what’s big data anyway?
Big data refers to volumes of data used by businesses to anticipate market trends and enhance consumer satisfaction. Through careful analysis of data from various sources, businesses can determine how to package information products that will perfectly match the needs of their target audience.
Gone are the days when marketers can be found talking above their audience’s head. Today, it’s expected that businesses have ready access to personal information of consumers so that they can better identify their pain points, their motivations and preferences, and whatever else ticks with their personalities.
A lot of companies, however, seem to shy away from big data and what it can do to drive growth for their business. Count in organisational resources, workforce resistance, fear of accountability, and the painstaking process of protecting data integrity. All these reasons point to why many companies today are still struggling to touchbase with their potential prospects and build a base of satisfied and engaged customers.
The same holds true as to why many Southeast Asian countries are still lagging behind their digitisation efforts. According to a report from the World Economic Forum on East Asia 2015, one clear reason is the lack of a robust IT infrastructure that will allow businesses to access and store data speedily and efficiently. Data transparency is another problem, and this could very well be a result of a policy gap in data use and data retention, both of which are fundamental to managing information assets of any company.
Maximising big data for better business outcome
But what can big data really offer? How can we use volumes of data to push the envelope of customer satisfaction? What’s in it for the companies, anyway? Here are some tips to introduce big data to our portfolio and maximise it for our business:
- Before we take a dive into big data, it’s important that we ask ourselves first the purpose for doing so. What issues or concerns can big data solve for us? What kind of data do we desperately need? We know data science and analytics are perfect tools to help us get a firm grip on the purchasing behaviour of our consumers. But do we have the right resources, the technical know-how, and the organisational readiness to align ourselves with its demands?
- If we are indeed keen on using big data to achieve our organisational goals, then we should rally the management for support. Remember that digital leadership plays a big role in pushing forward our digital transformation, so it’s important that the C-suite should be behind this undertaking. Through support from top-level management, we can mobilise appropriate resources and systematise processes for data gathering, data analysis, and data reporting.
- Part of the reason why we’re interested in big data is because we’re also interested to know how we can better interface with our customers. As such, we need to know how digital technologies can support us further in our goals. We need to listen more to people. We need to explore other modes of reaching out to them, so we can effectively address their needs and pain points. Big data offers us a myriad of possibilities to raise our level of business intelligence and keep up with the changing expectations of our customers.
Move ahead in the innovation journey
Digital transformation is here and now, and big data is one of the many ways it is pushing how we touchbase with our stakeholders. Through big data, large companies and SMEs alike can become even more nimble, allowing them to act swiftly on big data insights and seize opportunities before others do.
With everything going digital, it’s time we see the vast potential of big data to identify market patterns that can help us stay on top of our game. Let’s not be blindsided by any of our fears. Together, let’s paint a vision of a future that is inspiring, ambitious, and purposeful.
Let’s innovate now. Let’s leverage the latest technologies to make this world run faster, simpler, and better.
Get this report for more insights on how Big Data and predictive analytics can support your digital transformation.