Make Your Data Work This Year

Are you curious about Big Data and how it might benefit your business over the next year?

Maybe you’ve heard good things, but you’re just not sure how data science can or should be

implemented in your specific business. To help with some ideas, here are a few ways Big Data is

being used right now to the benefit of companies across multiple industries.

E-commerce is about much more than close rates. There’s a lot more data available than who

bought what, when did they buy, and how much did they pay. With big data, e-commerce

companies can gather a tremendous amount of additional data and use it to inform their

upcoming offers, refine the current one, and predict what they should be selling next.

From a marketing standpoint, big data can help you follow the transaction for the entire life of

the deal. From original offer, who gave what information at what point, through the sale, who

bought and who didn’t, and then what happened after the sale, who paid and who came up

short. Understanding the ups and downs and ins and outs at each stage of the deal can help

companies better craft and execute their next deal.

Knowing what people are really saying, when and why. Social media has completely replaced

and transformed the old comment box sort of feedback for products and services. Big data can

help companies capture much more social media scuttlebutt while taking advantage of what’s

directly useful and mining what appears to be superfluous for even more nuggets of wisdom.

Learn what people are really saying about your products, your services, and your latest

marketing campaigns to get in-depth predictions of what you should change and what will work

better down the road.

Big data allows businesses to predict what people are doing and when to offer them products

and services based on those activities. This is context-based marketing, and it works best when

it’s connected to big data engines that can manage the data load while processing and updating

information in real time.

Finally, big data allows you to capture information now and figure out how to use it or why it’s

important later. Instead of simply throwing away what could be very useful intelligence,

companies are using big data to capture, organize, and store data to be mined at a more

optimum time.

Roman Temkin is an NYC based mobile entrepreneur and real estate developer.