The first thing to understand is that the best data can come from anywhere in the world.
You might not be into big data but your biggest competitors probably are
Big Data is consistently the number one search term on Gartner.com, a technology research organisation. McKinsey & Company has billed big data as the next $100 billion opportunity. So hopefully that is enough proof that small-medium businesses, non-profit organisations and communities should be learning all they can about Big Data.
The business world is being transformed by big data as more and more SMEs are seeking actionable insights from the mountains of raw data, information and knowledge that is all around us.
So why are marketers still hesitant to tap into this incredible resource? It’s easy for SMEs to dismiss big data as conversations in their circles are still rare, and they don’t know the right or critical questions to ask. And perhaps the biggest reason is that it is not impacting them and their business at this time so they are reluctant to spend the time necessary to research the subject.
Others who have some knowledge of it simply see big data creating more unnecessary work. It is obvious that they have not done any kind of cost/benefit analysis.
“Focus on utilising big data for helping customers. If you focus on one caring interaction at a time, it will quickly become useful”. Peter Sergeant
It’s easy to be overwhelmed by the amount of data available, and to get carried away with all of the possibilities. Before considering how big data can help your business, the first step is to determine exactly which questions you are looking to answer, such as:
- How can big data generate more customers?
- How will it help me with future decisions about my business?
- How can we learn more about our target market?
- What value is big data to my employees and volunteers?
- How to I tap into all this big data without becoming overwhelmed?
Once you commit to becoming involved with big data it is very important to understand just how you can derive real value from it. After you cut through the hype and realise that you may be able to extract insights from an untapped database within your organisation, you will begin to realise the importance of big data.
Start today start looking into your existing systems and databases. You may have hidden insights buried in your accounting system, your project management system, your CRM system or your marketing automation platform that can be of immediate benefit to your organisation.
Particularly if you are going into a new market, you will find the information big data can turn up will be invaluable. Often just letting people in your organisation find information more easily can lift productivity and morale instantly.
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Why not find some young people to help you understand big data. While you watch it inspire them and prepare them to succeed in a global economy, you too will uncover many ideas to make use of it.