TouchstoneBi Investigates: What is Big Data Strategy?
What is Big Data Strategy?
Big data strategy refers to the process of using big data to achieve specific business goals. It involves analysing large amounts of data to identify patterns, trends, and insights that can be used to make informed business decisions. Such a strategy typically involves skilled individuals with an in-depth understanding of the power of data – such as a data scientist, for example – and will follow this basic method:
Step 1. Data Collection
What is big data strategy, without data? Nothing. That’s why the first step in developing a successful big data strategy is to identify the data sources and metrics that are relevant to your business, and to the goals you want to achieve. This array of sources may include both internal data sources – such as sales records and customer data – as well as external sources such as industry reports, or data from the internet or social media analytics.
Step 2. Data Storage
The next step in a successful big data strategy involves deciding how the data will be stored after the pertinent data sources have been determined. As an example, the chosen data storage solution might involve the use of a data lake, data repository, or both.
Step 3. Data Analysis
Step three of the big data strategy process is to thoroughly analyse the data, in order to identify any patterns and insights that it may present. This may involve using statistical analysis, machine learning algorithms or other data analysis tools to identify correlations and trends in the data.
Step 4. Data Visualization
Once the data has been analysed, the next step in the process is to visualise the results. Visualisation presents the messages delivered by the raw data in a way that is easy to understand. This may involve creating charts, graphs, or other visualisations that help to highlight key insights.
Step 5. Taking Informed Action
The final step in a sound big data strategy for business intelligence is for a decision-maker of some sort – a manager or board member for example – to actually take action, and use the insights gained from the data analysis to make more informed business decisions. This may involve developing new products or services, optimising existing processes, or identifying new market opportunities.
TouchstoneBi Investigates: What is Big Data Strategy?
What is Big Data Strategy Useful For?
For many businesses however we know that in addition to asking ‘what is big data strategy? They may well also be asking ‘what is big data strategy useful for?’ Well, big data has become increasingly important in the business world in recent years, and a big part of the reason why is the many benefits that it offers, including the following:
Benefit 1: Improved Decision Making
By analysing large amounts of data, businesses can make more informed decisions that are based on data-driven insights rather than guesswork.
Benefit 2: Increased Efficiency
Big data can help businesses to identify inefficiencies and areas for improvement, which can lead to cost savings and increased productivity.
Benefit 3: Enhanced Customer Experience
Big data can be used to gain insights into customer behaviour and preferences, which can help businesses to develop more personalised and targeted marketing strategies.
Benefit 4: Competitive Advantage
Businesses that are able to effectively leverage big data can gain a competitive advantage over their competitors by being able to make more informed decisions and respond more quickly to market changes.
TouchstoneBi Investigates: What is Big Data Strategy?
FAQs
Can you give me some examples of large data sources?
Social media data, website analytics data, sales data, and customer data are a few instances of big data sources.
How can companies make sure their big data plan is successful?
Businesses should establish specific goals and objectives at the outset of their big data strategy to help to guarantee its effectiveness. Additionally, they must make sure that they have the appropriate equipment and skills for effective data gathering, archiving, analysis, and visualisation.
Are large companies the only ones who should use big data strategy?
No, big data strategy is applicable to all sizes of companies. Big data can help even small companies by providing insights into consumer behaviour and market trends.
TouchstoneBi Investigates: What is Big Data Strategy?
Conclusion
Big data strategy has, for many companies, become an essential component of modern business operations. In this blog we’ve seen how – by analysing large amounts of data effectively – businesses can gain insights that can help them make more informed decisions, increase efficiency, enhance the customer experience, and gain a competitive advantage.
TouchstoneBi Investigates: What is Big Data Strategy?
Further support from the TouchstoneBI team
Doing everything that we’ve spoken about above is something of a science however, so what if you need some support to get things right? If you find yourself in that position then you should definitely get in touch with Touchstone Business Intelligence. Based in the UK, we are a leading provider of business intelligence support, and the people on our team have the skill and experience you need on your side.
If you’d like to find out more about how we can help you make highly-effective use of the data at your business’ disposal, with advice and insights that’s geared more towards your individual business’ needs and meeting your specific goals, we’d be more than happy to discuss that with you – simply use the details that you’ll find on our contact us page, or send us a message via LinkedIn or Twitter to get in touch with our team.
