Many businesses are still adjusting to the reality of big data, but the same pressures apply, to some extent, for everyone from the front line to executive leadership. The following is a guide to prioritizing actions around big data projects that involve sources such as online metrics, automated processes, mobile devices, IoT sensors, conversations with customers and social monitoring tools.
Most companies are just now learning how to operate data-driven projects effectively. Flawless execution remains elusive for many data project managers, due to the 6 most common data roadblocks. The following analysis of project roadblocks and suggested ways through them could end up saving you substantial amounts of time and resource commitments.
Companies using analytics to make verifiable predictions about customer behavior have two pathways for earning hard returns on that data. They can market their insights directly to business partners or they can build out their own new lines of business based on their analytical projections. Here are a few examples of how that works.
Technology enables businesses to capture customer data points faster and in greater quantities than ever before. Not only does this mean that personalization at scale is possible, but that it is quickly becoming a consumer expectation and a business necessity. Learn how companies like Amazon, Delta, and 23andMe are using big data to effectively support their business model and solve real problems for their customers.
If knowledge is power, data should have enough power to drive an entire enterprise. It can if it is applied in the right way. Many companies are still trying to get a grip on the practical uses for data. Take a look at seven of the ways that market leading businesses are deploying data in effective ways to drive revenue and cut down on expenses.
Traditionally, customer service has been treated as a necessary expense, but now the fight for customer loyalty is being waged with data-driven insights. Companies winning at customer service, like Amazon and Netflix, understand that using big data strategically has positive effects on repeat business, overall cart sizes and referrals. In short, the way back to the kind of quality human interactions that used to be common at local merchants is only through better data analytics.
Intelligent website form design may be the most crucial tool in your online arsenal. This step represents the reflection point where people decide whether to engage more fully or bounce away. If the value hidden behind the form is perceived to be lower than the amount of irritation generated by filling out the form, the relationship is over before it began. Fortunately, recent technological advances in the development of APIs have made online forms smarter by an order of magnitude.
Unstructured data is a big problem, and it's only getting bigger. Unstructured data--information that doesn't fit neatly within the confines of a database--forms up to 90 percent of business-relevant data and it's growing by 62 percent every year. Businesses that are willing to make sense of this chaotic, swirling, unstructured mess of data are well-positioned to reap the benefits.
Workable is the leading Applicant Tracking Software platform for SMB and Mid-market companies. They use People Data Labs to power critical functionality within their software, and have built an internal test suite to analyze the performance of their multiple data partners. Their team of data scientists have found that People Data Labs consistently performs best. Nikos Moraitakis, CEO of Workable, describes how People Data Labs creates value for them.