5 Big Data analytics strategies for better ROI
Published on 27 July 16
Ved5
For centuries, sales and marketing has been a dark art. We have been making decisions trusting our instincts rather than depending on data analytics. Marketers in past eras, were just trying to find numerous ways to connect with their targeted customers. This was a big market gap and that’s where Big Data analytics fits in.
Nowadays, before looking forward, people like to look back first. They depend on past analytics, failures, histories, behaviors, feed-backs and deep insights to come down to a decision. That’s the modern thinking and that’s how Big Data analytics works .
Trust Big Data analytics, not your instincts:
First of all, let me remind you, those days are gone when you used to aim and arrow in the dark depending upon your instincts. Its time for Big Data analytics. Broken Links surveyed nearly 450 senior executives from US companies. It has come out with some wonderful analytics that supports this statement:
- 76% of respondents reported that senior leaders in their firm make decisions on data, rather than gut instinct.
- 73% says, an understanding of the business environment in which it operates is very important.
- 43% people fails in problem framing when they does not have any data analytics with them.
Hence, it's better to go for a data driven approach rather than taking chances.
Remove communication difficulties:
Many companies invest more and more on data scientists and even then they can’t achieve their goals. The reason is communication gaps. Data is useless if it is not delivered to the right person at the right time. In order to do that, the communication between teams should be seamless. Therefore, communication gaps should be removed for better ROI.
Make it a culture:
You can not be successful in Big data analytics until your teams adopt a data driven culture. This change should be implemented throughout your business operations. However, it can only be done when everybody connects them with the system and contributes equally. Building such a culture will ensure less number of gaps in the data chain.
Replicate Key Content:
Replication is one of the most critical and yet often overlooked ways to optimize big data investments. You can replicate data from your traditional systems to a big data platform such as Hadoop. As a result, you can get the 360-degree view of data that’s needed to create an optimal analytic environment.
Make Use of Metadata Management:
Smartly managing metadata (data about data) is critical to deriving maximum value from your big data investments. You can track and analyze metadata directly in a system such as Hadoop. Doing so, will tell you things like how old a data-set is, how frequently it changes, how often you run reports against it, and whether or not it needs to be archived.
Wrapping it Up:
Charles Kattering said it rightly, If you have always done it that way, it is probably wrong. You might be trying various methods to achieve success in your sales and marketing. Big Data analytics approach with the above stated strategies will certainly help you to bring success and greater ROI in your business.
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