Making Decisions Using Big Data
Published on 23 June 15
John
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The decisions that have the best chance of turning out well are the ones that are made with the right information. A well-informed decision could make or break a business, depending on the scope of the decision and the size of the company.
The most comprehensive source of information out there today is Big Data, so it stands to reason that it's a key element in making good decisions. So here are some ruminations on the subject of using Big Data to make those big moves.
The most comprehensive source of information out there today is Big Data, so it stands to reason that it's a key element in making good decisions. So here are some ruminations on the subject of using Big Data to make those big moves.
When Did This Start Becoming A Thing?
Data-driven decisions started gaining traction in the 1980's, when corporations began gathering, collating, and processing data in order to find hidden patterns, which in turn would help with making sound decisions, all with the bottom line goal of, well, improving their bottom line.
Cut to nowadays, when the sheer amount of data as well as the ways of collecting and storing it have all gone through the roof, and you can see why Big Data plays such an important part in Data-Driven Decision making, or 3DM if you want to be one of the cool kids.
Cut to nowadays, when the sheer amount of data as well as the ways of collecting and storing it have all gone through the roof, and you can see why Big Data plays such an important part in Data-Driven Decision making, or 3DM if you want to be one of the cool kids.
Get Ready To Make An Investment
Whether you train personnel in-house and use platforms like Hadoop, or contract an outside agency to help you, be prepared to make an investment, and that means spending money. Ideally, you'll be spending a little money in order to make a lot of money down the road. But no matter what approach you take, yes, your business will need to make room in the budget for 3DM.
It's Going To Take Time
There's no instant magic cure-all in this instance. In order to effectively make decisions using Big Data, you are going to have to invest some time in the process. Like the money aspect, the intention is to spend a bit up-front for the sake of savings in the long run. But one way you can maybe save a little time is ...
Figure Out What The Questions Are
Sometimes, people are so obsessed with seeking out the right answers, that they forget to ask the right questions. Yes, that's very Zen, but it's true. Before using 3DM and Big Data, decide ahead of time what the questions are. Exactly what is it that you are trying to accomplish? What are the issues you are trying to address, the problems you are trying to solve?
It's About Customer Understanding
According to the article "Anita Garimella Andrews on Data-Driven Decision Making", businesses commonly employ 3DM in order to get inside the heads of their customers, who they are, what they're buying (and why), and where they come from. Sure, sometimes there's an issue like inefficient logistics that needs to be addressed, more often than not, 3DM is part of understanding what makes the customer tick, and thereby coming up with more successful marketing strategies.
Bottom line, smart businesses use Big Data and 3DM in order to make good choices and get a leg up on the competition. Any business that doesn't take advantage of this edge runs the risk of being left behind in the dust.
Bottom line, smart businesses use Big Data and 3DM in order to make good choices and get a leg up on the competition. Any business that doesn't take advantage of this edge runs the risk of being left behind in the dust.
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