“Lack of direction, not lack of time, is the problem. We all have twenty-four hour days.” – Zig Ziglar (American author).
This is pretty much true for everything we do in life. The most difficult thing is knowing what the plan is and taking that first step. In business this is where the idea of big data comes in and there are many hopes pinned on what it can tell us and how much better it can make us.
But what exactly is ‘big data’?
When you run a business you’ll handle several many different types of data every day. Big data is the combination of all that information, ranging from customer purchase histories, customer relations management data, statistical reports relating to media campaigns and social media statistics, return on investment calculations, to sources and volumes of new business, and many other possible elements.
By carefully and correctly analysing this collection of data, you can determine the demand amongst your customers for your products and/or services, you may be able to improve your internal processes, to spot trends and it helps you to plan a strategy for your business. By not using only a single source of information, you get the bigger picture making it easier to explore the opportunities to grow your business.
At LHS Solicitors, we describe our clients as our most effective management consultants. This is because they are the very best source of information on what they want (and don’t want!), how they want it and when they want it. Which means that when we go to market with something new, we already know there is demand for it and that we’re pitching it right. The added bonus is that we have a lot of fun in the process!
Warren Buffett once said that “risk comes from not knowing what you're doing”. The real and simple magic of big data for your business is having that knowledge – what’s working today, what’s needed tomorrow - and that, is really quite powerful.
All companies that leverage big data report concrete benefits from the efforts. 23% report increased efficiency, 16% see better business decision making and 11% reported financial savings. 16% have improved customer experience and engagement because of big data, and 9% improved relations with other stakeholders.