With the copious amounts of digital data that passes through companies, there's no mystery as to why “Big Data” has been an ongoing business buzzword. However, all the data in the world may be absolutely useless if it cannot be interpreted for others to understand.
Since the beginning of time, humans have strived to make sense of figures and statistics; the only thing that has changed since then is the quantity and details of the data – but not the principles.
So once you've gathered all your data, you need to slice and dice it to display meaningful insights that can help with decision making and help others make sense of important data.
The Cereal Case Study
A case study on a cereal company was conducted during the financial crisis in 2008. The purpose of the study was to evaluate how the recession changed consumers' buying and eating habits. Here's what the data showed:
· Even though people had less money, they refused to compromise on the quality of food they fed their families.
· Many customers began buying cereal in bulk & storing the excess cereal in their garages.
The insights provided by the data raised further questions, such as, should plastic storage containers be offered with bulk cereal purchases to help keep cereal protected? Or should a better resin be used to seal the cereal boxes to keep the cereal safe and fresh?
Data enables us to ask the right questions and then plan future actions based on – What customers really want.
Interpret Your Data
Using a tool to analyse your data can ensure that you effectively:
· Understand your customers
· Learn their behavior and preferences
· Cater to their specific needs
Contact B2IT for a Business Intelligence Tool that can help you manage and interpret big data.