What you measure grows
WHAT YOU MEASURE GROWS!!
It will take someone with a decent internet speed over 181 million years to download all the data from the internet (46 Mbps).
Every two days we now create as much data as we did from the beginning of time until 2003.
Put simply, big data is larger, more complex data sets, especially from new data sources. These data sets are so big that traditional data processing software just can’t manage them. But these massive volumes of data can be used to address business problems you wouldn’t have been able to tackle before.
Having masses of data at your disposal is meaningless if you don’t have the ability to learn something from it and grow your business.
As the world gets smarter, data becomes the key to competitive advantage.
Meaning a companies ability to compete will increasingly be driven by how well It can leverage data, apply analytics and implement new technology.
Have you thought about doing a survey or even a video survey? – this can provide you with structured data about your customers, their age, dislikes/likes, why they buy from you and much more…..
Do you have any senor data you can pull data from?
For example: Do you have sensors within shop windows? You can check how many people pass, how many people stop and look into the window and correlate that with sales data to make informed decisions.
More advanced methods where you can get more data out there such as; Google searches/social media/phone location tracking/supermarket loyalty cards. You can take small data points off everyone and build a much bigger picture.
Facebook knows who your friends are and who you’re in a relationship with. They can predict whether your relationship will last or when they’re about to be in a relationship and who with!
Instagram use generated data, they have 1 billion active monthly users, each spending on average 28 minutes per day on the platform and uploading 100million photos a day. This user-generated data is used by advertisers to target the site’s users. In 2020 it collected $13.8billion in ad revenue!
Information is power.
What do you do with the data your business collects?
Do you even collect data?
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