One of the most popular metaphor used for data is ‘Data is the new oil’. It’s truly a good metaphor since oil doesn’t hold any value until and unless it is refined into fuel and plastic for human use. Similarly, we are immersed with a huge amount of data, however, that data must be refined into business insight keeping in mind the end goal to have genuine value. Accordingly, we will take a gander at how huge data drives digital change.
As a phrase, big data gets abused and mishandled by advertisers. It’s not just about having a huge amount of information. Big data is tied in with joining organized information with unstructured information to get new bits of knowledge that were never conceivable.
Organized data refers to all of the stuff that fits in traditional spreadsheets and databases- – your P&L, your client list, data about your items and business forms, and so forth. Unorganized data refers to the new stuff that is frequently too enormous to fit into a database- – the crude Facebook analytics, Google Trends information, open APIs from governments, and feeds from the Internet of Things sensors. When you layer organized data over unorganized information, that is the place the enchantment happens.
Let’s discuss this with an example.
An XYZ organization went to its data group and requesting them to utilize their huge data to find a more brilliant approach to increase the sale. For quite a long time, the organization just took a gander at what number of items it sold the earlier month and what number of items it sold a year prior in that month and utilized that to make its conjectures.
Now the data team began doing sentiment analysis on social media platforms (Facebook, Twitter, Pinterest, and Instagram) taking a closer look at what people/customers were saying with respect to their products and services. They additionally took a gander at Google Trends to see which items and brands people were hunting down the most. At that point, it connected that information with its genuine sales to check whether it was prescient, and it found that it totally was.
So now, when it makes its business gauges, it takes that organized information (how many item it sold last month and a year ago this month) and layers on unorganized information (notion investigation from social media platforms and Google Trends) and it has a considerably more quick-witted conjecture. Also, if it needed to get considerably more quick-witted, it could do assumption investigation on the majority of its rivals’ brands and items too. Most importantly this utilization of big data empowers the organization to be significantly more viable when strategizing deals, sales, advertisements, and marketing campaigns.
This is how big data (organized and unorganized) work towards empowering the digital transformation. It provides a forecast that results in sales by using the previous data itself.