Collecting, analyzing, and understanding data can be a major pain point for businesses, especially those that have been collecting it for years — or even decades. It’s estimated that anywhere from 60 to 73 percent of all company data goes unused, data that may be incredibly valuable for enterprises. And if it continues to go unused, businesses miss out on opportunities to make crucial decisions, establish new revenue streams or enhance existing services that impact future growth.
With an ever-growing influx of data, it can be an immense undertaking to translate this data into ideas and concepts you can actually monetize and act upon. Recently, emerging data management technologies and performance centric platforms have made it easier than ever to capitalize on unused or long tail data to glean new insights.
Recent Advancements in Big Data
The sum of the data your enterprise collects — also known as “big data” — can be used in a variety of ways to enhance the decisions regarding your business, like cutting costs, streamlining processes, hiring forecasts, improving the customer experience and much more. Emerging technologies like artificial intelligence (AI) and Machine Learning (ML) can take a time slice or the entirety of your big data (old and new) and analyze it in ways that offer — a snapshot or long view perspective of the critical functions within your organization. These technologies can reveal in-depth patterns, trends, and associations in virtually every facet of your business, like sales, products, customers, marketing, social media, and more.
The best part? All that information is translated in a way that’s easily consumed and leveraged by your business. Instead of depending on assumptions or generalities regarding your customers and target audiences, you can reveal in-depth information about clients
- Likes and dislikes
- Purchasing habits
- Browsing behaviors
- Political interests
- And much more
You can then integrate this new information to adapt your strategies, tactics, marketing campaigns, and messaging to your ‘gold standard’ customers now that you know exactly who they are. Having this powerful data at your fingertips can elevate the success of your company and help you stay ahead of the competition. And this is just one example of how these technological advancements can revolutionize your business.
Using your new data insights
Now that you have (and can finally understand) multiple years’ worth of data, where do you go from here? How do you use your new insights moving forward? In addition to strengthening your knowledge about clients, you can also make internal process improvements. First, identify any current pain points in your company — your biggest hurdles, inefficiencies, and highest costs — and find trends or patterns that may be contributing to this less than optimum behavior. From there, you can use those data insights in virtually endless ways, like:
- Improving customer acquisition and retention
- Enhancing targeted marketing
- Innovating new products or services
- Increasing customer service
- Streamlining company processes
- And much more
Protecting and storing your data
With big data (old and new) comes big responsibility. While that data can be used to transform the success of your business, it’s also incredibly important to keep it secure. That means having a robust infrastructure to implement big data strategies and protect your data simultaneously. Understanding the value of your data is key. Specific data sets will require a certain velocity to truly mine that value. Longer tail content may not require the same access speed to provide its value during a mining process so it’s critical that data is placed on the appropriate tier of storage. Data durability and data protection are also key questions that must be addressed with a comprehensive data storage architecture.
Since your data is constantly growing, you may also need additional (and secure) storage space. Sanity Solutions offers strategies for storing and protecting your data. No matter the size of your business, we can develop personalized solutions to help improve:
- Latency times
Choose the best data solutions for your business
Simply put: Data is your most valuable asset, and Sanity Solutions can help with all realms of it, including analysis, security, and protection. Our goals are your goals, and we’ll work with you as a partner to ensure your data is used — and protected — to its fullest extent. Contact us for your personalized solution today!