Big data is not new, but its impact in the business world is becoming bigger news. But, what exactly is it? And how can you as a CEO grow your businesses with it?
In order to answer this question, let’s first define big data, then look at its uses, and finally review how it can help a company grow.
Defining Big Data
Big data is the explosion of information that comes from improved technology. In essence, it is a massive collection of digital data. Due to the efficiency in collecting information, this data has now become overwhelming and it can basically only be fixed with IBM Storage for your computer.
Data collection has improved because of enhanced computer power and improved portable devices. The sources for data collection have also proliferated. Much of this comes from social media platforms and search functionality. Data is pouring in from search queries on the major search engines, some enterprises are hurrying up in analyzing data with the help of services like quickbooks enterprise contractor. It is also accumulating from massive social interaction across the globe. Millions of tweets, shares, blogs, videos, and photos are happening around the clock.
For companies to use big data, they must deploy networks. Often many networks have to link together to gather and process this information. The result is bigger, more intricate networks.
From the technological perspective, interacting networks is not problematic. However, what is an issue is network security. The bigger and more complex a network, the more serious your security software risks can be, and the more vulnerable your info is to an Internet hack.
Using Big Data
For voluminous amounts of data to be useful, it has to be crunched into chunks. Companies, big and small, can then use this data to do things that they could not do before.
· They can use this data to understand their customers better.
· They can use this data to tailor better products.
· They can use this data to offer better customer service.
· They can use data to understand what customers want to buy rather than make educated guesses.
· They can use big data to see patterns, spot trends, and lead the market.
What did companies do before the phenomena of big data?
Before “big data” there was “structured data.” Using slow methods of data collection, it was easy to organize business-related information. Information collected came from censuses, surveys, business records, customer reports, and sales transactions.
How Big Data Can Help CEOs
As a CEO you can use this data to tell you where to spend your money and where you need to slash costs. You have to move ahead in a comparatively unpredictable business environment.
Armed with the right data, you are now able to do four things remarkably well:
First, you know what to do. For instance, you can decide to create high demand products.
Second, you know where to do it. For instance, you can decide to focus on domestic or international business.
Third, you know when to do it. For instance, you can decide to decide on seasonal or evergreen products.
Fourth, you know what you like. For instance, you can focus on your strengths in an industry to gain a competitive advantage.
Before big data, only smaller firms were nimble enough to provide excellent customer service.
Now even big firms can gather the data necessary to offer more customized service.
Big data has allowed companies of all sizes to develop predictive models.
How does this work in the real world?
Netflix can recommend movies. Amazon can offer product suggestions based on buying behavior. And airlines can help you with your seating preferences.
Used correctly, knowledge can become money.
Advanced Network Security
Big networks to process big data need advanced security to protect against targeted attacks from hackers. Moreover, hacking itself has evolved into a science of its own and companies can be brought down by advanced persistent threats.
What should a company look for when it comes to deciding on a network security strategy? Essentially, they should seek a threat protection system that can detect, review, and react to any number of targeted attacks in real time.
In summary, a CEO can grow his company through the systematic capture and use of big data flowing through his computer network system. He or she can tailor this information to attract more customers, build stronger relationships, and develop a more profitable and cost-effective company. Naturally, it advisable to use the best servers, network infrastructure, and security measures necessary to keep everything humming along perfectly.