Organizations are using big data to understand and predict consumer behaviors. Because of big data, they also know which sales activities are most likely to grow a portfolio, and which strategies fall flat. Big data can be used to nurture a lead through a particular path on a website until the visitor converts to become a customer.
What good business leaders know is that big data can not only foster growth and edge out the competition at the enterprise level, but also at the individual level. Smart executives are tapping into big data to build their careers. Here are three ways to use big data to create success:
Big data makes better-informed decisions. Business leaders often pride themselves on their ability to make good decisions based on their gut or intuition. While there’s a lot to be said for that nagging feeling that tells you something is a good investment, being backed up by data is even better. You’ll make better decisions when you know something is true, rather than when you simply believe it is true. There’s also less risk involved when your decision is based on facts, and you’ll have an easier time getting buy-in from stakeholders.
Big data allows for improved agility. Agility is a great quality in a leader because not everyone can quickly break down a big concept into smaller pieces and then direct a team to successfully execute that strategy. By further breaking down the segments of a strategy, an agile leader can see where adjustments need to be made, creating new efficiencies or preventing resources from being drained.
Using big data to analyze how each part of a strategy is performing allows a business leader to make adjustments, rather than watching a lackluster performance with no insight into its poor results.
Big data gives business leaders the opportunity to positively impact the bottom line. Big data demonstrates where productivity could be improved or where there are bottlenecks. It also helps detect which types of company activities encourage engagement with customers and which cause visitors to leave the website.
There’s potential for innovation where gathering data allows business leaders to predict the needs of their customers and develop new products or services that answer those needs. By collecting customer comments and complaints and understanding how they interact with your brand on social media, you may have the potential to develop a new idea that answers a need of your audience.
To find out more about how to use big data to advance an individual career or help an enterprise prosper, contact us at AMD Communications. We look forward to talking with you about the potential of big data at every level of the organization.