Producing and compiling data has always been a present need in companies. It's true that, if we could go back in time, we would notice that less and less people cared about this. However, today the competition between companies that provide services is so great that it is no longer possible to ignore the processing of information.

Customers, suppliers, sales and a variety of other metrics provide managers with guidance on how to make better decisions and keep their businesses ready for the tough market.

The evolution of data analysis is such that traditional analysis tools, such as specialized spreadsheet software, are no longer sufficient. Today we are talking about a new term to refer to a large amount of data: big data.

O big data It is a mass of initially unstructured information, of different natures and in an immense quantity. It is so large and complex that old data analysis resources are not capable of processing it.

What are the 5vs of Big Data

A good number of experts in this field give big data some characteristics to identify it. These are the 5 Vs. Now see what they are:

Volume: It is estimated that the amount of information recorded worldwide is 35 ZB (zetabytes, or sextillion). Every day, around 2 million terabytes are added. This unimaginable amount of data includes videos, images, text, databases and more.

Regardless, companies also generate their own big data. This is data about different processes that, when properly analyzed, quickly provide very relevant information for a company.

Speed: Just as data is produced quickly, analysis tools need to keep pace. Big data is only useful if it is processed before it becomes unusable and obsolete.

Variety: As said, the information is of different types. In other words, they come from anywhere. But think: where are the largest amounts of text, images, sounds and videos? On the internet, without a doubt. It is responsible for most of the data we see. Within companies, all types of data mentioned also exist in abundance.

Veracity: Within the concept of big data, this attribute serves to distinguish true data from false data. The latter may or may not have been created with malicious intent. They may end up losing their veracity because they are outdated or mistaken. Within an organization, it can lead to wrong decisions.

Value: In addition to being truthful, the data needs to be useful. If the correct tools are used to analyze them, they provide relevant information. Now, if not, it's just a bunch of useless stuff. Again, value-driven decision making puts the company at a competitive advantage.

But to achieve a good position in the market through big data, first and foremost, companies need to define objectives and where they want to go. Only then does the large amount of data make sense and bring benefits. And, speaking of which, you can now see how your organization can take advantage of the instrument:

Competitive advantages of big data

CRM Optimization

The customer management system exists to improve customer relationships. It contains personal data and purchases made, for simplicity. By processing this type of information, it is possible to improve communication with buyers and provide good after-sales assistance. Supplier relationships can also be improved through appropriate use of analytics capabilities.

Segmentation

Knowing the customer's real needs and creating a profile will allow your company to provide the services and products they are most looking for and, therefore, build loyalty. Big data works in this case as support to boost your business.

Fast production of results

Even though it contains unstructured data of many different types, it can still be understood and used quickly. A tool that helps at this time is Big Data Analytics, from Google. Of course, there are other resources, but it already contains what is needed for managers to be able to orient themselves. Speed is a quality that provides an advantage over the competition because it pleases customers.

Correct decision making

Based on the data collected by the analysis resources, it is possible that the organization will get more right when it comes to gaining and keeping customers. They help to develop or modify strategies. Among the Vs that identify the information presented by big data, value stands out here. Making decisions that bring positive results and the creation of good strategies will depend on the value, or relevance, of the information processed.

Metrics Check

These indicators are used to evaluate the organization's performance. Big data and its tools also play an important role in ensuring that strategies are produced. Examples of metrics are sales volume, average ticket, churn rate, customer lifetime, traffic, customer acquisition cost, etc.

Improvement of internal processes

Internal problems that lead to poor results can be mapped with analysis tools. Failures in the production process, sales, marketing and other sectors cause business performance to decline, but big data exists to help managers. What's more, analysis capabilities can design all of the organization's processes, from the beginning of production to the final results.

Preventing competitive dominance

On the internet, it is not difficult to know how popular your competitors are and their reputation. And yours, too. By paying attention to the comments customers make about the product or service they offer, you can stay one step ahead when it comes to competitiveness.

Big data can bring even greater advantages to companies when you have already created a profile of your customer. Try to identify buyer dissatisfaction with your competitor and work to improve in this regard. Stay updated.

The examples above are very few in relation to all the benefits that the analysis of this enormity of information provides. The organization's human resources are also privileged to study data, because they can measure the satisfaction of the work team and identify their needs. This increases the quality of services provided by the team.

Big data involves a lot of information and therefore, you need to rely on someone who understands the subject. We are here to help. Discover now the solutions that Integrity offers for your company in terms of analyzing large volumes of data!