10 Tips on Improving Your Big Data Analytics
Are you looking to improve the amount and the reliability of your big data analytics outcome? Are you unsure of what aspects you should and shouldn't focus on to do this?
Over 80% of Put It Forward customers have achieved a positive Return On Investment within the first three months. Why not add your company to this impressive feat by improving your analytics with our products?
Making your business data reliable requires having the right strategy. Here are tips on improving your big data analytics.
Basics of Big Data Analytics
The idea of big data has been ever-growing over the past years. It is something that most organizations are beginning to come to terms with and adapting to it.
It is a term used when a data set is so vast that some databases will struggle to comprehend or process.
The world is progressing at an impressive speed. Data is now collected at such a level that computers struggle to keep up. This data can come through many different methods. For example, we use Delphi Artificial Intelligence Software as one of our sources.
Imagine having to go through this collective data by hand, searching for what you need. By using data analytics software, you will not only save on time but, in the long run, money as well.
Analytics technology takes techniques and methods used for processing. Once collected, it then combines them into one place. You can use the methods mentioned below to gain insight into big data. With this insight, your company can use it to create massive forms of income.
Find the Data You May Have Missed
Data analysis is a perfect way to sift through all your data to find that critical piece of information. An excellent way to think about it is by imagining a needle in a haystack. Your piece of data is the needle.
You are picking out all the strands of hay from a single haystack, trying to find that data needle. Now imagine that haystack has grown across the years to the size of The Empire State Building.
Now picture coming across a different needle, one that you didn't know was there. This analogy is an essential insight into data analysis. It can allow you to find hidden patterns. These patterns could be opportunities or threats (different needles) you may have missed.
This is the primary job of predictive analytics tools. They find the needles for you.
Collect and Upkeep Your Data
When you go about collecting data, you should gather as much as you can. The term for this is Data Mining. Once you have collected data, you will then look into gathering some more. The more data you collect, the more needles you could find in your haystack.
Collecting the data is the first step. Once you have collected your data, you have to upkeep it. Don't cast it aside thinking it's not valuable. It could turn into the perfect opportunity at a later date.
Keep your data stored in an efficient manner with ease of access to the different types. A future opportunity may arise, one in which you have previous data that could be valuable. Keeping your data stored in this way allows you to find it when needed.
The results you gain through big data could allow your company to take giant steps forwards. Making improvements on such things as the current products you offer. It can also give you an insight into potential future developments.
Spread Your Range of Data Collection
Data can be collected from a wide range of sources. It would be best if you collected as much as you can from the sources you know. But also begin to collect from others as well.
By spreading your range, you create more opportunity needles. More opportunity needles give your business more chance to prosper. More opportunities make a higher Return On Investment (ROI).
If you run a customer-focused business, ask them for feedback. Ask feedback on how your customers may have found your company. By doing this, you will gain considerable insight into your marketing strategy.
It will also vastly grown your customer experience. Your customers will know you are listening to them and taking into account what they say. They will be far more likely to stay customers with you.
If part of your marketing isn't bringing in traffic, adapt to improve. If this is your business, you may find watching our video interesting Finding the Perfect Customer.
Create New and Improved Experiments
Each business will have different methods to collect data. If you have followed the tips so far, you should now have a broader avenue of collecting that data.
Why not try experimenting with different avenues. Experimentation will give you a more extensive range of data.
For example, online businesses use pay-per-click advertising campaigns to collect their data. This is their avenue of choice to gauge product feasibility.
They could choose to experiment and try a different route, such as a focus group. This will give them an extra avenue for how they collect their data.
This would be another aspect to improve your ROI.
Big Data Analytics Means Big Data
Big data and big data sets are far more common in the new age than they once were. Before computers ran the world, judgments and decisions came from smaller data sets. As the years go on, this is becoming less the case.
To keep up with the competition, you will need to start focusing everything on this big picture. Look at it as the more prominent the picture, the better your data will be. Big data is where the opportunities are.
Using big data, you will have a much more extensive range of opportunities your company could use. By focusing on big data, you will ensure your company stays relevant and up to date within your industry. Pushing your ROI ever higher.
Keep Everything Within Easy Access
You have used the correct tools to collect accurate data sets. Now you are going to need a little order to it all. Processes such as Stream and Batch processing will help.
Batch processing looks at large data sets across time. Stream processing looks at smaller data sets at one time.
Data processing is as necessary as data collecting. Big data is incredibly vast. Once you have sorted through what is valid and what is not, you will still need a structured way of reading this data.
One tool which we offer is Foresight-360 intelligence. This allows you to see all your data in a single activity dashboard. It shows you all the data you need and hiding away those needles for another time.
Keep up With the Times
As mentioned, technology has come along in leaps and bounds throughout recent years. Businesses using machine learning to tack their data is a common standard procedure.
Data platform allows us to receive and view the information a lot simpler. The computer does all the work for you.
Why perform the collection, data processing, and data analysis by hand? Doing this will take you far longer than the speed of access these technologies have to offer.
Maintaining a high speed is a massive plus when it comes to the processes of your business. The time you have saved with this one job will allow you to spend more time on other aspects of the company. Money saved from this process will aid your overall ROI.
Make Sure Your Proprietary Data Sources Are Protected
You have made all these improvements in analytics. The data you have gathered is for your company to use to progress and yours alone. Why would you not want to take the extra steps to keep this data safe and secure?
These proprietary data sources have enormous value. The type of value which your competition would proser from finding a way to have for themselves. If you don't protect it, you may end up losing potential business.
By securing business data sources, ensures they remain proprietary. This will keep all the potential insights that the data holds within your business. Don't give your competition the chance to steal this data away from you.
Remember the External Data Sources
Some vital data sources can be external to your business. There are a variety of external source options for you to use. Such as third-party payment processing files or transaction lists.
These sources are paramount to your business's success. If you set them up and forget about them, you will lose a large amount of data. On top of that, most sources will cost money. Each overlooked source will also be a loss of money.
Keep a list of which you have daily access. Put all your external sources on this list to remind you about them.
Doing this could also be seen as an experimental avenue search. If one external source isn't practical, altering this can improve your data collection.
Big Data Doesn't Sound So Scary Now
Now you should have a far improved understanding of big data analytics. These tips will help you when creating and processing big data of your own.
Diving into something new could seem worrying. You will be fine if you remember what we have covered above.
Remember to revisit those needles you put to one side. Remember to keep track of your External Sources. Remember that you may be the best person for the job, don't delegate unless you are sure they know what they are doing.
Contact us to enquire further into the products we have to offer.