Big Data
Big data is a phrase used to describe collating and storing volumes of business related data. ‘Big data’ analysis has been around for years.
Whilst the word is relatively new. It’s simply identifying business moves, ability to operate, efficiency of business, client/customer satisfaction, habits within businesses, hidden patterns and profits. For the majority of small and medium sized businesses this is usually undertook by the Managing Director. Whilst the word ‘Big Data’ is aimed at larger organisations there are foundations any small to medium sized business can use.
Many businesses carry out audits on their operations and/or offer staff incentives for improving workflow, however with the world of modern technologies many businesses can understand their business plans and strategies by applying simple IT analytics to monitor operations.
Big data analytics can help businesses
- Make better decisions. Businesses are able to make instantaneous decisions based on what they have learned.
- Implement different processes. Businesses using analytics are able to create new products to meet customer/client needs. It enables businesses to gauge user/customer/client satisfaction.
- Better profits. Businesses can identify with ease a more effective and efficient way of doing business.
Big data gives insights which will lead to better business strategies.
It’s not the volume of data that’s important, it’s the findings within.
Data Analytics
With IT roles shifting over the last decade, Data Analytics is a relatively new role. The objective of any data analyst is to help businesses make better business decisions.
A good digital marketing data analyst should:
- Collect data regarding your business
- Visit your website
- Track page views
- Review bounce rates
- Analyse how much time was spent by users on your website
- Gauge your social media followers
- Inspect and translate findings into plain business dialect
- Suggest implementation to improve business
- Define a development plan
- Furnish metrics of implementing this plan
- Regularly report on findings
- Repeat analysis
Many digital marketing data analysts have a background in the IT profession but also have extensive business knowledge. Data analysts have a discipline of examining data, an expert within their field.
Data analytics holds similarities to Big Data analytics, only the purpose of data analytics is to understand information relating to how successful a business is performing. Data analytics helps businesses to make better business decisions.
Data analysis is split into several different categories:
- CDA – Confirmatory data analysis (exploratory and confirmatory)
- EDA – Exploratory data analysis (analyzing data sets); and
- QDA – Qualitative data analysis (documents and ethnographies)
Using both theories of Big Data analytics and digital marketing data analytics in any business setting should enable businesses to have speed and ability in gathering information, run efficiently, the expertise to identifying core areas and ultimately better profits.
Big Data and Data analytics can give businesses the competitive edge on their competitors.
Weak analytics can cause havoc with digital marketing campaigns. In a recent survey it was revealed 37% of small to medium sized businesses seek talent with capacity to understand analytics. Many businesses fail to acknowledge that data analytics should be included in marketing budgets. Long term cost strategies should take into consideration the layered aspects within digital marketing and understand there are no quick financial fixes within the digital era. Ultimately a cost strategy which incorporates analytics today will in the long term provide higher profits tomorrow.