Data in, buzzword out

One of your business’s most valuable assets is data, and ensuring its safety should be a top priority for your IT department. But what of the fact that there are so many different types of data nowadays? It seems like every few months there’s a new buzzword for the latest flavor, so it’s important that you get a taste of each new kind to ensure you’re up-to-date.

Data is the lifeblood of the information age. It gets observed, collected, organized, and analyzed, and it allows businesses to compete for profit and prosperity. And it takes many forms, each one unique and often vividly-named by the addition of a simple descriptive word.

As such, we thought a short glossary was in order to help keep you current on a handful of new data buzzwords and how they might impact your business.

Small Data

If “big data” is about powerful machines, huge databases, and sophisticated analytics, its little brother “small data” is about people. Small data takes a scaled-down approach to data mining that relies on things like social media to acquire important information. Archiving it is also simpler since a complex central data warehouse isn’t necessary.

Slow Data

The notion of “slow data” may seem a bit counterintuitive since processing ones and zeroes means things are happening fast. Some information, however, is actually acquired more slowly. Take, for example, the polar ice caps, where things literally move at a glacial pace. Since this kind of data doesn’t require frequent analysis it is suitable for back-up in its native format in a secure data lake.

Fast Data

We’re guessing you knew this buzzword was coming next, and it’s probably exactly what you thought it would be. “Fast data” refers to data events that happen fast – as in thousands of times per second – such as financial tickers or electrical sensors. Being able to act on it without delay is critical, so storing it immediately in a stable, easy to access location is a must.

Dark Data

Put simply, “dark data” is nothing more than day-to-day operational data that’s not getting used. It often refers to unanalyzed information in the form of customer call records, competitors’ price fluctuations, or website visitor trends. It can also include data that’s no longer accessible, such as when a storage device becomes obsolete. Your business can bring some of this redundant, out-of-date, or hidden data into the light with software designed to tidy things up.

Dirty Data

And speaking of tidying, here we finally have “dirty data.” While not quite as provocative as, say, dirty dancing or a dirty martini, it does have a tendency to arouse anxiety. But it’s actually not harmful to your data warehouse; it merely refers to a data set prior to its being “cleaned,” such as a leads list that contains duplicates, spelling mistakes, or formatting errors. The key is ensuring it gets spruced up before moving it into production.

If this index of buzzwords has left you wondering about the ways that different types of information affect your specific business, we’ve got answers. Setting up and managing your databases, super-secure backup strategies, and a thorough understanding of information technology are what we provide, so call or message us today.

Published with permission from TechAdvisory.org. Source.

The link between big data and profit

Big data. You may have heard of it; after all it’s been putting in an appearance at boardroom meetings across the globe for some time now. But what actually is big data? And what does it mean when applied in a business environment? More importantly, what can it do and how can it help your organization to succeed? And getting down to the nitty-gritty, does the term big data actually mean anything – or is it just another empty industry buzz word? The good news is that it’s not, and using big data can actually help drive profit. Read on to learn more.

So, we’ve established that big data is causing a stir and creating a buzz in companies that are in the know. In fact, it’s become hip to bandy about the phrase whenever one is trying to impress their boss, senior management or fellow co-workers. But like any lingo or jargon that is currently cool, it really doesn’t count for a whole lot if it doesn’t mean anything, particularly in the workplace.

The good news is that, unlike some of the more hackneyed expressions thrown around by those colleagues that are so desperate to impress their seniors, big data does actually mean something. And, more to the point, it can help your business thrive. Big data can help you achieve that end result that everyone in business is chasing: profit.

This is why big data is trending so sharply at the moment – after all, every owner or manager of a small or medium-sized business wants to grow their bottom line. Times are hard in many industries: increasing competition from abroad, the threat of the internet to bricks-and-mortar stores, a difficult economic climate – the list goes on. But what if something as simple as using your business’s data could push you heads and shoulders above the competition, and help turn around that downwards or flatlining arrow on your sales chart and point it upwards in the direction of success?

But before we get to that; what actually is “big data”? Why is it big? Well, we may have said that using data to grow profit is simple but, in actual fact, it’s really not as easy as all that. Big data is used to refer to various sets of data that are so huge and so complex that the traditional methods of processing data are virtually useless. Database management tools and other processing applications become redundant and are just not up to the task of capturing, storing, searching for, sharing, transferring, analyzing, and visualizing data.

Instead of looking at separate small sets of data, big data – as the name implies – looks at larger sets that contain far more information. This enables anyone analyzing the results to cross-check the sets and pinpoint trends, both positive and negative, across the entire business. As a result, owners and managers can make more informed decisions that affect the company in a more beneficial way than is possible by merely looking at small, isolated sets of data.

Big data therefore plays a valuable role in strategy and planning, and also helps troubleshoot worrying or problematic trends that threaten the performance and profitability of the business. Put simply, using big data to assist in making decisions for your company is about being able to see the bigger picture (to use another tired corporate buzz phrase). Decisions made with all the facts at hand will naturally help increase revenue, as opposed to blindly feeling in the dark and making changes to one area or department that may negatively affect another.

There are a number of ways that you can use big data analytics to make better decisions and increase profit. Crucially, it allows you to see what really makes your customers tick. Nowadays many businesses offer different ways for their customers to communicate with them. From email to a website, to phone calls and human interaction, all of these present you with meaningful information about your clients’ behavior. Knowing what your customers rely on you for, how they interact with you, and where they may hesitate or stumble when using your services, provides a wealth of knowledge just waiting to be mined. However, a lot of this data is unstructured and therefore cannot be analyzed using traditional means. That’s where big data comes in: it can help you uncover the information you need to really understand your customers.

Of course it goes without saying that a deeper understating of your customers can help you grow your customer base, increase repeat business, heighten customer loyalty, and reduce bounce rates and the number of dissatisfied customers. But that’s not all – analyzing this data will allow you to develop new products or services, create stronger, more effective marketing campaigns, and create an all-round better experience for the people that matter most – the people you serve.

Want to learn more about big data, and find out how it can have a seriously positive impact on your business’s revenue? Talk to us today – we have the knowledge and experience to help you really get the most out of your company’s intel.

Published with permission from TechAdvisory.org. Source.