How Filipino-Canadian businesses can benefit from Big Data

Community Opinion & Analysis Nov 10, 2017 at 4:13 pm

Photo courtesy of Camelia.boban via Wikimedia CommonsBy Jason Garcia

Companies saw analytics as the most important technology for a data-driven business, a recent global study of enterprise data revealed.

According to SAP’s Data 2020: State of Big Data study conducted in August 2017, an overwhelming majority of companies (96%) cited the value of analytics as a data technology to get insights crucial to making sound business decisions. The Internet of Things was chosen by 85% of respondents, while artificial intelligence and machine learning were cited by 81%.

“Big data has been coined the new gold, and companies believe that it’s time to make data scientists the new gold miners,” the study noted.

Photo courtesy of nattanan23 via PixabayBig data and analytics: what they mean for small businesses

While it sounds like a big word, big data is a simple concept—it involves the analysis of a large amount of information collected from various online sources such as web browsing history, social media conversations, and other data to see trends and patterns in consumer behavior. Insights gathered from analytics, like what consumers are looking for, are extremely useful for improving a company’s product or service.

Business strategists and experts believe in the power of big data and analytics in driving digital marketing success.

“Skill in data analysis is now a requirement to become the best in the digital marketing arena. Even by just using MS Excel in interpreting data can greatly impact business processes and insights at the very least,” said Gary Viray, founder and CEO of Propelrr, a digital marketing agency in the Philippines.

Big data is emerging in the Philippines, with banks and telecommunications companies being among the early adopters, according to Francis del Val, CEO of market research firm Cobena Business Analytics & Strategy. «This will work in the Philippines because we are among most connected countries, therefore we generate a lot of data on mobile phones and on the internet. It’s really about harnessing all these data and [putting] it to good use,” Del Val said.

Anywhere else in the world, more and more businesses are investing in data analytics to better understand their customers so they can provide them with better products and services.

Why invest in big data?

Seven in every 10 businesses (72%) that have used big data said they achieved results that exceeded expectations, according to the Big Data Insights and Opportunities report by IT industry association CompTIA.

Companies in the United States and Canada have been tapping valuable consumer insights from big data for their marketing strategies. Here are the benefits businesses can get from investing in this innovative data technology:

Photo courtesy of NEC Corporation of America via Flickr, Creative Commons1. Solving customer pain points

Through customer feedback forms and surveys, businesses get a sense of what their customers’ pain points are. But companies that look further into the data and solve the problems are already miles ahead of the competition.

Delta Air Lines knew that most passengers are concerned about lost baggage, but the American airline went the extra mile by digging deeper into its data to solve it. The company’s “Track My Bag” feature on its mobile app allows customers to take a photo of their baggage and track it from their mobile devices, giving them peace of mind. Delta’s app has been downloaded more than 11 million times.

2. Building brand loyalty

Providing data that’s relevant and meaningful to customers encourages them to continue buying a company’s products or services. Fitness trackers work this way, keeping users hooked on their progress.

Big data is just as useful in the financial tech industry. Case in point: Mint.com, a website that offers free personal financial management service in the United States and Canada. Using big data, the site provides users with information about their spending habits. This allows customers to review their spending habits by category and where they spent their cash in a given week, month or year.

3. Offering personalized services

Using big data to their advantage can help businesses predict what their target customers want. This way, it is easy to decide the right products or services to promote to the right customers at the right time and on the right channel.

Walmart built a search engine on its website that helps customers find the products they need easily and quickly. The company used semantic search technology to produce highly relevant search results. This led to a 10% to 15% increase in online shoppers completing a purchase after using the search engine.

Big data is instrumental in the personalized services that LinkedIn is able to provide to its 500 million users, including “Who Has Viewed My Profile,” “People You May Know,” and “Jobs You May Be Interested In.”

Offering personalized recommendations that consumers might be interested in, such as in the case of Amazon, YouTube, Netflix, and Pinterest, is also made possible by the use of big data.

Photo courtesy of StockSnap via PixabayHow businesses can analyze big data

With the vast amount of available data about a company’s customers, it is easy to get overwhelmed and lost as to how to analyze it.

Defining the business goals is the key to maximizing the benefits of big data. “Most of the time, we get too wrangled with all the metrics we see. This leaves us dumbfounded as to what we should really measure and forces us to answer the question, ‘so what?’ As such, you need to set your objectives, goals, KPIs, and metrics first before even sailing on the ocean of data,” Viray said.

For example, a business that aims to boost its marketing strategy will benefit from a tool that analyzes customer behavior and sales trends.

It also helps to know the issues or pain points that need to be solved, as shown by the example of Delta Air Lines. Once a business owner or marketer identifies those pain points, the next question to ask is how to get the data to address the problems.

When choosing an analytics tool for a business, it is important to consider its ease of use, reliability, flexibility, and pricing. There are many free or affordable tools available for entrepreneurs who want to try using big data to grow their small business.

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Jason is a manager of a family enterprise, he writes articles about Digital Marketing, Businesses, investing and securing homes.
Gravatar: http://en.gravatar.com/jasongarcia025

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