How Big Data Can Be Used In Your Business
“The world's most valuable resource is no longer oil, but data” - stated in 2017. Since then it has only become more and more true.
However, unlike oil, everyone has access to a ridiculous amount of data in whatever area they work in - introducing the ‘information age’ we are now living in,
As discussed in Big data vs Data science, big data is just everyday data that you see and work with. But BIGGER data is defined by the 3 Vs - Variety, Volume and Velocity.
Driver-less Cars
It’s estimated that an 8-hour driver-less car drive would generate and consume 40 terabytes of data. That’s the equivalent of filling the storage of 80 -160 iPhones!
Now that statistic is enough to satisfy our 3Vs of Big Data. By utilizing the correct tools and strategies to work with this data, allows the opportunity for driver-less cars to operate efficiently, and more importantly safely on our roads.
Big Data For You
Whilst we aren’t all working on space-age future tech like this, data sets like this can be found all around us in our everyday work place.
Example:
Imagine you’re a big retailer looking to build a new store located in a city, but having trouble deciding where to position it. Why not introduce some big data to enrich your current knowledge of your customer demographic, their spending power and even the average time it takes them to drive to their nearest store? By harnessing this data and knowledge you will gain a better understanding of where your store should be positioned based.
Example 2:
Perhaps you’re a small business that is planning t open your first shop. Whilst you have done your market research, you are still unsure whether it’s going to appeal to your target audience. Why not enhance your current datasets with the latest UK March 2021 Census data to uncover where your future customers live.
Whilst these are two quite arbitrary examples, the possibilities are endless as to how big data from COVID statistics, consumer spending habits, to next-gen sporting stats currently surround us and are ready to be utilized to help your business outcomes. Afterall, any data to help grow your business quicker and more efficiently will reduce your costs in the long-term.
We are always looking to help businesses on their journey to success. Alteryx is the ideal tool for cleansing, blending, and automating these large sets of data. Once we get you up and running, we can explore the next stages by utilizing your data with our partners Tangent Works and Data Robot. Please do not hesitate to contact us today about an introductory session.
