Big data has become an essential thing for several companies and organizations. Most companies even depend on big data to develop their products and services. It can be very useful for your business if you know how to store and process it. Even so, it turns out that not all companies understand how to manage it. To better understand how to use big data to drive and thrive your business, here are some strategies that you can do.
Datafication is The Key
Datafication is the process of creating a data-driven business. The datafication process involves collecting data from various sources and then storing it in one centralized location for later analysis to find new views regarding business strategies. In datafication, there is an interaction between physical and digital objects.
The role of datafication in our lives is very substantial. Some examples of datafication functions in everyday life include understanding the characteristics of consumers, developing business programs, developing smart cities, and recognizing human habits in private space. You can obtain all this information easily as long as the internet connection to the physical object exists.
Be Big, Be Smart
With the Internet of Things, everything that has an internet connection is accessible and collectible. It becomes the main dish of big data. Therefore, you need to involve the internet in every corner of the office, organization, until your product to obtain information easier. You have to take data from a various source related to your business consistently and universally. This means you will have more diverse input. You can use that varied information to improve your insight.
Periodic trials are also important to maintain the quality of the data that you have. The aim of this trial is to maintain the accuracy of the data that you have. Furthermore, you need to create lake data to store your big data. This will help you to establish a centralized database so all divisions can access it easily.
New Perspective for New Strategies
To determine a new strategy, you need a different perspective when analyzing big data. Thus, you can generate new ideas that can be added value to your company. By using a different method, you might be able to implement innovations that have never been thought of before. Start from Proof of Concept (PoC) to better understand all the possibilities that result from your big data. From here then datafication can continue to be developed.
Netflix is one example of a company that maximizes the datafication. This one of the biggest movie streaming companies has more than 130 million customers from various countries. Initially, Netflix provided physical DVD sales and rental services that could be sent by post. Along with the development of technology, Netflix has changed its services using the datafication process. Netflix combines all of its user data from screen time to reference to gain the whole aspect of its user behavior. It makes Netlix one of the largest companies in the film industry.
Good management of datafication can provide significant benefits for your business. Therefore, you need to develop a proper storage and analysis strategy so that the big data you have is not just raw input that is piling up and wasted.