Three Ways for Businesses to Use Big Data

Big data is the way of the future, especially when it comes to corporate profits and the development of new marketing strategies. If the many headlines dominating big data tweets and social shares are any indicator, the data can be interpreted in many ways in the workplace. Businesses are realizing the importance of analyzing customer behavior and buying trends in their markets. Think about it for a minute: every time you search for books or music on Amazon, or when you browse Netflix for a new series or a new movie to watch, your browsing habits and interests are tracked by a complex algorithm that is surprisingly accurate in terms of predicting what you usually gravitate towards on your own.
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Data governance

This brings us to the idea of data governance. Rather than focusing on quantities and values, Cristophe Marcant states that “the areas that tend to be the most overlooked are the benchmarks or master data that drives many of the organization’s real business processes. Data governance aims to correct this by establishing formal management responsibilities for the quality of that data. “The ability to be proactive requires critical thinking, emotional intelligence and intuition, as well as reasoning and reasoning skills. empathy. Therefore, while it is certainly important to master the calculation and analysis tools related to data processing, it also takes thought and foresight to effectively improve a company’s image in terms of customer relationship and personal appeal.

To get a feel for some of these data experiments in action, Rick delgado illustrates how big data has been used to change Expedia’s marketing strategy. One strategy they adopted was to create an app that remembers what customers are looking for so that, in future searches, the travel packages and places most likely to attract particular customers appear as suggestions. in future research. This is similar to the effect social media share have on targeted Facebook ads.

In addition to personalized research, Expedia customers are given multiple opportunities to provide feedback and opinions on site and app functionality. In addition, Expedia responds to their comments in a serious and thorough manner. This combination of pattern recognition and customer service builds trust, builds loyalty and improves sales.

Exploit information

In addition to analyzing customer preferences and feedback in order to improve sales, data science is also starting to spread to areas other than marketing, for example medicine: thus, data science comes full circle. the loop to be used not only in laboratories for published studies. in scientific journals, but also by exploiting information from patient records and success rates in alleviating symptoms with various drugs used to treat various types of breast cancer, for example.

Metastatic cancer, the only type of fatal breast cancer, is the subject of a recent study Opinion piece by Laurie Becklund, who recently passed away. In the article, Becklund criticizes the misuse of breast cancer funding, data and research. His call to action involves the urgent need to create “a new data collection system and open, online, broad-based patient history database that will provide invaluable information to those who have been sentenced to death. dead”.

Need for data scientists

Examples of strategic application of data to widespread gaps in the medical needs of patients is a refreshing and practical use of data. Growing businesses and startups should therefore take note of the need for data scientists to solve a number of bigger problems than just marketing their own products.

There is a need for practical and vital applications of data to fill the gaps in the healthcare sector, as well as perhaps in the education sector – two areas that are constantly understaffed and often in search of shortcuts, tools and resources that will help them thrive. Notice to entrepreneurs and internal application developers!

So what are the takeaways for business owners and marketing strategists?

1. Recognition of shapes, observation and analysis
2. Customer communication and feedback
3. Thoughtful analysis and interpretation of data to implement proactive and effective change

Therefore, data scientists are a need that translates into many disciplines: from big data analytics for business marketing, to healthcare reform and medical research, to merging current scientific discoveries and targeted studies on the effects of certain drugs when used to treat various conditions. The list is endless. It looks a bit like space or black holes, which it also serves to better understand! Whatever the cause, data science is the new frontier, and the opportunities for exploration are plentiful.

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