data analysis

Business

Data is Meaningless Without Analysis

There’s value in organisations being able to analyse social media information and compile profiles to better target their customers. But creating, documenting, and retrieving vast amounts of data is one thing. Understanding it is an entirely different matter.

Context is Key

Measuring ‘likes’ or searching for keywords and phrases is pretty straightforward – a “sentiment analysis”. You might be tempted to develop a marketing strategy directly derived from this.

But there’ll always be examples of impulse buys, or snap decisions in the heat of the moment. And data samples may include information that’s not so easy to quantify – like pictures or videos.

In fact, the majority of actions will be based on the context surrounding them. Brand A might cost less, but B offers greater satisfaction. The sports car looks great, but what about the kids? And so on.

If a data analysis tool can’t provide further context around the solutions it offers, it’s at best, an expensive waste of time.

Business

Is Big Data Essential For Business?

Data is more a part of our lives now than it has ever been. It’s woven into every sector of the global economy and the harnessing of that data by businesses and individual alike is becoming the norm.

Big Data is what we get when the data sets collected become too large and complex to analyse using standard methods. This data comes from all sorts of sources, including web browsers, social media and consumer information. By sifting through all of this information business managers are able to make much more informed decisions and therefore move their company forward with confidence.

The Benefits of Big Data

Future ready – The internet of things is a hot topic in 2014. As products begin to broadcast data to one another to improve their efficiency. The amount of data available to manufacturers and suppliers is going to grow even greater as a result. Investing in an infrastructure that can handle and analyse Big Data now will put your business in an excellent position for the future, even if you’re not concerned with the internet of things, Big Data is listed by Gartner as one of the technology trends you can’t afford to ignore.

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