How Big Data is Changing Business Management
How you can turn the information that big data is providing into actionable progress for your business growth.
The information revolution has changed the very fabric of the way we live our lives.
There is practically no aspect of modern society that has not been influenced by big data. It is essential for managers to understand how data is changing our world. Here we will cover some of the essential skills that are required for effective management in an ever-changing workplace.
Increased Demand for Business Intelligence
Before big data, businesses used several different small tools to gain insight into operations. This was known as business intelligence. But, business intelligence options have always been limited–until the rise of big data.
As more and more businesses embrace the benefits of big data, the demand for business intelligence experts continues to rise as well. Just look at Google and Amazon. These two powerhouses built their business around the use of data.
These companies look at everything their users do.
- The products they buy
- The music they listen to
- The time of day they shop
- Search habits
And the list could go on and on. But, it’s more than just noticing what users are doing. It’s turning that information into tangible ways to grow–using the data intelligently.
Simply put, many companies are searching for quality business intelligence experts to join their team because they see what data can do for their bottom line.
Data and Talent Recruitment
Building a strong team is a fundamental duty for staff managers. With data harvesting and analysis, the task of talent recruitment is now far more straightforward, with the use of databases gathered by social media websites and job-related websites.
Social media offers a wealth of information. Just look at how much Mark Zuckerberg knew (before he got in trouble). There’s no saying that you have follow in his footsteps and use social media in an unethical way. But, if the information is public, it’s wise to comb through it–especially when you are recruiting employees.
You will benefit best from utilizing data for recruitment purposes by initiating a plan that involves the use of the big data that is cultivated by these websites to make sensible selections for your team.
While a website like LinkedIn is designed to present a professional profile—which is relevant—the use of data gathered by sites like Twitter, Facebook, and Instagram are websites where people feel more comfortable. Thus, they are more likely to show their real thoughts and personalities.
Use these social media websites to look into potential team members before making your final decision. Job posting websites often have plenty of useful data for candidates also. Conduct resume searches on these websites to locate candidates that fit your criteria.
Predicting Team Behavior with Data
It is just as important for managers to collect and analyze data concerning their staff, as it is to examine the data gathered about consumer transactions and the customers themselves. Data that is received that pertains to employee performance, and attendance often paints a picture of what is to come concerning individual staff members.
Cultivate data sets related to each staff member’s performance on a daily, weekly and monthly basis. Periodically pore over the data to determine if any notable patterns show time and performance correlation. This data will give you a data-driven prediction of how your staff may perform during a specified time period or even season.
But, it’s more important to turn this information into actionable information. If one employee is doing an outstanding job in sales, find out his/her methods and capitalize on them. If another employee is struggling with deadlines, find out why and modify and adjust to create a path for success.
Data is definitely about patterns and trends, but it’s more important to turn the information that data is offering into actionable progress for your company.
Use Data to Set Team Goals
Data collection and analysis has changed the way managers are able to map out a plan of action for their staff members. The management teams that employ data-based planning have a competitive edge in a changing marketplace. Evaluate what your team is capable of by analyzing past data relating to your team performance and the information gathered by your competitors or industry leaders. Set goals and objectives based on this internal and external data analysis to set realistic protocols for your team.
Targeting and Retargeting Consumers
Data allows companies to better understand the wants and needs of their customers and their industry as a whole. Managers are able to create targeting and retargeting campaigns geared towards offering consumers exactly what the data indicates they are looking for. Design promotions that offer discounts for customers using data gathered about trends in the marketplace. Google Trends is an excellent tool that helps quickly identify trends using massive datasets that they have compiled. Search for results relating to your industry using this tool.
Retargeting is a process that uses transactional data or behavior to identify current or future needs of a customer. Understand the life-cycle of your products. Determine how long it takes for a customer to consume your product, and target them with timely reminders that direct them to purchase the product again. Integrate retargeting efforts into your team’s objectives for a data-based promotion.
Be Detail Oriented
The modern workplace has introduced a plethora of tools and methods that make for a much more efficient work environment than we saw in the past. Understanding and utilizing these tools and techniques is critical in navigating in this highly-technical era. Upgrade your staff’s project management system to software that will allow for a more connected and productive team. Cloud-based solutions have made it easier to have real-time interactions and collaborations online.
Companies today are utilizing the data collected about their business, staff, and customer transactions. The collection and analysis of this data allow companies to predict future behavior and influence desired change. Find the right Data Operations Platform, and increase your business’ overall effectiveness, and take advantage of your company’s internal data.
Existing in the era where technology is rapidly ever-changing, big data gives managers an opportunity to mine vast databases containing millions of pieces of data in minutes. Take the steps required to make sure your team is operating at maximum efficiency with a data-driven management approach.