Big data analysis is no longer optional among businesses, at least not if you hope to remain competitive in the marketplace. A Gartner survey shows that over 75 percent of businesses are either utilizing big data or plan to use big data within two years. The minority that aren't will be left behind in the dust. Yet, managing and leveraging big data is no easy task, and even businesses that do conduct data analysis are likely not making the most of their information. These are the best practices in data analysis that will keep your company in the lead.
Keep Your Data Clean
Dirty data refers to any data that is duplicated, outdated, incorrect, or incomplete. Your business is acquiring new data sets every day, and as that data accumulates, dirty data makes its way into the system. This data will skew your analysis by providing incorrect insights about customers. To optimize your data analysis, you need to scrub your database regularly, so all data remains accurate and current.
Strategize Your Analysis
The goals and objectives of data analysis will vary among businesses. Start by determining your core objectives, so you can strategize a plan based on the specific needs of your company.
Look for the Bigger Trends
Big data provides a lot of information about your company and customer base, but not all of this information is relevant. Rather than focusing in on the finer details, you should be seeking to identify and act upon the larger trends that your data reveals.
Improve Your Visualization
Data analysis will prove to be more accurate and efficient if you're using highly visual representations of data, such as charts and graphs. Not only is it more aesthetically pleasing, but it allows you to identify trends more effectively.
Eliminate Data Silos
No matter how many tools you are utilizing to improve data analysis, it won't be effective if there are data silos limiting your vision. Data silos occur as a result of data becoming trapped within departments, so data analysis reveals only part of the picture individually. You need to integrate all company data, so you can work to identify trends that exist within the organization as a whole.
Categorize Your Data
Big data can provide insights into the customer base as a whole, revealing aggregate trends that are occurring across your entire sales history. Yet, it can also be useful in identifying trends among specific demographics or customer types. Separate customer data into logical groupings based on your product and service offerings, so you can analyze trends that exist within focused subsets of your customer base.
Use a Database Management Software
To fully leverage your big data, it helps to have a database management software. The software allows you to store and manage your customer data in the cloud, which offers a scalable solution that's incredibly cost-effective. It also provides a variety of analysis tools that make it easier to gain the best insights from your data, so you can make the best use of all customer information.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.