There is a concept highly important known as «Big Data» in the entrepreneurship world, but what is exactly big data? A big number in a report? Or maybe some facts about the area? Well, no to any of those questions! This term goes beyond that, and it’s an incredible tool to know more about the business, the audience, the area, and why not even the worldwide market. Keep reading to find out how big data works and what its benefits are for entrepreneurs.

Read: Advantages of having a professional product catalog

What is big data?

Technically, this process analyzes a huge volume of data that will present valuable information for different aspects of the business. This data can be structured or unstructured, as the information provided can help know more about the processes, the competition, the brand, and even the consumers. 

The big data works following the 5 Vs.: volume, variety, speed, truthfulness, and value; check them out.

A professional of big data is in charge of analyzing the incoming and storage data using specialized software. That way, this person or team can pinpoint the valuable information that will help the organization. This professional or team can use the 4 analyzes that are done with big data, which are:

Big data for entrepreneurs

Entrepreneurs can use big data in many ways. They can bring many benefits for the business and its different areas. For example, marketing and customer services are two areas that can benefit when professionals in big data present their Analysis. Moreover, every company can show huge changes while using this data, helping with their growth. 

Big data can be exactly what any entrepreneur uses as their library to understand how the market, customers, and even the own business changes and adapts to the new times, among the other benefits we can find: 

To a better understanding of big data, these two famous companies can be the perfect example of how to use it to even launch a new service:

Nike

The famous sports brand uses big data for its new series of services focused on a healthy lifestyle. Nike Running Club, Nike Training Club, and Nike App are the apps that the sportswear brand uses to be close to their customers and users. They use big data to improve the services while giving users a whole new experience through wearable devices. This presents information about speed, heart rate, distance traveled, and more. Even any user can share this through their social media. This shows interest in the user’s health and helps with their loyalty to the brand and the brand reputation. 

UPS

United Parcel Service is a logistic service preferred for many to charge their shipping across the globe. But UPS uses the big data to improve their services from delivery time, successful shipping, and even save fuel for many more deliveries. All these have helped their company, increasing user experience and the effectiveness of their employees. 

So now you know, big data is highly important to a deeper understanding of how the business is going and what is around it. Plus, this information will never be wasted, even when several years have passed. After all, some things are bound to come back. Keep in touch with the magazine to learn more about the business world. 

Big data for entrepreneurs.

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