There are a few buzz words in the business world today that didn’t exist, in a business context, a few years ago. Agility. Being nimble. Game changer.
Most of them have to do with speed and adaptability, and they’re all related to the speed of change in our modern world. Companies spring up from nowhere overnight. Technologies are created that change the way we do business all the time, and we’re just as quick to abandon old ideas and processes.
In fact, one could even argue that these days, it’s the hare, not the tortoise, that wins the business race.
Of course, that also means that companies need to be able to identify changes, and act on them, on a dime. Here’s how big data tools are helping them to do just that:
- Carefully chosen metrics paint a broad and detailed picture of customer habits and preferences.
- Real time or near real time analysis allows companies to review goals, targets and promotions as they happen, rather than after the fact.
- When new metrics emerge, companies that are already collecting and storing big data already have a pool of information to use to measure their performance.
- Big data can also help your business to identify new trends as they start to emerge. Because being the first to market is often a foot in the door.
Everything changes at lightning speed these days. We’re a generation of people who have come to expect instant gratification, and usually get it.
Companies that truly understand that, and who integrate it into their products, services and procedures are the ones that prosper and grow.