Data collection, management and analysis are the reason behind the success of the big corporate giants. Want to know how they do it?
If you a part of the corporate globe, you must have definitely heard of the term Big Data if not experienced it yet. Many have the wrong perception that handling big data is only for the multi crore MNC’s. Absolutely not! Data is that magical tool that can help every business strategies more accurately and not just on the basis of gut feels.
How is this data collected?
Most companies concentrate on client data and have different ways of collecting it. While some have a direct approach of asking the customer to provide his details like the KYC forms made mandatory by many financial institutions, other companies who don’t directly connect with the end consumer but through a network like retail or wholesaler have to use marketing techniques to do the same. Do you remember those ads asking you to give a missed call to win some goodies, or the toll free customer care numbers? Every time to connect through these and similar mediums if doesn’t end with the call, the company saves your information including personal details and often even behavioral trends. A lot of data is also collected through sales analysis.
The next question is how is this data used?
Different companies use data in different ways. Some make customer analysis and forecast consumer behaviors to understand what should be the products of the future. Many base their campaigns based on the data. So if your sales are down in the month on March consistently for 3 years, you can analyze the reason and accordingly make up for it with a marketing plan or a strategy change. Latest addition is the IVR which makes it convenient for the customer to reach the service provider and get more than expected. Data is a treasure that can be used in several multiple ways to give a push to your profit graphs.
And now the last but most final question, how do you maintain and analyze this big data?
For data to make a big difference to your business the scale of data also should be big. While collecting data is not a challenge, managing it is where most companies give up. Handling such extensive data should be maintained properly in an organized format so that accurate analysis can be extracted from it. The first challenge is space to keep this data, the second is the format and third is the analysis. The most convenient way to manage this is by getting help from the experts. For example, uKnowva which is primarily an Enterprise Collaboration Platform, but also has provisions for some really easy and unlimited data management and handling. They have a collaborative platform where you can upload all your data, share it with your teams sitting across the globe, upgrade files by simply saving them in the right folders and also generate reports. Your all in one solution to being in par with the business style followed by the leaders.
Read more about uKnowva’s data management services at: www.uKnowva.com.
