26 Sep Better decisions with improved data collection and analysis
As reported by this blog, big data is becoming an increasingly relied upon source for information and intelligence to help managers and executives make better decisions regarding their businesses. One example of this comes from the popular video streaming website, Netflix, which gave a $1 million prize to the two development teams that were able to use mountains of customer data to improve its movie recommendation algorithms by only 10 percent, showing the power of how just the smallest improvements can be invaluable.
While many companies may be investing in data software that can aid them in these initiatives, Harvard Business Review says that there are ways that companies can get the most out of collecting data, regardless of company size. The underlying theme on these tips emphasizes the symbiotic relationship between the capabilities of new technology and the analytical talents of a human workforce.
According to the source, the first step to using data more effectively is by actually collecting it. This can be done from any number of sources – social media to website analytics.
While it’s critical to acquire the information, it must also be properly stored and aggregated. This is one way businesses can maximize custom database software through their big data efforts.
Visibility is key, and possessing collected data output in a clean dashboard custom created with a database vendor makes it easier for an organization and its key contributors to have a better understanding of the business decisions that need to be made.