Proper data analysis reveals key consumer trends – and the way you decide to pursue them has a decided impact on your culture. In fact, if Big Data isn’t already affecting your culture, then chances are you aren’t using it correctly.
Big Data and the Internet of Things (IoT) can help your business achieve a 360-degree view of your customers, but only if you commit to imploding preconceived patterns of corporate resistance. If your own data fails to provide a total customer picture, you can subscribe to cloud-based services that offer valuable “off-premise” information. For instance, you can learn how often customers visit your web sales outlets and what they buy. Combining this data with your own will help you paint a comprehensive picture of pertinent consumer behavior. But with this knowledge comes a responsibility for acting on it to improve business results.
Many companies are still a long way from that ideal 360-degree customer understanding. Here are some examples of how the right utilization of Big Data can bring you closer:
HR plays a leading role in developing corporate culture because it’s ground zero for the establishment and cultivation of a company’s population. The datafication of HR means that fundamental company networks and internal growth are becoming more targeted and personal.
- HR managers should be able to understand all the data for a candidate and analyze the pros and cons of hiring them. The way managers view their existing and prospective staff creates a specific perception of your company’s MO. When all is said and done, better data analytics results in a better defined corporate culture.
Market demographics have a great deal to do with overall company culture, so Big Data can have a big impact. You can’t afford to waste resources advertising to people who don’t care about your product.
- Streamlined analytics will force your company to shed inefficient practices and focus on what attracts target customers and makes you money. Traditional marketing practices teach businesses to cast a wide, multimedia advertising net. Big databases and effective analytical schemes let you see exactly where your revenues are coming from and which campaigns were not as successful. This impacts your culture by forcing you to embrace the personality and ideals of your customer base.
Finance and Trade
Big Data analysis enables the complex mathematical equations necessary to keep an informed eye on trading and investment patterns to be stored, explored and interpreted.
- For the finance industry, this means that a culture that already allows no errors can move toward an almost cut-and-dried work method.
- Higher levels of detail are becoming increasingly more important. In the future, if you fail to follow the data, you may be sued by your own company or client.
Companies in recent years have made progress in linking IoT and other outside data to that of their internal systems. But the task remains to elevate this so they can bring their 360-degree customer vision to reality.
If your company is considering a step toward Big Data analysis or your strategy is to take it to the next level, be prepared to make some fundamental changes – including the right talent acquisition and management. To learn more, read our related posts or contact the expert team at Select Group, Inc., today.