Business Analysis Using Big Data: 3 Top Tips

Your business analysis now has the opportunity to expand into a tool for personalization and automation simultaneously using big data. Here are three top tips for incorporating big data into your business analysis.

Aim for the Right 10 Percent of the Data.

Even a business analyst with the help of a full-time IT team will have quite a difficult time getting at any more of 10 percent of the available data. You must strategize to drill in the places that are most loaded with data that is relevant to your needs. This will save you money and focus your energy on data that actually solves problems in your business.

Get Personal Insights from Your Customers.

Take the example of Riot Games and scale it for your company. Riot Games does not drill down into data until they have determined the correct vantage point from countless personal insights panels. They take it back to the old school with focus groups and surveys, and the response is great. You may not have the money for this, but social listening can serve as your low-cost route to the right data.

Choose the Right Big Data Analysis Platform.

If you are not outsourcing the drill down and analysis process, then make sure that you have the appropriate software package for your needs. The right platform is an end to end platform that your business analysts can get meaning from data before it grows too large to drill into. The data variety also plays a point – do not let your data set homogeneity outstrip your analyst team.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com.

Sign up for our weekly blog email update and follow us on Twitter @portalcfo

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.