Why you should value big data

7th August 2018

Keeping data can be a cumbersome experience. What’s more, you have to keep in line with rules, such as General Data Protection Regulation, to ensure that data is kept safe and, more importantly, so that it’s accessible to customers when its needed.

Soon we’ll be using and storing more data. According to Hiscox, we’ll have 50 zettabytes of digital information by 2020 and, just to put that into context, we only have five zettabytes of data today. That’s still a lot but you can just imagine what kind of storage capacity we will need in just two short years’ time.

While it may sound like keeping data will be a mammoth task that is expensive and time consuming there are several reasons why businesses, particularly small medium enterprises (SMEs) should not look at it as a burden but as something valuable, like treasure:

  1. Data is indisputable: Data, if stored and maintained correctly, can be a valuable source of information for any department in your business. Want to source your client’s history to see if they’ve made similar claims before? If you’ve stored your data correctly it can act like a virtual encyclopedia that you can dip into whenever you need more accurate information.
  2. It can help with your decisions: According to Hiscox, when companies gather data to help answer their critical business questions it can help them become more competitive and successful.
  3. It can help you retain customers: Keeping customers happy has got to be one of the top priorities of any business. But how exactly can you do that? Well, big data can help keep you one step ahead to ensure that you give your customers the type of service that they want. You can use data to store information about your customers to help them earn loyalty points or simply to wish your client a good day on their birthday. Client feels happy, content and valued – what more could you want?
  4. It can help to improve your services: Have you ever wanted to get into the minds of your customers? Well, with big data you can! These days, companies can gather large volumes of data about customers including information about what they’ve purchased before and what websites they have visited. If you know how to use this information smartly, then you can make sure that you offer a personalized touch to your customer service. It can help you to differentiate your business – to help it stand out from the crowd, which in turn could make your customer come back for more if you get it right.
  5. It could make you money: Big data can be valuable in helping you to improve your services and retain customers but it can do so much more, including boosting your profits. It’s no secret that companies use customers’ most intimate and private data to make money. As long as you get the right permissions and ensure that you are keeping up with regulatory standards, there is no reason why you can’t do this too.

Do you have any questions about your data needs? SchemeServe can create more efficiency and protection for your business by only allowing certain staff to manage and view certain brands and data.

You don’t need to hire permanent staff to cater to your data needs. We also have a data protection officer that you can hire to ensure that you are compliant with regulations. Get in touch with us today to see how we can help your business.

 

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