Whether we drive a car, surf the Internet, take photos or videos with our smartphone or operate machines at work, data is generated. The crowd is so gigantic that experts talk about “big data” (Source: North Bavarian Courier). The chances of big data are great and it is certainly also a hype, but it opens up almost infinite possibilities. This article will discuss the opportunities of big data in more detail.

Reading Tip: What is Big Data

Data is the new oil – Opportunities of Big Data

“Collecting and evaluating data today is the same as it was 100 years ago, during the oil boom. You try to tap as many sources as possible to make a profit from them.” (Source censoration). Furthermore, the magazine brings Google and Facebook as an example of which companies buy just to get its data. “An attempt is made to evaluate a variety of touchpoints and to use the resulting data to make action forecasts and consequently derive new products and services. ” (source censoration).

Customer approach

Big data makes it possible to better understand customers and then address them more specifically. Customers are now on smartphones and tablets. Mobile and at any time. Traditional messages are outdated. For example, a customer on a smartphone (possibly on the train) has to be approached differently than a customer at the PC home at the desk.

Data can help ensure precision and real-time delivery to customers. Knowledge of the purchase history can also bring significant added value. All of this is data that is often already in the company but is currently not used for customer contact.

Forecasts

Big data can be used to create more accurate forecasts. Of course, reports have been produced for a long time and decisions are made on the basis of them. But with the help of new methods such as qualitative evaluation, direct knowledge can now be gained from this report.

With the help of these forecasts, more informed decisions can be made and coupled with a priese gut feeling and some experience, this decision can often be very good. So it can be a good addition. In particular, the connection between variables can be useful for a decision: Do customers buy more who order in the morning or come via a landing page? These are correlations that may only be revealed by a big data tool.

Development

Big data can be used to create evaluations, the results of which are incorporated into the development of products and services. For example, vehicles now generate a lot of data that improves the driving experience, or Spotify recommends the music you want to listen to. Spotify checks whether you’re more likely to listen to quiet music in the evening and rock’n’roll in the morning to wake up.

These examples can be used to improve a product but also to create completely new products. This allows apps or products to be completely personalized. But new products such as data analytics tools or distributed data storage systems are also coming onto the market. Also the job of the data analyst is now searched and you look into the job profiles is almost everything from The Excel spreadsheet creator to the server administrator to the software developer.

Conclusion

“Business e-mails, networked company vehicles, new orders in online stores, keyword scanning in social media groups, the collection of location-based data, video recordings from surveillance cameras, machine metrics – countless data are generated every where you are in the company.” (Source T-Systems).

Tip: Book suggestions for big data

These potentials can be used to address customers in a more targeted way, to make forecasts for informed decisions and to develop new products. These are all opportunities of big data and allow companies to withdraw from the market.

Reading Tip: Risks of Big Data

Big data therefore offers great potential for companies, but of course it also carries risks such as misinvestment or abuse. In order to read the other page, I recommend to look in my follow-up article.

Big Data Opportunities Risks
Opportunities and risks of big data (own presentation)
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I blog about the impact of digitalization on our working environment. For this purpose, I present content from science in a practical way and show helpful tips from my everyday work. I am a manager in an SME myself and I wrote my doctoral thesis at the University of Erlangen-Nuremberg at the chair of IT Management.

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