Good to Great: How to Scale With an Outsourced CFO

Big data sounds intimidating and maybe a little scary, but all it is is a collection of data that represents an opportunity for insights and analysis into your business. In other words, it's data collected from traditional and digital sources that you can use to analyse, market, and plan strategically for your business. It's your diamond in the rough.

What can big data do for your business?

Big data expands customer intelligence

You're probably not going to remember every customer or be able to anticipate their needs. Big data changes this. With big data analytics, you can "remember" them digitally, and this can be an important tool in the way you interact with clients.

When you can keep track of purchase histories, customer relationship management (CRM) data, and data from industry partners, you can learn a lot about each customer. You get to know their buying behavious like what they prefer to purchase, when they are likely to contact you, and what their needs are.

Big data improves efficiency

You've invested heavily in your company's operations, and big data can help complete the feedback loop that drives operational efficiencies. Big data allows companies to offer suggestions and next steps with predictive analytics. One example is at a doctor's office, apps can present physicians with informed suggestions or the next steps in a treatment plan. Another example is auto mechanics, who can determine maintenance schedules and alert the supply chain of when needed parts should arrive for repairs.

Big data drives marketing

The data you collect from purchase transactions, business encounters, and call centers can be used to determine topics to be covered in inbound marketing content such as blog posts and social media. When you know what your customers are asking about or wanting to know, you can deliver quality content that meets their needs even before the need arises. In this way, your company becomes the go-to expert in your industry, the source to be relied upon in your field.

Big data improves customer service

If there's a consumer complaint in the 21st century it's that customer service has gone the way of the dinosaurs, but with the effective use of big data, customer service can be reinvented. Consumers today are much less likely to be found in a brick-and-mortar store customer service line than they are to be found on their mobile devices. So show up where they are: on their phones. Use social media to provide customer service. Record customer service phone calls, tally up the topics addressed, and provide the answers to these phone calls online. Not only will you receive fewer calls, but your customers will be happy to have found the answers "on their own."

If you're a business owner today, embrace big data. It will help you expand customer intelligence, improve operational efficiency, drive your marketing, and improve your customer service. The result: a savvier, leaner company for your employees, customers, and stakeholders.

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