Whether we drive a car, surf the Internet, take photos or videos with our smartphones or operate machines at work: data is generated. The amount is so gigantic that experts speak of “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 aims to take a closer look at the opportunities offered by big data.
Reading tip: What is big data

Data is the new oil – big data opportunities

“The collection and analysis of data nowadays corresponds to the same principle as it did 100 years ago, during the oil boom. You try to tap into as many sources as possible in order to make a profit.” (Source Censation ). The magazine Google and Facebook also give examples of which companies buy just to get their data. “We are trying to evaluate a large number of touchpoints and use the data obtained from them to create prognoses for action and consequently to derive new products and services. ” (Source Censation ).

Addressing customers

Big data makes it possible to understand customers better and then to address them in a more targeted manner. Customers are now on the move on smartphones and tablets. Mobile and at any time. Traditional messages are no longer up to date. A customer on the smartphone (possibly on the train) must be addressed differently than a customer on the PC at home at his desk.
Data can help to guarantee the precision and the addressing of customers in real time. Knowledge of the purchase history can also bring significant added value. These are all data that are often already in the company but are currently not used to address customers.

Forecasts

Big data can be used to make more accurate forecasts. Of course, reports have been created for a long time and decisions are made based on them. But using new methods like qualitative evaluation direct knowledge can now be obtained from this report.
With the help of these forecasts, more informed decisions can be made and, coupled with a pinch of 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 who came via a landing page? These are connections that can perhaps only be revealed by a big data tool.

development

Big data can be used to create evaluations, the results of which flow into the development of products and services. For example, vehicles now generate a lot of data that improve the driving experience, or Spotify recommends the music you want to listen to. Spotify checks whether you prefer to listen to quiet music in the evening and rock’n’roll in the morning to wake up.
With the help of these examples, a product can be improved, but also completely new products can be created. In this way, apps or products can be completely personalized. But new products such as data analytics tools or distributed data storage systems are also coming onto the market. The job of data analyst is now also sought and if you look at the job profiles, from the Excel table creator to the server administrator to the software developer, almost everything is included.

Conclusion

“Business e-mails, networked company vehicles, incoming orders in online stores, keyword scanning in social media groups, the acquisition of location-based data, video recordings from surveillance cameras, measured values from machines – countless data is generated every second in a company.” (Source T-Systems ).
Tip: Book suggestions too Big data
This potential can be used on the one hand to address customers more specifically, to make forecasts for well-founded decisions and to develop new products. All of these are opportunities for big data and enable companies to stand out from the market.
Reading tip: Big data risks
Big data therefore offers great potential for companies, but of course also harbors risks such as bad investments or misuse. In order to read the other side as well, I therefore recommend taking a look at my follow-up article.

Big Data Chancen Risiken
Opportunities and risks of big data (own illustration)

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Dr. Dominic Lindner
Author

I blog about the influence of digitalization on our working world. For this purpose, I provide content from science in a practical way and show helpful tips from my everyday professional life. I am an executive in an SME and I wrote my doctoral thesis at the University of Erlangen-Nuremberg at the Chair of IT Management.

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