Big Data – this latest buzz term is either causing you pain already or you haven’t been affected (yet). Organisations of all sizes need to prepare themselves for the inevitable: manage big data effectively now, or be consumed by it sooner than you think.
SMEs might assume that they won’t be affected and can carry on with their current methods of analysing their data retrospectively, collating reports and putting plans in place to respond to the market… at some point. Wrong! Data is being generated all around us, all the time, with no end in sight.
‘Big Data’ is the culmination of an organisation’s transactional data (inventory, sales, finances etc), along with social media data, mobile data and any other industry-centric inbound data – this combination becomes larger than the traditional enterprise storage tools can handle – and it keeps growing.
Big Data infographic:Source
Big Data Statistics
- 4 billion pieces of content are shared on Facebook everyday
- 235 terabytes of data has been collected by the US library of congress in April 2011
- 15 out of 17 sectors in the US have more data per company than the US library of congress
- In 2009, the discrete manufacturing industry stored 966 petabytes of data (by far the largest sector)
What does this all mean?
Data generates knowledge, knowledge is power. Big Data is driving competition, innovation and profit across all sectors. By gathering, understanding and then predicting your customer’s behaviours you can gain control of your organisation’s future.
Is Social Media Really Relevant to My Company?
You might not think social media needs to be a concern for you. Here’s why you might be mistaken:
- 1 billion Facebook users
- If Facebook were a country, it would be the 3rd largest in the world
- Over 50% of the world’s population is under 30 years
- 20% of daily Google searches are new
- In 10 years, over 40% of the Fortune 500 will no longer exist
- Social media is the number 1 activity on the web
- The Ford Explorer launch on Facebook generated more traffic than a Superbowl ad
- Gen Y and Z consider email old-fashioned (some universities have even stopped distributing email accounts)
- Every second 2 new members join LinkedIn
- Social gamers will be $1b worth of virtual goods in 2013 (movie goers only spend $2.5m in concessions)
- YouTube is the second largest search engine in the world
- 97% of Pinterest fans are women
- 53% of people on Twitter recommend products in their tweets
- 90% of people trust peer recommendations (only 14% trust advertisements)
- 90% of marketers use social media to reach customers
Watch these statistics in a video:
‘The ROI of social media is that your business will still exist in 5 years.’ Erik Qualman, Socionomics
Does my Company need a Mobile App?
Whether it needs an app or not is up to you but being aware of the world’s mobile device activity might enhance your marketing strategy:
- 27% of companies worldwide planned to implement location-based marketing in 2013. (Source: Econsultancy, 2013)
- Retailers’ apps with store mode gather five times more engagement. (Source: Point Inside, 2013)
- By the end of 2013, there will be more mobile devices on Earth than people. (Source: Cisco, 2013)
- Consumers spent six times as much time in retailers’ apps in December compared to a year earlier. (Source: Flurry, 2013)
- 48% use or would like to use a smartphone to shop while in-store or on the go. (Source: Cisco, 2013)
- 80% of smartphone owners want more mobile-optimized product information while they’re shopping in stores. (Source: Moosylvania, 2013)
What does this mean for my customers?
They are more engaged – or you have the potential to become more engaged with them if you have the right tools and strategy
They are more accessible than ever before and you can reach out to them in numerous ways
They expect information, responses and services quicker and are more demanding in their requests because they know they can easily find a more suitable alternative
How can my organisation keep up?
Leveraging a robust analytics platform to keep up with and stay ahead of the trend – even if right now you don’t think you are affected by big data issues.
Analytics Powered by SAP HANA helps your organisation to:
- Access market leading business intelligence data in real time using ‘in-memory’ technology
- Effectively store, manage and access all inbound data streams affecting your business
- Understand customer behaviour and trends better and respond accordingly (before your competitor does)
- Grow with the evolution of data
- Implement SAP HANA and use alongside your transactional server
- Comply with government, industry and risk requirements
- Equip your sales teams with full visibility so they can react quickly to market demands
- Enable your operations team to perform preventative (instead of reactive) activities
- Enrich your customer’s journey and experience with your company (never underestimate this in a fickle marketplace)
If Big Data is causing you headaches, or you would like to manage these challenges better, click here to talk to our expert team of SAP consultants.
Note: This story has also been adapted for publication in Steemit.