Data is one of the most valuable resources that you have and you’ve got tonnes of it at your disposal, but rumour has it that not all businesses out there are optimizing the valuable data that’s at their fingertips (GASP!).
Well I’ve got news for you, optimizing data isn’t a choice any longer – it’s a necessity.
According to IBM, 90% of the world’s data was created in the past two years, and at the rate we continue to generate even more data (2.5 quintillion bytes per day to be exact), if you don’t learn to manage and analyze your data efficiently now, you’ll be in hot water later!
But don’t panic, you’re not alone in the battle against Big Data! In fact, 91% of sales and marketing say that they struggle with customer data, while 82% of sales reps struggle with information overload.
There are ways and means to overcome this data overload and become a data optimization whizz. These 7 quick and easy tips will help you to crack Big Data and fry competition in no time!
- Start with the end in mind
First and foremost, to truly optimize your data you need to know your end goal. Would you like to know where you can increase sales? Or which product outperforms another in a particular demographic?
Ask your data specific questions first – once you know what you’re looking for, the answers will be obvious and easier to find.
- Make the most of the information you already have in your database
Your CRM has masses of information – start here to get some insight into the questions you want to answer.
Your historic data tells a story of where you’ve come from and your new data will tell the story of where you’re going.
- Stop trying to collect/ analyze every byte of data
Collecting and analyzing every piece of data that you can get your hands on is not realistic! Don’t try to capture every interaction, every transaction or every engagement, just focus on the data that drives results.
Trying to capture so much information isn’t sensible either! It would consume all of your resources and time. It’s not valuable and it would cause analysis paralysis.
Try giving your CRM a spring clean – look at what you collect, what’s useful and what’s useless to your analyses.
- Think ‘Relative’
Already today I bet you’ve come across a blog, tweet, post or news story about big data, right? Though the name suggests it, Big Data isn’t always big because what’s big in one organization may be small in another – so forget big data and just think of it as relative data.
- Be mindful of data quality
I can’t stress how important data quality is – but if I was to try, I’d say it’s verrrrry important! Think quality over quantity – there’s a good reason why Google Maps take time to build on their data before updating and why Apple Maps’ iOS got slammed!
Bad data quality can also cost you more than credibility and money; it can also cost you valuable insight. Here’s a brief, to the point article I particularly like, ‘The Cost of Bad Data is the Illusion of Knowledge’.
- Consider the forgotten elements
Successful organizations experiment and refine new ways of gleaning insight from their data in order to keep ahead of the competition.
Analytic precedence is often given to intangible metrics like engagement percentages, conversion rates or product sale numbers – but what about the tangible dimensions such as location?
Looking at where engagement is most active, and in which territories produce most revenue can give you an entirely different perspective to your data.
Putting location at the center of your analytics equation can bring a whole other level of depth to your analysis – giving you powerful insight and helping you to refocus your analyses for the better.
- Get creative
If you really want to optimize your data then you should explore mapping software. Mapping software makes analysis a lot quicker and easier in contrast to trying to make sense of rows and columns of data in a spreadsheet.
So now that you know mapping your business data gives you powerful, geographic visualizations of your leads, customers, assets, competitors, you name it – what are you waiting for?
See how you can transform your data into visual insight. Sign up for a free trial to start leveraging the value of mapping software, today.