Big Data For Small Business For Dummies

Chapter 13

Creating a Big Data Culture in Your Business

In This Chapter

Moving away from gut-based decisions towards fact-based decisions

Using data to influence your ongoing business strategy

Spotting potential for additional or completely new business models

By collecting and analysing data, you can transform your business in two ways: Firstly, you can use data to examine your existing business model and improve how you do business. This may involve understanding and targeting your customers better, increasing employee well-being, fighting fraud, or improving efficiency. Secondly, there is the possibility that data may eventually change your business model or lead to diversification. For example, if you manufacture products that have the ability to collect a lot of data, you may find that the data itself is more valuable than what it tells you about improving your business – enabling you to sell that data to interested parties or provide additional services to customers based on the data.

Most companies start with the aim of improving their current business model – and that is ...