More data, less intuition
12 FEB 2020
Big Data technology has been the subject of the moment and has a direct relationship with data collection and analysis.
Lately, an increasing number of companies are collecting and analyzing information regularly to facilitate their decision-making process. The benefits brought by these practices can be numerous and applied to diverse sectors; there is no longer a restriction.
Helps on more assertive decisions
Making a decision is a hard part of the routine of any professional, especially managers and directors of large areas. We always hear of examples where a choice made irresponsibly brought significant consequences for the company like financial losses and lousy climate across the organization. Therefore, the use of substantial information helps to minimize these possibilities. But how to get it right?
In the past, where data and technology were not vastly available, managers had to make decisions through their knowledge and personal experiences and even relying on their intuition. In today’s world, it is quite a risky thing, mainly because of the new behavioral model of consumption that has become much more volatile. Hence, the data started to play a central role in the decision-making process.
Thus, most professionals in the digital era need to qualify and acquire knowledge in big data if they want to succeed, as observed from recent research conducted by Brainstation, where nearly 90% of respondents believe that data literacy is impacting the success of their organization’s projects. This new qualification involves several skills like interpretation or how to use and allocate information in the right place to get accurate results.
Learn information about customers
In a highly competitive and increasingly digitalized market, companies must start tracking every move of their clients. In the form of numbers, text, voice, images, and even videos, having in hands collected data about your customer is becoming a meaningful way to identify various points across the purchasing journey such as satisfaction levels, segment choices, and brand value perception.
Data management allows you to draw a consumer profile and improve the experience with the brand, offering everything from personalized service to the right service for your needs. This type of trend is well observed in sectors like banks, that are rapidly transforming from traditional to digital.
Detects fraud and crime
Constantly growing on the operational backbone of corporations, the collection, and analysis of customer data can also help to investigate crimes such as corruption, money laundering, fraud, and conflicts of interest. This fact is essential, as it ensures that the company does not lose significant amounts of money, and its reputation is not affected. This practice, called KYC (Know Your Customer), is also applied to identify potential compliance problems with suppliers (KYS) and employees (KYE).
Where to start?
The overwhelming amount of mass data produced every day might look scary, and the feeling is that there is no starting point. At the same time, technology is evolving at a fast pace, which includes what is called “data mining” solutions, developed primarily to structure and automate the whole process. Choosing the right software becomes then the main struggle. Therefore it’s always recommended first to identify your main needs, involve vital people within your company, and try alternatives.
upLexis is one of these providers available in the market since 2008, helping large companies to become more analysis-effective thanks to its platform that automates the background check processes, searching and organizing BIG DATA at speed.
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