How Does Free Data Make Companies Better?
Big data has become a business buzzword in the last five years that changes the way your business functions. Big data brings you in close contact with large amounts of mostly unstructured data that, if prepared and used correctly, will help you guide the direction of your business. Big data cannot and should not be hidden away in dark corners of your offices. Big data should be shared across industries to help everyone involved. Look at big data as the open source help and content your business shares with other businesses, and consider how shared big data helps everyone. You are not competing with every other business in the world, and their big data could be just the thing you need to change the fortunes of your business.
#1: Introducing More Data Sets
More sources of data helps your business create better results, but you must be willing to collect much more data than you think is required. The extra man hours you dedicate to analyzing big data will only pay off in the future when you have collected enough data. You cannot be satisfied with a few bits of data that you have collected, and you cannot stop looking when your business collects data of its own.
Go looking for big data that is shared by other businesses, governments and other institutions or individuals and include their data with your own when making important decisions affecting your business. Other businesses have the same struggles and issues you have, and after a short time, you will discover what is happening, both good and bad, within your industry. Your business’ experience is but one source of knowledge regarding your industry. You cannot reliably make long term decisions for your business based solely upon data that you gather from your own internal sources such as company emails, company financial data, planning documents, presentations and other internal sources.
Your research should lead you to all available repositories of available data to see what businesses around the world are experiencing. You generally cannot use big data exclusively, but big data from around the world may assist you in dealing with issues that must be addressed by your individual business in the future.
#2: Big Data Empowers You
You might avoid the use of big data because it sounds overwhelming. You or your business may feel as though you do not have the time to dedicate to big data consumption and analysis. Additionally, you may think that the people working in your company have many other important tasks to complete, and the analysis of big data may take away from things that you know must be done immediately.
Chipping away at gathering big data over time will help empower your business with data you could not have had otherwise. You cannot assume that big data is a lost cause if you cannot get to it right away. Going over your big data in small increments helps you make changes to your business that happen slowly. Slow changes to your business help you prevent upheaval that could cause customers to leave or employees to quit.
The big data you share helps empower other businesses. You are helping create an environment that aids all businesses in their mission. Businesses that do not compete with you directly can use your collected data to better themselves, and non-competitors can become partners after you share big data. Consider all the companies you share data with as potential partners in your business.
#3: Sharing Big Data Is The Right Thing To Do
Big data sharing is the right thing to do for every business. Your business must be principled, and the sharing of big data puts you on the right side of your industry. Hiding from other businesses is not wise in any situation, and your business must create an environment where other companies know you are willing to play fairly.
You might wish to share data that is not identifiable, and you may share the data that impacts your industry as a whole, but you must share something. Imagine that you are looking for big data that will help you, and imagine another business holding out on you. You do not want to be the business that treats others poorly, and your release of your data will beget releases from other companies.
Open sharing improves every business in your industry, and a healthy industry creates a larger customer base. You depend on the customer base to improve sales for your business, and you cannot attempt to shrink the customer base for your competitors without impacting your own. You are much better off using your big data to help other businesses. You will see the benefits yourself in the future.
#4: How Fast Do Results Come In?
Results from the use of big data trickle in over time. You will use big data to improve the direction of your business, and each part of your business will improve with just a small amount of big data. Allow your business time to improve, and do not force any changes you make. Wait at least two quarters before you expect to see results.
Your service offering or content may be changed for the better by big data. You do not know the extent of the change until you have analyzed large sets of data, and your business must be willing to share for the benefit of others. Joining the big data revolution helps you, helps your industry and strengthens your customer base.