As discussed by this blog, big data is a mainstay in business operations. It's become essential for companies to now have the technological means to accumulate and analyze massive amounts of marketing and customer behavior data. But, choosing which variables to measure can be a complicated task, mostly due to the massive amount of data that's available.
According to Harvard Business Review, companies can increase the effectiveness of their analytical methods by adding what the source calls "signals." These data points are essentially more columns in a spreadsheet, but help add texture to the data that's being collected.
For example, a retailer that tracks customer spending habits would probably keep track of the customer's name, if they bought more than one item and what time they purchased the product. But, by adding in another signal – or variable – like whether the customer has a rewards card, businesses can gain a clearer picture on what types of customers are behaving in what way.
This can allow companies to adjust marketing methods and promotions, which, if done correctly, can foster better sales and a more efficient workforce.
But, in order to achieve this, businesses will need the technology to help maintain and analyze these statistics.
By consulting FileMaker developers, companies can create custom database software that can keep track of whichever signals they choose. Since no business is the same, the more customized the data can be, the more likely the company will benefit from its analysis.
As the article's author stated, "opinions are great, data is better," and using custom database software can provide a more effective way to analyze big data and make important decisions.