4 Rules for Successfully Utilizing Big Data

When it comes to defining your brand, getting ahead of competitors, and growing your customer base, big data can be an incredible resource.

But it’s not as easy to harness that power as some might think. There are actually some pretty important rules that your company should recognize before using big data for marketing purposes. Let’s take a look.

1. Use Data Backups

Backing up and storing data properly is one of the most important aspects of running a successful business. According to Boston Computing Network, 60 percent of companies that lose data will shut down within six months of the incident.

It’s important to secure the data in all applications, from software to email. Many companies believe that their email provider or software service will keep their data secure, but in most cases, that protection is limited at best.

“Your email and data security are only as good as the safeguards you put in place—even if that data is secured in the cloud,” according to a blog post from Virtru, email security experts. The same goes for every program within your operation.

Keeping data safe is far more important than many startups realize, and if they want to survive amid the thousands of failing businesses, they should take the proper steps to protect themselves and their data.

2. Respect Privacy

An important part of using big data to your advantage is respecting the privacy of consumers and fellow businesses. Big data is an exciting tool for progressing and moving forward, but if you get into data and information that’s been flagged for privacy, you could be entering a world of legal implications and issues that could derail your company.

At the same time, don’t let your caution regarding privacy hinder your progression. Too many businesses have let fear of privacy infringement stand in the way of capitalizing on a project that could genuinely benefit their businesses.

3. Draw on Experts

Deciphering and translating data into something that can be used isn’t easy. It takes time, money, and resources that many young companies don’t have. Companies in that position would do well to look at what their competitors and other firms in the industry have already discovered. "Spying" on the competition and seeking the help of consultants are great ways to harness the full power of big data, without wasting precious time and resources.

4. Find Knowledgeable Staff

Understanding, translating, and putting big data to the test is a relatively new concept. For that reason, it might be difficult to find employees with extensive experience. However, it’s important to hire staff members that have the imagination, drive, and developmental skills to tackle the issue of big data head on.

Aside from hiring new employees, training your current employees to handle the giant influx of information that can revolutionize your business when used correctly. Getting all organizations and departments on the same page with data collection will help to reduce risk and optimize efficiencies in any business.

All in all, using big data in a way that will supersede the competition revolves around using imagination to come up with new ideas that will be entirely unique to your business.

Confidence, imagination, and a willingness to make a few mistakes are key to the successful integration of data into your business.