In the recent TDPK talk, we spoke to Dr. Peeradol Samasiri, a data scientist at Government Big Data Institute, about how businesses can use big data and manage it successfully. Here are 3 key ways businesses can use big data more efficiently.
Know What Data Is Best for Your Business
When businesses want to use big data, they should first understand what data is best for their situation and their target customer. They must know what data to collect, be it biometric data, health data, genetic data, or others. This will then enable them to gather better business insights.
Operate in Real Time
For some businesses, it will be important to collect data in real time to identify trends accurately, create an effective marketing strategy, and understand customer behavior as it occurs.
Read Data Correctly
There are two easy ways to separate big data: descriptive analytics and predictive analytics. Descriptive analytics simply answers the question: “what happened?”. It can be visualized in pie charts, tables, or generated narratives. Predictive analytics however is performed using AI to predict future trends.
For Dr. Peeradol Samasiri, big data is history that we can learn from to better understand the present and to create a better future. Although big data can be challenging for businesses, following these tips can help you manage it more effectively.