5 Benefits Of Big Data & Knowledge Management
Data is King. It’s the strongest tool in any organisation’s arsenal, only superseded by its employees.
Data cultivates high and low-level decision making simultaneously. From guaranteeing your marketing efforts reach the intended targets, facilitating optimised interactions with prospective consumers to driving growth through invaluable insight that works to boost the development of products and services. Additionally, it bolsters improved revenue calculations and enables you to better allocate your business’ resources.
However, for an organisation to see its data transform into tangibly impactful business outcomes it has to first cultivate it, interpret it, arrange it, and distribute it internally. That’s what makes big data and knowledge management such strong partners.
In order to magnify your organisation’s success, we’ll be outlining the advantages of big data and knowledge management — as well as touching on the best way of capitalising on the data already in your hands.
Big Data & Knowledge Management
What It Is & Why It’s Vital
Over the last few years, the quantity of data that organisations gather has increased tremendously and experts expect to see a continuously increasing rate of growth.
Big data is used to explain enormous data sets that are so intrinsically complicated that everyday software systems are unequipped to appropriately select and interpret them.
On the other hand, knowledge management is a term used to describe the processes and tools employed by organisations to attain, store, manage and distribute information. It aims to transform intricate data points into readily available and easily retrieved information. It optimises teams and individuals, empowering them to work with heightened efficiency and encouraging better-informed decision making.
How Does One Relate To The Other?
Knowledge management is a process and software solution that companies utilise to transform big data’s insightful ‘raw material’ into helpful, workable knowledge. A knowledge management solution allows your team to reach any and all information they may require at whatever time they may need it.
Put simply, it transforms big data from a rough doodle into a beautiful Picasso. It gives your team better access to vital information that ultimately works to catalyse sustainable long term business growth.
Big Data
How Businesses Are Handling Theirs
Certainly, it’s not as straightforward a process as just plugging your raw data into a knowledge management system and attaining great outcomes. To benefit fully from the two, some steps must be taken in between:
Establishing Goals
What insights are you looking to attain? Make full use of the information you gather by setting specific goals or asking particular questions. This way, you can work towards tangible outcomes that make way for further goals.
Gather & Secure The Correct Data
Get ahold of the right data, after that make sure it’s safe in terms of user privacy and protection.
Leverage Data Analysis
To get useful reports from the data obtained you will have to have a team in place to interpret the data. Your team, whether an internal team or external consultants.
User-Friendly Knowledge Management Solution
Give your team an easy-to-use knowledge management solution that empowers them (and/or you) to organise and publish the findings and distribute it amongst key decision makers and stakeholders. Ideally, you want to be able to search all of your content, in all it’s varying forms, on one intuitive platform.
Big Data & Knowledge Management
The Advantages
OK, They’re important. But why?
Big data and knowledge management solutions have big benefits.
Overall benefit: It drives sustainable business growth and boots productivity.
Analysing and transforming big data through the employment of a knowledge management system allows stakeholders quick and intuitive access to vital insights.
Coupled together, big data and knowledge management will empower your business like nothing else can. The insights gained from their marriage will help your business gain a long-term competitive edge attained through the improvement of possibly every one of its aspects — these aspects may include customer service and satisfaction, research and development, marketing, sales and finances.
Influences Product Decision-Making
Stakeholders will be granted access to the kind of insights that champions them to make the right decisions in a way that is data-focused instead of subjective, resulting in much higher margins for return-on-investment. The insights will tie together every department and aspect of your business in a way that boosts profitability, growth and consumer satisfaction.
Stakeholders have easy-access to big insights empowering them to make data-focused decisions regarding just about every aspect of your business. The insights will help decide what new features and products to create, how to price and package them.
Lowers Operational Costs
Collecting and examining data often necessitates an abundance of resources, particularly if you unintentionally revert back to locating and processing the same data again and again. If all your data and insights are always searchable and easily located, then you’re able to delete any duplicated information resulting in a drastic reduction in errors.
Catalyse Consumer Satisfaction
Catalyse consumer satisfaction by leveraging big data that allows you to precisely uncover what your clients need and what they want. This way you’re optimising your team, and company’s, time and resources. These types of insights generate higher engagement and result in a much smoother customer experience.
Heighten Lead Generation, Conversion & Retention
You want your consumer to feel seen, given what they’re looking for (even when they don’t know they’re looking for it). This way, they are much more likely to continue using your products and/or services. Being able to cement a feeling of value in the mind of a consumer is an imperative part of growing your business.
As in the case with most businesses, you have high-value data at the tips of your fingers. However, also like most businesses you’ll likely face obstacles when attempting to transform this data into something insightful.
By marrying big data and knowledge management you’re able to gain insight that drives revenue.
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