The Big Data Revolution
For non-profit organisations, in particular, Big Data is more than a great marketing tool.
According to IBM 90% of all online information was created in the last two years.
The big data market is expected to grow to $23.8 billion mark in 2016.
By 2020, there will be 5,200GB of data for every person on Earth.
The Big Data revolution is proving to be very lucrative for many businesses both large and small. The benefits range from maximising resources, boosting stakeholder engagement, improving efficiency and driving business innovation. It should come as no surprise that the big data market is forecast to grow to $23.8bn in the next two years.
In the public sector open data is recognised as a valuable means of driving economic growth. The government’s white paper published last year, details its commitment to making non-sensitive, public sector information open and free to use by 2015.
So how are we using big and open data in our organisations?
For small scale creative enterprises we must think in terms of the user experience. Tailoring and designing the client’s journey is essential. We need to coordinate all our communication channels and ensure we are asking the right questions at each point of contact.
However, Big Data is not just about collecting information, but analysing and using the data effectively. Big Data analysis will require pulling information from different sources, be it social media, our databases, feedback forms and combining these with face to face interactions. This help us to understand our clients’ profile, assess their level of engagement and identify the key influencing factors. It will also assist in anticipating any problems before they occur and to plan strategically.
We are exposed to customised marketing messages everyday and most of us respond well to targeted communication. The effective use of Big Data will direct us on what to say to whom, how best to reach them and when.
For non-profit organisations, in particular, Big Data is more than a great marketing tool. It plays a massive role in research, development and social innovation. Harnessing Big Data enables us to better understand social needs and identify gaps in service provision.
We can not afford to underestimate the value of Big Data particularly when it comes to measuring the impact of our work and identifying the life changes we are making to those we engage with.
Big Data also enables funding organisations such as; trusts, foundations and social investors, to assess their social return on investment. This demonstrates the potential that Big Data has in driving investment to innovative projects.
The Big Data revolution is not reserved just for the likes of Tesco and their loyalty cards, or Amazon with its data analytics. Small businesses, social enterprises and third sector organisations can harness the benefits of Big Data, creating an even greater social impact and economic growth.
Join Creative Training Hub on 3 December for our Making Data Count Event