Business is no longer the simple practice of bargaining. With technology taking over, companies are implementing more precise tech strategies and considerable thought in order to dominate the market.
With technology taking over, companies are now implementing more precise tech strategies to dominate the market. The drastic increase of technology in the last decade has affected many different aspects of our society; from watching movies to driving cars, reading the news, or communicating with friends and family. While these seem like simple aspects of our everyday lives, this massive change in technology also affected how economies work, how politicians reach audiences, and how companies do business.
Business is no longer the simple practice of bargaining. With technology taking over, companies are implementing more precise tech strategies and considerable thought in order to dominate the market. This increase in technology means more power for the consumer. An increase in competition means that companies must understand the importance of researching and studying the customer in order to create the perfect product. This is where the concept of big data comes into play, which has drastically asserted its influence in the business world in recent years.
Big data is generally described as massive amounts of high-velocity data used by businesses in order to study and understand specific information regarding patterns and behaviors of customers. This information can be obtained from anywhere, and is used to build strategies to improve the company’s performance in the market and outrun direct competitors.
But how important is big data to companies in today’s market? Former BBA student Nicholas Schiena briefly explained what it means to deal with big data on a daily basis and how important it is in the business world.
1) What does your professional career consist of at the moment?
Business development in Europe for a big data company based in Madrid.
2) Can you please briefly explain what your job consists of specifically?
Management of the Italian market, development of strategies, lead generation, CRM and management control of main KPI’s.
3) What is big data and how does it relate in the business world?
Extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions. It is key to understanding customer needs and therefore providing exemplary service.
4) What is the best way to obtain the most relevant big data?
Stay up to date with the best technologies available for lead generation, which is CRM, and the best software for cloud computing that allows you to efficiently manage big data, which consequently optimizes your data science, data architecture, and overall business intelligence.
5) In general, what’s the relationship like between business and technology in the current business discourse? How does this aspect relate to your job?
Technology is the backbone of our business. Being a big data tech company, we heavily rely on technology, being key for both our business units. It will definitely become stronger as we will need to adapt new technologies to survive in the marketplace.
6) How do you see the future of business and technology?
Technology is essential for business nowadays and will become a critical factor for competitive advantage.
Big data is clearly one of the most essential tools used by companies today in order to build successful strategies. As the market becomes more competitive, big data assumes more importance every day. This trend is expected to continue into the future. The important aspect to understand is how to properly deal with such a huge amount of information with exponential growth.