BIG DATA – How you may already be using it!

Big Data – We hear it in the media all of the time. Maybe you have wondered how it can apply to you when you run a small propane business in Wyoming. Let’s start with what big data is.

big data {NOUN}

computing

1. extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions:

However, if you are not able to analyze the collected data to reveal patterns, trends, and associations, it is of little use to you and your business.

Are you using EXTERNAL Big Data without realizing it? Here is an example. There are millions of thermometers, wind and sun gauges, and cloud reporting sites around the US. Most are now connected to a network and stored ‘somewhere’. Doing your own analysis to find ‘patterns, trends and associations’ would be a massive challenge. The solution, acquire data from sources such as NOAA, weather.gov (National Weather Service) or AccuWeather. With tools like this, much of the hard work is done for us. This use of big data affects your business because when you have the ability to predict future weather patterns from sources like AccuWeather, you can:

1. make better buying decisions for contracts
2. plan route deliveries for customers.

Weather data from a reporting source is a BIG DATA tool. Here are some other external sources you may use often – Salary.com, Propane pricing, truck repair data etc.

Do you already create your own INTERNAL Big Data? Without realizing it, you may already be harnessing this concept. Let’s take a look at INTERNAL Data that you have collected and how you can analyze it. If you have an automated accounting system – such as QuickBooks, Advantage Route Systems, Cargas, Blue Cow, RCC or a mega ERP system that manages every aspect of your business, you should be able to ‘mine’ your internal data to see ‘patterns, trends and associations’.

One important variable is Sales Data. Looking at trends to determine your sales goals and purchasing requirements. Doing a single variable look is good! However, what happens when you combine multiple variables – inventory levels, account receivable balances or hours of overtime? What about profitability?

Big data will help you see this.

What is easier – a list of customers by state in alphabetical order or this?

So why is Big Data important? The value of Big Data is not in the amount of data you have but how you use it. By analyzing data from any source, you can deduce patterns and retrieve answers that will create insights to:

• streamline resource management
• improve operation efficiencies
• customer retention
• optimize product development and automation
• drive new revenue and growth opportunities
• enable smart decision making
• personalized e-commerce shopping experience
• retail shopping habits and product placement optimization
• risk assessments

When you have accurate, up-to-date information, you can make better informed decisions when growing your business, understanding customer decisions, making forecasting choices, and targeting your key audience for advertising.

Technically speaking, how is Big Data used? Big Data requires specialized NoSQL databases that store the information in a way that doesn’t require strict adherence to a particular model. These analytical systems are sophisticated and capable of handling complex data analysis to provide businesses with decision-making insights.

How would I get started if I wanted to increase my own Big Data database? To do this, we want to introduce one more big data term – BI – Business Intelligence. This a generic term to describe tools to help you visualize and analyze data. It turns data into useful information. There are a variety of open-source and paid tools designed to help you integrate, process, and prepare data for analytics. Most have a graphic interface to help you visualize and utilize insights. Some popular tools are integrate.io, Adverity, Dextrus, Apache Hadoop, Google Cloud Platform, RapidMiner, and Dataddo. (We are not recommending, endorsing, or sponsoring any of these products. Advantage Route Systems is simply providing product names to give you a starting point for you to conduct your own research.)

In conclusion, companies use big data to improve operations, provide better customer service and create personalized marketing campaigns that in the end will increase revenue and profits.