Data is one of your organization’s most valuable assets—second only to your workforce. It fosters both high-stakes and low-level decision-making, helps ensure your marketing efforts hit their intended targets, enables more productive conversations with prospects, and gives you valuable insight to help improve product and service development. It also supports better revenue projections and allows you to expertly allocate your resources.
But to transform all of your data into meaningful business outcomes, you first have to harness it, translate it, organize it, and share it internally. That’s precisely why big data and knowledge management are such a dynamic duo.
To help you maximize your success, we’re delving into the benefits of big data and knowledge management—and how you can get the most from the information and insights you already own.
What Is Big Data and Knowledge Management and Why Should You Use it?
In recent years, the amount of data that organizations collect has grown exponentially, and experts only anticipate faster growth in the future. Big data is a term used to describe these massive data sets that are so complex, traditional software systems are unable to adequately capture and process them.
Knowledge management (KM) refers to the processes and tools organizations use to capture, store, manage, and share information. The goal of KM is to make information easily accessible and retrievable so individuals and groups can work more efficiently and make better-informed decisions.
So what does one have to do with the other?
Knowledge management is a process and software solution that organizations can use to leverage big data and translate that valuable “raw material” into useful, actionable insights. A KM solution gives your organization the ability to disseminate that information so workforces can access all the knowledge they need whenever they need it most.
In other words, it helps you turn big data from a diamond in the rough into a glistening gem—and then makes it possible for employees to access those gems to improve outcomes for your company.
How Are Businesses Managing Big Data?
Of course, the process is a bit more complicated than simply plugging raw data into a knowledge management system and achieving brilliant outcomes. To glean the full benefits of big data and knowledge management, there are a few steps in between:
- Define your goals
What information are you hoping to glean? For example, a market research team for a retailer may be interested in knowing which sections of its audience are most likely to use coupon codes versus those most likely to shop flash sales.
- Collect and secure the right data
Capture the data you need, and then ensure it’s well protected for users’ privacy and protection.
- Leverage data analysis
Whether you have an internal business analytics team or leverage a third-party service, you’ll need to analyze that data and break it down into useful reports.
- Input insights into knowledge management
Implement a user-friendly KM solution that allows you to publish and organize insights and share them with stakeholders. Look for a platform that makes all content searchable—from slide decks to PDFs to videos—so that whatever form you use to share your insights, your stakeholders can find relevant information.
The Benefits of Big Data and Knowledge Management
So, what do you get from all this effort? What are the benefits of big data and knowledge management, exactly?
Here’s what you’ll gain by combining big data and KM:
It increases your efficiency and growth
Processing big data and disseminating it via a KM solution gives stakeholders fast and easy access to critical information. It helps you uncover and share insights that can improve nearly every facet of your business—from customer service and research and development to marketing, sales, and finance.
It informs product decisions
Easily accessible insights from big data help stakeholders make data-driven decisions around everything from which new products and features to create, to pricing, packaging, and more.
It decreases your operational costs
Gathering and analyzing data can require a lot of resources—especially if you inadvertently go back to find and process the same data over and over again. When everything is easily searchable and readily available, you can eliminate duplicate work and reduce errors.
It enhances customer satisfaction
Leveraging big data helps you identify what your customers want and need most, allowing you to work more proactively toward meeting those wants and needs — and creating a better customer experience. This data can also help you personalize experiences for better customer engagement.
It improves customer acquisition and retention
When customers feel recognized, and their needs are met, they’re more likely to stick around, invest more, and refer their peers. And the more prospects and customers you engage, the more data you’ll receive — which fuels the cycle.
Like most companies, you have access to a lot of high-value data. But also, like most companies, you may have challenges when it comes to translating it into something useful. By combining big data and knowledge management, you can connect the dots and turn data into revenue.