Big data has become a huge concept in 2018, yet many corporations still continue to be puzzled by how to use it and what it means. In short, big data is a potent and advantageous tool for sales and marketing. It utilises intelligence and analytics to steer massive company growth.
Social networking has become a way of life and the number of devices that people use is ever-inflating, and this then proceeds to generate untapped sources of data that can assist businesses compete more effectively.
So how can you utilise the power of big data for running a franchise I hear you ask? The franchise model permits store managers to have a vast amount of autonomy, however the company can still capitalise on data to refine their bottom line, and that applies to both the central management and the franchise owners.
In this post, I’ve analysed the origins of big data and how today’s technological advances are rapidly accelerating the evolution process. I then delved into the 5 V’s of big data to illustrate a better understanding of what it actually is as well as outlining some common ways that companies collect data. Of course, I then focused on how big data can be successfully applied to multi-unit brands such as franchise groups.