The Benefits of Big Data: How SP&R Helps Clients “Tap” its Potential
In the past decade, the rapid growth of technology has exponentially increased the amount of searchable data that people generate. In fact, experts estimate that people generated more data in the year 2012 than accumulated in all of human history through 2010.
This vast storehouse of data produced from online shopping, social network interaction, smart phone GPS location, and digital content downloading acts as a diamond in the rough– offering new opportunites for market research and analysis if one is willing to sift through layers of web data to harvest kernels of truth about the consumer. It’s known as Big Data and SP&R is actively engaged in helping its corporate clients use it to learn how to be profitable in a rapidly exploding Internet-savvy world.
The healthcare industry is a good example in which SP&R is actively engaged in helping its clients use market research services to better understand Big Data. In a changing health care arena, hospitals are under enormous pressure to be more responsive to patients while also remaining profitable. That’s why it’s critical for hospital administrators to not only understand which surgeries and procedures are money-makers, but also which ones the public and even its own physicians and employees agree represent the best avenues for future growth. Plus, identifying competitor hospitals that have captured “market share” through the use of hospital ratings reports must be taken into account as well – all of which cannot be accomplished without blending Big Data with reliable consumer research.
Another example of how SP&R is helping clients to use Big Data is in the transportation industry. SP&R continues to be engaged with the Pennsylvania Turnpike Commission helping it understand how its transformation to All-Electronic Tolling (or AET) will impact not only its “cash” customers but its own employees. This process involves a myriad of techniques including surveying Turnpike users and employees as well as capturing Big Data like sales receipts from actual interchange points to fully analyze market barriers to future growth.
Where Big Data can be helpful is by enhancing the quality of market research on the front end, while simultaneously maximizing results and analysis on the back end to help clients be more competitive by better understanding customers, lowering operating costs and helping to grow business-segment revenue streams.