More and more Utah companies are investing in the process of quickly and efficiently analyzing enormous amounts of data, with many of them — MX, Domo, Insidesales — taking full advantage of the benefits.
“What is the big data that is most valuable, how do you acquire that data and then how do you properly leverage that data to increase efficiency and make the world a fundamentally better place?” asked MX CEO Ryan Caldwell.
Caldwell spoke on his company’s strategy of handling data, comparing the data industry to oil fields. Certain fields are currently being tapped (search engines, social media), while others (financial data) remain largely untouched. In order to deep-dive into each separate data field, he gave a simple three-part strategy: engage, analyze, and target. Basically, you need to create incentive for your users to share data with you, take that gathered data and decide what your strategy is, and then determine what specific areas you want to attack. When a company is able to effectively do that, making a personalized experience becomes that much easier.