In today’s global economy, data is part & parcel of every operational & functional sector. Some areas like manufacturing & human resource will simply be defunct without proper data & figures. Big data, the term used for a huge amount of data collected together for analysis & pattern observation & prediction, consequently enabling better decision-making, is fast becoming the growth & competitive measure for business organizations, & is adding great value by reducing data wastage & improving the quality of services & products. The following points list the benefits that a business house can garner from big data collation & systematic analysis –
Data Integration
Most of the data that a functioning company collects are stagnated in their departmental archives. Once the integration is achieved, the institution will benefit immensely from all the data collected across platforms. This will help the predictions like supplier logistical issues, end-consumer behavior & important financial & asset management.
Decisions can be tested
This is an area where big data can make a huge impact. Using controlled environments, the effect of any major decision can be tested & the resulting data can be properly analyzed to provide effective guidance to investment & financial branches. Managers can become empowered & informed, leading to better overall health & productivity of the organization.
Large scale customization
End-user or customer–centric companies are already using data to categorize & target customers. Big data can help these businesses to take the extra step, by enabling real-time personalization through click-streaming on their ordering sites. This will work both ways, the customer will get a personal product, while the company will be able to streamline their products through interactive feedback.
Augment Managerial Skills
The availability of big data will make detailed algorithms generating real-time predictions possible. In assembly lines, for example, sensors can read machine outputs in real-time & take the necessary corrective actions & lessen or eliminate human interventions, ultimately optimizing output. Companies have reported having cut operating costs by 25 percent while increasing output by five percent. Thus, the significance of using big data is immense.
While all these points will help an organization who is already collecting big data, the competitive advantage will lie with those firms who will develop the capability to process & scientifically analyze these mountains of raw data. Only then will the company be effective & efficient in increasing & optimizing their resources & products, not to mention streamlining operations & reducing expenditures.
Data Integration
Most of the data that a functioning company collects are stagnated in their departmental archives. Once the integration is achieved, the institution will benefit immensely from all the data collected across platforms. This will help the predictions like supplier logistical issues, end-consumer behavior & important financial & asset management.
Decisions can be tested
This is an area where big data can make a huge impact. Using controlled environments, the effect of any major decision can be tested & the resulting data can be properly analyzed to provide effective guidance to investment & financial branches. Managers can become empowered & informed, leading to better overall health & productivity of the organization.
Large scale customization
End-user or customer–centric companies are already using data to categorize & target customers. Big data can help these businesses to take the extra step, by enabling real-time personalization through click-streaming on their ordering sites. This will work both ways, the customer will get a personal product, while the company will be able to streamline their products through interactive feedback.
Augment Managerial Skills
The availability of big data will make detailed algorithms generating real-time predictions possible. In assembly lines, for example, sensors can read machine outputs in real-time & take the necessary corrective actions & lessen or eliminate human interventions, ultimately optimizing output. Companies have reported having cut operating costs by 25 percent while increasing output by five percent. Thus, the significance of using big data is immense.
While all these points will help an organization who is already collecting big data, the competitive advantage will lie with those firms who will develop the capability to process & scientifically analyze these mountains of raw data. Only then will the company be effective & efficient in increasing & optimizing their resources & products, not to mention streamlining operations & reducing expenditures.