“Change is Inevitable. Change is Constant” – said Benjamin Disraeli. This quote is totally applicable in today’s world of Big Data and Analytics. Perhaps, a library contained the set of databases we knew and accessed regularly earlier. The advent of cloud has transformed the data storage and retrieval process. This has created an explosion of numerous smart connected devices/machines, sensors and the continuing spread of internet of things.
Data collected from across all these devices, including both productive and superfluous data, is massive, and continues to increase. Simply storing the data is no longer effective as retrieval of the right data is a growing problem, and people have started thinking beyond that. Key concerns revolve around converting data into useful insights in a timely and effective manner. A report from 2011 stated that the world had collectively created 1.8 Trillion GB of new information and this is expected to multiply manifold in the coming years.
The landscape of industry is constantly changing with the advent of new technology. But today, the challenge for Big Data is to make the entire stored data productive. A report says that 2.5 exabytes (that is 2.5×1018 bytes) of data are generated every day. Businesses need to invest time and budgets to harness and understand the piles of data sourced from their customers/clients.
Listed below are five ways big data will make the business world better, more connected, and informed:
Harnessing Business Intelligence
Business intelligence comprises a set of tools along with people and processes to help analyze a data generated by a business (system or process) better. Combined with big data analytics, Business Intelligence software can help companies take their business to the next level, with the right business intelligence experts.
Enable Proactive Customer Service
Predictive analytics and intelligent monitoring of customer data will help turn the customer service bottom up. With a potential of foreseeing the future, businesses can easily identify their customer needs to enhance user experience. Likewise, real-time analytics predicts issues and enables organisations to provide faster support to their customers.
Making Responsive Products
Before the spurt in growth of analytics around big data, primary market research was the only way to understand customer needs. Now big data analytics helps make the process simpler by analyzing customer generated data to identify their preferences in ways that were never possible before. In some cases, user inputs and their buying behavior may help with better positioning and also influence the development road-map of a product.
Improve Efficiency to Increase Performance
Data is a key when it comes to efficiency and the output from big data analytics gives rich insights about processes and products, making businesses smart. Industrial engineers are looking at the outputs of big data to make processes run more efficiently to help increase overall productivity, performance and throughput.
Reduce Cost and Time
Big data has the power to provide information that is required to improve operational inefficiencies while reducing the business costs.
A large number of companies have already considered or implemented analytics around big data to help them more accurately predict future events and preempt potential mishaps or even disasters. Forecasting and planning also helps on a day-to-day basis in identifying future demand, better inventory management and preventing waste through excessive production. It can also predict future sales and the help identify the most optimal time for buffer stock reload point.
Big data and analytics is more powerful and one should embrace it to make the most out of it. Customer focused industries like Retail have used big data most effectively and have reaped the benefits. Intelligent analytics helps in finding potential customers, to understand customers better, and in finding effective means to target and engage users to boost sales. Retailers can also use trend predicting algorithms to identify customer browsing patterns, and use that to forecast demand and optimize pricing and delivery.
Similarly, Manufacturing industry is no stranger to the promise of big data. It offers predictive insights – making smarter, real-time decisions an affordable business reality. It has the ability to extract meaningful insights about machines, products, processes, production, maintenance and other manufacturing operations to make better decisions, take proactive measures for tremendous growth and deliver profitable results.
In short, Big data allows organizations/industries to make tailor-made products or services that precisely meet the customer needs. A clear product design idea and implementation plan can reduce time and cost. Marketing campaigns could also be done based on the valuable insights obtained from the analytics to capture a larger customer base. However, the customer needs vary periodically and industries that identify them and act on it sustain in the market.