In recent months, big data has been in the news for a lot of reasons. Not too long ago, big data was the main property of big businesses which use it to gain insight into customers’ behaviors, buying patterns, trends and desires. This insight helped big businesses make decisions that have helped them retain their position as the market leader in their industry.
These days however, technology has grown to the point that every business, whether big or small can tap into the benefits of big data to make big changes in their business operations.
As the year winds down, we take a look at a few ways big data can work for your business.
Data powers productivity performance –
When it comes to improving performance in the workplace, data can provide the needed insight. Access to data will show management the areas where improvements are needed and help employees determine the area of their work processes where change is needed. In addition, data can provide insight into customers’ expectations as well as other areas of your business including cost and performance so that you can increase productivity and efficiency. In fact, data can be a major driver for productivity.
Data delivers the competitive edge –
Technology and the data it provides has become an undeniable part of the modern workplace. It provides outstanding possibilities that can help your business gain the competitive advantage it needs to succeed in the marketplace. The benefits provided by big data have increased over the years and businesses that ignore it stand the risk of falling behind their more data driven counterparts. A survey carried out by American consultancy firm Bain and Company found out that organizations with the most analytic skills tend to do better in the industry.
Data powers revenue increase –
In as much as your business is designed to meet needs and solve problems, its overall goal is to make profit. And this is one department where data can help tremendously. A study of Fortune 1000 companies discovered that even the smallest improvement to existing data can bring about huge benefits and increase in income. The key is to focus on making decisions in areas where you have the most data so that you can optimize these areas in order to make more money.
But remember that having access to data is one thing, but keeping it in a place where it is safe and can be reached when needed is another. Fortunately, technology leaders are providing services that can, and will make this happen.
Data powers smart decision making –
As a business manager, you are meant to make smart and informed decisions. This is the foundation of the success of your business. Even if making decisions come to you easily, you still need data in order to make smart decisions from a point of knowledge. Data helps prevent error in judgment as it backs up decision making with hard evidence. When you have access to data, you will not be carried away by opinion or emotions but make choices based on what is visible before you. In fact, the more data you have to analyze, the more helpful it is in your decision making.