Current research shows that we create approximately 2.5 quintillion bytes of data per day.
This is considerable, and as technology continuously evolves, this number is set to get larger. Handling these large sums of data can be challenging for some businesses, but it can also offer enormous benefits. All in all, Big Data can lead to transformation — both in leadership and data-driven decision-making.
Big Data is constantly changing and evolving, and it can play a role in multiple digital transformations, such as Artificial Intelligence (AI), Data Science, and the Internet of Things (IoT). But how does it improve business performance? Here are some examples.
One area in which Big Data has had a noticeable effect is how businesses manage and interact with their customers. Customer behaviour and data can be analysed with the help of multiple data models, which can produce excellent results, and ultimately it can be streamlined to enhance business decisions. It can be applied in:
- Building a pricing strategy
- Examining the quality of customer satisfaction and services
- Maximising customer value and supply chain management.
- Customer acquisition and retention
- Verifying customer data
- Providing and Predicting correct customer behaviour
Wastage plays a massive role in business resources, but this can be changed by using Big Data and proper analytics. One of the essential features is Big Data’s precision to business intelligence, which helps businesses make more knowledgeable waste decisions. If you want to manage waste in your business, the following tips should help:
- Pick the kind of data your business will measure (e.g. fuel usage, raw materials, time, etc.)
- If you’re going to select a process for measurement, you should take measurements at different stages of the process (the more points where measurements are taken, the better quality the data).
- Use experts and specialised software to analyse data and its implications.
- Consider making adjustments to reduce waste. You might want to consider installing measurement devices to alert you when/if inefficiency occurs.
In manufacturing, big data analytics can enhance accuracy and efficiency. Several manufacturing firms embrace this concept, driven by data analytics and sensor technology. For example, before computer chips are released, they can undergo over 15,000+ tests. Because of predictive data models now, this has reduced the number of tests needed, saving money and time. Big data is also used in the sector for:
- Product customisation
- Quality checks on raw materials
- Forecasting and testing of new products
- Efficient energy improvements
- Performance tests of suppliers
- Risk management
- Tracking quality of products
Big Data is a huge benefit when making a product. Developing products can be a considerable undertaking and usually compromises several data collections and analyses. Before a product can even be sent to the marketplace, the developers must examine and analyse the data, compare it to the competition, and base it on customer experience, pricing, and product specifications. Some standard questions have to be asked throughout this phase:
- What are the leading current trends?
- What offers are our competitors offering?
- Are there many strengths and weaknesses of our competitor's products?
- What problems do our products aim to solve?
To answer these questions, some analysis of extensive data would be useful. A data analysis approach usually delivers better accuracy and is suited to the market’s needs. Usually, sources can be attained from surveys, blogs, reviews, catalogues, social media channels, manufacturing sites, etc.
Talent Management and Recruitment
Another essential business component is HR. Recruiting the right talent can be difficult but can be made easier using big data analytics. We recommend taking a look at MYQU. This SaaS will help use data-driven decisions to help match the best talent to a specific role you are advertising. It is also beneficial when assessing workers’ performance. However, some businesses make decisions based on inaccurate data, which can be a costly mistake in the long run. When it comes to managing your team, big data can be used for:
- Employee absenteeism
- Error rates on training and work output on an individual and team level
- Team workloads
- Rewards and Performance
Big Data is helping businesses to understand their clients better and improve business processes, and the efficiency of Big Data will allow for more accurate decision-making.