With the rapid increase of data, businesses now need to be able to interpret and analyse this Big Data in order to increase efficiency and maintain the competitive edge. Various companies have used Big Data analytics to improve their businesses ranging from the health to the entertainment industry. Here are some practical uses of big data for companies.
Business specific big data analytics has lead to an enhanced view of the customer. The information about the customer isn’t just on an excel spreadsheet with their age and address on. Proper big data analytics can tell you where a customer is most likely to shop, why they would switch to another brand and how likely that is, even explain some factors that lead to them recommend a company to others.
The ‘Internet of Things’ (smart phones, smart TV’s and even smart diapers) are also adding to this vast amount of big data. Therefore operations that are specific to a certain business can also be elevated to a level where it’s optimised. For example delivery companies can track their drivers’ current routes and then optimise them after analysing some of the data.
Another interesting thing about any data is that when you look at in a different form it can improve efficiency dramatically. For example the City of Las Vegas have, after realising their records are archaic, digitalised their data and also built a visual map of all their underground water and electricity networks. This small but significant change has resulted in less service interruptions, because electricity and water lines are now easily traceable and problems can be fixed more readily.
Even when data is turned into a visual dashboard it could increase efficiency for your company. Employees can visually see the impact of their efforts and therefore strive with you, the CEO, to improve the company.
As the saying goes, knowledge is power. In this case however Big Data is power, and if a company has the tools to perform the correct analysis, it gives rise to the opportunity to take a company to the next level.