The modern world uses emerging technologies to collect data. And this collection of data sets from various sources and then producing in various amounts is called Big Data. Big Data is very much useful to the large organizations as it helps them to analyze the data which would ultimately help them to understand their customers. It also helps them to know the forecasting business trends, profit making and minimizing operational cost. There are many impacts of Big Data on your business.
So, here are 5 ways that Big Data impact your business at macro level:
- Business Processes for Lean Management:
As we know lean management is all about dealing with improving the quality by reducing the cost. You might have a question, how can pharmaceutical industries reduce cost as they need to manufacture best medicines and they also can’t take any risk regarding the quality? The answer to this is they can opt for inventory management (A discipline which hold the primary specification of goods such as shape, placement, etc.) and also minimize the rate of waste. Faster computing power, applications for large datasets and advanced analysis help to progress in lean management.
- Improving Target Segmentation:
Target segmentation means to customize the user experience with relevant offers that were created for the right audience. Big Data analytics helps us to know the lagging and leading customer trends on a particular offer and by this it would help marketing department to follow and act upon their desired target. Let’s take an example of telecommunication industry. Telecom companies can use the Big Data analytics to study the customer usage behavior, modify old patterns or launch the new offers and also customer’s purchasing power. By this marketing team can develop subscription plan to fulfil customer demand by improving the service and making maximum profits.
- Data Catalog & Governance:
Nowadays, there is the increase in data volumes with reference to data creation, data retrieval, data analytics and data storage. Thus organizations find it difficult to deal with varied data types. But keeping track of Big Data is important as they help with valuable insights and in better-decision making.
- Recruitment Process through Predictive Analysis:
Recruitment of employee is mostly followed by the traditional method where interviewer asks some questions and then the gut decision is announced. But the new domain of Big Data analytics is totally different from the traditional method for recruitment. In this everything is kept in mind starting from vacancy marketing to talent development and filtering of candidates and many more. Let’s move ahead with an example, suppose an organization traditionally assumes that the ones with call center experience are best for them. But the analysis of data tells that the employees with more experience cost don’t perform better and they don’t last longer than the ones with no experience. There was another surprising insight that the creative types were tended to stay longer than compared to the curious types. And thus the interviewer will find easy to make quick decisions.
Increase Revenue & Reduce Cost:
Big Data technologies like cloud-based analytics provide remarkable cost advantage it terms of data storing and also identify efficient ways of doing a business. According to a research it is found that those organizations who are liking the concept of Big Data had an average of 8% increase in revenue and 10% decrease in cost. By reducing the cost in such a way that it does not harm the quality, you can use the remaining amount to improve the services you provide to your clients or customers.
Source: Adit Microsys