Big data’s revolution is here to stay. Few businesses today dispute the advantages that big data confers to their operations. Even so, breaking down data silos, deriving useful insights from data, and converting insights into actions is a challenge. If companies can capture all data streams, they stand to benefit from big data analytics. In turn, big data assists these companies to leverage customer feedback, keep abreast of business trends, reduce operational expenses, and increase profits. Given that, accessible data analytics and visualization affects business in several critical ways. Below are five ways in which big data analytics and visualization affects business at the macro level.
Enhancing Lean Management Processes
Lean management techniques focus on improving business efficiency and cost reduction. In this way, big data analytics helps improve quality such as in the pharmaceuticals and mining industries. Timely inventory management and waste reduction concepts facilitate compliance to the goals of continuous service innovation. By relying on massive computing resources, large datasets, data modeling, and advanced analytics streamline lean management processes. By 2020, the big data industry is expected to surpass $200 billion by 2020 for lean chemical, pharmaceuticals, automotive, and FMCGs manufacturing sectors. This is why a majority of manufacturers are incorporating big data analytics into their business processes.
Improves Market Segmentation
Market segmentation involves personalizing the consumer experience with products or services tailored to their needs. Data analytics helps businesses collect fundamental insights to address lags, trends, and develop predictions for action by a marketing department. For example, telecom companies use data analytics of consumer behavior, preferences, and recharge patterns to create new services and improve existing ones. Besides that, telecom marketers develop subscription packages to meet customer needs and stay ahead of competitors.
Data Directories and Management
Presently, businesses deal with rapidly increasing volumes of data streams that require creation, storage retrieval, and processing. It is imperative then that companies keep track of generated data that facilitates the decision-making process. On the other hand, metadata gained from data processing helps improve business-forecasting models.
Better Personnel Management through Predictive Analysis
Big data analytics is slowly transforming how organizations make decisions. As a result, evidence-based processes will soon replace the era of instinctive and biased decision-making. Every conceivable business field has experienced the transformative power of big data analytics. For instance, it affects how organizations conduct the recruitment process from vacancy announcements, talent improvement, and candidate shortlisting. Read more here for results of Xerox’s big data analysis that helped it minimize employee attrition rates by 20%.
Cost Reduction and Revenue Augmentation
Applications such as Hadoop as well as cloud-based platforms offer cost savings in storing and processing massive datasets. In addition to that, these applications provide simpler and efficient methods of conducting business. A recent survey by BARC shows that 40% of global companies employ big data analytics in their operations. In turn, these companies have reported revenue increases of 8% and a 10% reduction in operating costs.
Why Embrace Data Analytics and Visualization?
By using big data analytics and visualization technologies, companies can improve their decision-making processes and set better goals. Besides, businesses get to improve the quality of service as well as increased revenues. Embracing big data analytics fosters innovativeness and enhances the quality of the customer experience. Don’t wait! The time to embrace the power of big data is now.