Companies around the globe have started adapting an enhanced strategy for the optimal distribution of resources and have been consolidating procedures of Big Data analysis. The data collected by the enterprises is very complex in nature and needs to be processed by conventional data processing applications. In this article, we will outline the role of Big Data in today’s business transformation.
What is Big Data?
Big Data is a generalized term used to describe the enormous amount of data available to both organizations and individuals. It is a collection of information, which is too large and complex for traditional data processing applications to capture, store, manage and analyze. It provides organizations with benefits such as better decision making, higher operational efficiency, and prevention of fraudulent activities.
Enterprise Benefits with Big Data
Big Data plays a prominent role in improving organizational efficiency. With these benefits, enterprises can gain a competitive advantage over their competitors in terms of the workforce by using data analytics for decision-making.
- Reducing Organizational Costs
- Increasing Workforce Efficiency and Productivity
- Demographics based Sales Strategies
- Recalibrating Business Strategies
Reducing Organizational Costs
Implementing Big Data can help improve the efficiency of complex processes by integrating data with Automation and AI, which can help reduce manual work, thus improving cost efficiency in production and operations departments.
Increased Workforce Efficiency and Productivity
Data-driven decisions will be helpful for developing individual or team performances in any organization. Through this, employees can be more proactive and productive while making decisions on the improvements that are required for the overall efficiency of the organization. Big Data provides a 360-degree view that allows enterprises to generate actionable insights for improving productivity.
Demographics based Sales Strategies
Basically, every organization follows a demographic pattern to divide between the market values that can be placed under the customer classification. With Big Data, customers can be categorized into various tiers based on their purchase history or interest in the product during a festival sale. This helps the enterprises to convert their leads or opportunities into successful outcomes. Further, these outcomes can be showcased as their achievements based on Big Data insights into their customer’s tendencies and order histories.
Recalibrating Business Strategies
Implementation of Big Data not only provides improved decision-making to empower the organization but also evaluates the results based on these decisions. So, traditional businesses are migrating their existing models to more data driven using Big Data. A recent survey has shown that most enterprises are investing in Big Data for improved client engagement and better business strategies.
Big Data will be one of the keys for future technologies to improve in the coming years. 88% of the enterprises across the globe consider Big Data as a big opportunity to transform their business journey with the way they reach and engage customers. The business activities will need to have data as their guiding principle and they need to be automated and data-driven to compete and survive in the digital market. Technologies such as Machine Learning, IoT, and Conversational Bots are mainly relying on data with the evolution of Artificial Intelligence. The role played by Big Data in the future of business management, manufacturing, advertising, and operational management will be prominent as it helps them in numerous ways.