Big Data in Business
Big data has revolutionized the business operations of thousands of companies from all over the world. Moving into the future, the impact of big data to the commerce industry and the role of IT in business will be felt even more. Any business enterprise that does not plan on making use of the advantages offered by big data are meant to lose out on a competitive advantage big time.
Big data applications are set to affect all kinds and sizes of business from the small business enterprise all the way up to companies of the Fortune 500 transforming how we conduct business from the inside out. The field you operate in will not matter or even your business’ size. The reason behind this is that the collection of data, its analysis, and interpretation become more accessible.
In this article, we are going to highlight how big data has affected the way we conduct business in the 21st century.
4 Ways Big Data Changed Business
Improved business intelligence
A set of data tools that are used to analyze the business operations of any company are referred to as business intelligence. Big data business goes hand in hand with business intelligence. Business intelligence had insufficient use before the advent of big data and its applications and has since given it a legitimate career status in the business world.
Many firms are now employing experts on business intelligence which is the new trend that will take companies to the next level. Any business that generates data can incorporate the use of business intelligence making their use almost a necessity since all corporations of today generate data in one way or another. This infers that any business enterprise has the potential of benefitting from business intelligence as experts devise new ways through which it can be used.
Improved efficiency of internal operations
From the better tracking of human resource performance to optimizing consumer delivery routes and the better use of sensors to track the performance of the different machines used in the business, big data has become an essential element in any business environment. Big data has also enabled the selective recruitment of personnel who are crucial to the smooth running and success of any business.
Firms are now able to track and analyze the performance of employees, machine performance and other logistics as such as shipments. Business enterprises have begun using sensors to track the movements of their workforce, their employees’ health, stress and even how they talk and the tone they use while making a conversation.
Big data can also be used to quantify the human character metrics that makes an excellent chief executive Officer for your business. It can also be used to improve the hiring process and the human resource department at all levels. Big data is also disintegrating from the information technology department and becoming a critical element in the operations of all the agencies present in the company.
Customer service that is proactive
Big data has transformed the way businesses conduct their customer care services all over the world. Even before the customer ever voices their concerns, needs, tastes, and preferences, the firm can identify what the customer wants. This leads to an improved consumer brand experience which in turn creates a loyal clientele.
Increased number of customers means an increased volume of sales and profits which in turn translates to improved returns on investment. This kind of proactive consumer experience offered by big data will give business enterprises a competitive edge which will make them thrive and survive the harsh business environment of the 21st century.
Big data has the potential to provide a business enterprise with the requisite information and analysis needed to reduce the cost of doing business. Firms are now using big data technology to predict trends of the future and find the current business trends in their respective industries accurately. Any company will be able to forecast and plan better by knowing when an event is set to happen. Planners will, therefore, determine how and when to produce and how much inventory should be kept.
by: Mark Palmer