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Big Data and its implications for your business
Your business has likely adopted advanced forms of automation, new technologies, channels, processes, and software platforms in recent years to increase efficiency and improve customer service. However, these changes inevitably increase data volume, sources, and categories due to digitalisation, IoT initiatives, and new platforms. On average, an organisation uses 400 data sources, and data volumes are growing by 63% per month. Your business is heading in that direction.
Discover how Big Data is shaping various sectors and how it can benefit your business in other areas.
Big Data Defined
Big Data refers to large, diverse sets of data that are generated through the usage of devices, software and networks.
Much of this data has the potential to be analysed to reveal patterns, associations and trends, to predict behaviour and events – and to guide organisational decision-making. However, the volumes involved and the unstructured nature of this data means that to generate those insights, it is necessary to look beyond traditional data management and analysis tools.
Is Big Data Worth It?
If any or some of the following needs states apply to your organisation, then the possibilities of Big Data demand your attention:
- We want to identify new potential ways to increase operational efficiency and reduce operating costs.
- We want to optimise performance, by identifying and remedying any weak spots across the business and wider supply chain.
- We want to target our resources (e.g. product development, marketing and deployment of workforce resources) for maximum return on investment.
- We want ‘early warnings’ in order to be better prepared for changing market conditions and operational challenges.
- We want to increase our ability to predict customer demand.
- We want to be more proactive in tailoring product/service offerings in response to shifting customer behaviour and preferences.
- We want more effective ways to identify possible fraudulent activity and credit risks in order to reduce revenue leakage and potential compliance issues.
Sector Snapshot: How is Big Data Shaping Your Industry?
The most effective way to appreciate the potential of Big Data is to see it in action. With this in mind, here is a roundup of how Big Data initiatives make a difference in specific sectors…
Retail
- Demand forecasting
- Pre-empting customer behaviour
- Understand the purchasing power / value of customers
- Building a stronger customer experience
- Inventory management
Manufacturing/Industrial
- Boosting productivity and performance
- Predictive maintenance
- Resource planning
- Quality assurance and ongoing customer support
Financial Services/Insurance
- Trend forecasting
- Analysing risk
- Personalised products
- Faster processing
The Business Function Perspective: How Will My Team Benefit?
Big Data initiatives have the potential to drive efficiency, optimise performance and deliver real-time insight to stakeholders right across your business. Here’s a rundown of how specific business functions can benefit…
Finance
- Optimising pricing to increase profits
- Delivering a real-world view of business performance
- More accurate forecasts
Sales and Marketing
- Improving customer acquisition and retention
- A dynamic alternative to traditional marketing research
- Optimising marketing spend
Supply Chain / Logistics Management
- Dynamic routing and space optimisation
- Resource planning
- Supplier analysis
Unpacking the Potential and Challenges of Big Data
Understanding the characteristics of Big Data can help you identify its value to your business, as well as the challenges that arise in managing and processing it. These are the essential elements worth bearing in mind:
Volume
Velocity
Variety
Veracity
Variability
Next Steps
Is your organisation ready to navigate the data-driven world?
For further information on Big Data, read our white paper, which explores these themes more deeply and examines the key Big Data technologies.
