Big Data consists of aggregated data that a business will merge and evaluate to identify models that can be used to develop more effective business strategies. This paradigm is the new standard for competition in the business world, and the growth of companies employing this strategy affirms the usefulness of Big Data. Companies employing data analytics have become best in their class practically overnight, strongly suggesting that Big Data facilitates more effective decision making.
The Rise of the Datasets
Datasets have become ubiquitous in every business function and sector. Given the accepted standards of analysis for production, human resources, and countless other areas, our modern, globalized economy would not exist without datasets. The masses of data collected on an ongoing basis are giving rise to metrics that are not only relevant to businesses, but to consumers and governments as well.
Big Data is currently poised to revolutionize the way business is done, the way commerce is conducted, the way governments operate, the way consumers shop, and much more. The majority of individuals within these sectors are likely unaware of the potential improvements in efficiency and productivity that are about to take place. It is likely that the efforts of marketers and continually-advancing analytic tech will have a significant impact on “life as we know it.”
Big Data and Competition
Companies should examine the potential afforded by Big Data to create value and improve efficiency, which effectively translate into a more attractive bottom line. The growth of businesses already using Big Data speaks for itself; some companies have reported over 50% increases in operating margins. Big Data is fast becoming a key implement for companies concerned with outperforming the competition, whether they are new or well-established firms.
Industries that typically must collect and analyze dizzying amounts of data – the healthcare and pharmaceutical industries, for example – can much more effectively determine the efficacy of their products and services through the analysis of datasets. In other industries such as retail, manufacturers are now employing electronics in the form of embedded sensors from which data can be collected and later analyzed to determine parameters of product use. This data is then used to improve products, and can lead to innovation and the genesis of new products that better serve consumers.
Big Data and the Future
As the data which organizations create gains greater specificity, more accurate and detailed information is garnered and can be used to improve performance, whether a business deals with inventories, employee information, or customer preferences. This enhanced use of existing technology facilitates better customer segmentation, allowing for the accommodation of customers with regard to products and services from concept to delivery.
At present, there are companies with large pools of heretofore uncategorized data relating to products, services, buyers, suppliers, and consumers which might be put to use. Business leaders would be wise to begin examining these areas in order to position their organizations to capitalize upon Big Data capabilities.
To stay on top of the new growth opportunities afforded by Big Data and position your organization for success, contact thinQ today.