Big Data and your Business: Why it Matters
November 21, 2014 1:42am CST
Big data is a collection of structured and unstructured data that has grown exponentially and is very large in size. It cannot be processed using common data techniques, but using specialized techniques evolved especially for it, big data can be valuable asset for businesses. More data means more analysis, which in turn leads to informed decision making. That translates to better business operation, more efficient functions, reduced costs and much lesser risks. Harnessing relevant data and then analyzing it to find the facts help a company achieve the following: Improved Decision Making Using big data, one can make more informed and confident decisions that lead to the overall improvement in the decision-making process of the company. This in turn allows the business to maximize returns while making the best choice for the future of the company. It gives a good idea of the past, present and prospective trends in the world and lets business leaders decide the course of their company based on those trends and enables them to be the leaders in their industry. Reduction in Cost Using big data, one can determine the reason behind faults and failures, and that too in about real time. The whole business process can also be made more efficient by finding the most cost efficient ways to complete each task. All this combined saves the company a lot of money each year. Reduction in Turnaround Time Big data allows a business to track multiple tasks at a time and optimize them altogether in real time. That greatly reduces the turnaround time for each process, and allows the business to complete all the tasks before the assigned deadline. It also allows them to find the best path or the shortest route to carry out any process. Better Product Development Whether it is a consumer product that the company manufactures or a service that it offers both can be improved drastically with proper data and usage trends at the company’s disposal. This will not only make the product better but also allow the users to make better use of that product or service in their life. Use big data to make your business processes better, while saving valuable time, money and resources and developing a better product or a service.