Data is now an important tool for businesses to utilise, whatever sector they operate in and whether they’re a global company or a small firm. Companies are increasingly using big data to gain a competitive advantage over business rivals but how does it benefit them?
Analysing the datasets a business gathers is just one part of the big data process. Big data experts also need to understand what the company wants to gain out of the exercise and how they intend to use the information to their benefit.
Confident decision making – Analytics aims to improve decision making and big data continues to support this. With so much information available big data can help business speed up their decision making process while still being confident in the choice they have made. In today’s quick paced world being able to act fast and respond to wider trends and operational changes is a huge business advantage.
Asset optimisation – Big data means that companies can monitor assets at an individual level. This means they can better optimise assets based on the data sourced, improving productivity, extending the lifespan of assets and reducing the downtime some assets may need. This provides a competitive advantage by ensuring the business are getting the most out of its assets and links with cutting costs.
Cost reduction – Big data can help businesses cut down their outgoings. From analysing energy usage to evaluating the effectiveness of staff working patterns, data collected by companies can help them identify where they can make cost savings without having a negative impact on business operations.
Improve customer engagement – When browsing online customers make certain decisions indicating their preferences, habits and tendencies that can then be used to improve and tailor customer dialogue, which could then translate into increased business. Understanding what each customer is looking for through the data stored on them not only means you can target them with certain products but it also gives service a personal touch that many consumers today have come expect.
Identify new revenue streams – Big data analytics can also help businesses identify new revenue streams and expand into other areas. Understanding customer trends and decisions allows firms to make decisions about the direction they should go. The data businesses collect can also potentially be sold, adding a further revenue stream and the potential to build partnerships with other businesses.