Something that has absolutely transformed the business world is big data. Thanks to new computer server architecture, companies can store more data than ever before. This includes data regarding sales, products, customers, employee workflows, factory processes and more. This data can then be analyzed by powerful analytics software to give businesses the insight they need to absolutely maximize their profit potential.
This is part of the reason why 53 percent of companies have made investments in big data strategies. Most companies see the possibilities in using big data to increase their competitiveness in their markets. If you ignore the potential of big data, you could be steamrolled by your competitors. With that in mind, below are some of the ways you can use big data to your benefit.
Tracking Leads
One department where big data could certainly be utilized within your company is sales. Start collecting and storing data regarding all your interactions with customers. This should include everything including social media interaction, email contact, phone calls, organic search results and much more.
If all this data regarding successful customer conversion can be collected, it can be analyzed and used to help predict where successful leads will originate from in the future. Big data is a powerful tool for lead generation for nearly any business type.
Human Resources Data
Big data isn’t often thought of as something that is used by the human resources departments of different companies. However, that is no longer really the case. There are many areas of HR that can benefit from the implementation of data analytics.
One area is certainly recruitment. Analytics software is now routinely used by companies to research job applicants. The software can pull information from all over the internet to give businesses a clearer idea of just who they could be hiring. It can also be used to more efficiently select the most qualified candidate if job applications and resumes are scanned so that information is entered into the database.
Training and development is another area where data analytics can be taken advantage of. Online tests, for example, can be completed by new recruits. The data collected can then be used by the software to choose a training program and onboarding process tailored to the specific needs and capabilities of a single employee.
Increasing Factory Efficiency
Businesses that run factories or other industrial facilities can benefit greatly from the adoption of big data analytics. There is a lot of data that can be gathered and stored regarding machinery and different factory processes. This data can then be analyzed to improve efficiency.
For example, if you gather enough data regarding the operation of machinery, the software may be able to predict when breakdowns will occur. This could mean being able to order repairs and replacement parts before any actual breakdown occurs. This could result in fewer interruptions in production and greater profit margins as a result. Research has proven just how beneficial this application of data analytics can be.
Risk Management
Risk management, as the name implies, is a process in which a company identifies and then mitigates risks to its earnings and capital. It is something all businesses should certainly perform. It is also something that can be greatly improved via big data analytics.
If data is collected regarding all the different risk factors a company faces, it can use risk management software to model future risks to the business. This means being able to deal with risks that are developing. This is known as predictive analytics, and it can be used to avoid future pitfalls. No longer will your business strategy have to be reactionary. You’ll be able to account for risk factors before the dangers in question actually manifest.
Big data analytics can be an extremely powerful application of technology for business. It can make your business more efficient, maximize your profits and allow you to avoid risk. Certainly, consider investing in a big data strategy. It can give you a strong advantage over your competition.
