If you are still bragging about Big Data not affecting your business, you have missed the train! It does not matter which field you operate in or the size of your business; as data collection, analysis, and interpretation become more readily accessible, they will have an impact on every business in several important ways. It is true that big data concerns with the collection, storage, process and analysis of ever going big data sets, the impact it has on all businesses is always much bigger.
If you do not know what Big Data is, please visit our article on what Big data is by visiting this link.
Big Data in Every Business
You cannot name a single business where data is not generated. Every business has its customers or consumers or stakeholders and the interactions create zettabytes of data every single day. Now from a business perspective, this data can be an asset. Proper analysis of such data can have tremendous usage. It can help businesses derive insights which smoothen the journey of critical decision making. Nowadays big organizations have moved from long hours of board meeting driven decisions to a data-driven decision based on data analytics and insights. Big Data has become the protagonist in the data-driven landscape.
Even if your business is small or midsized compared to the ones enjoying Big Data privileges, you can always get your job done through subscribing to Big Data services from providers. With the help of cloud technologies, small and mid-sized organizations can harness the power of Big Data analytics. So, there is literally no real excuses for any business not to follow the global trend of the big data-driven ecosystem.
Use Cases of Big Data
Big Data in Sales & Marketing:
Data is Revolutionizing Marketing and Sales. Customer analytics claims almost half of the Big Data pie, while the rest of the benefits are shared by operational analytics, compliance, new product and services, and Enterprise Data Warehouse optimization. With Big Data-enabled customer analytics, marketing and sales departments are well positioned to derive insights from omnichannel customer experiences. Price optimization is possible today only because of Big Data algorithms and Advanced Analytics techniques.
Big Data in Pharmaceuticals:
In the pharmaceutical sector, data generation is continuously increasing from a cyclic network of R&D departments, product retailers, consumers, and healthcare providers. This vast network of data can help pharmaceutical companies to identify new drug development opportunities and turn around approved products in record time. In the Big Data world, most data gets trapped electronically and instantly shared between business functions like the drug discovery (R&D) team, the clinical trials team, the partners, medical practitioners, and external research organizations.
Big Data in Supply Chains:
Traditional supply chain systems were driven by statistics and measurable performance indicators. In How Big Data and Analytics Are Transforming Supply Chain Management, Forbes talks about the slow and gradual integration of Big Data technologies in supply chain Data Management. Now, Big Data controls everything from real-time analytics to sensor-based-demand supply control. As supply chain systems can be impacted by changing weather conditions or condition of machinery, Big Data technologies can aid effective decision making in times of emergencies
Big Data in Hotels & Hospitality:
Big Data can make valuable contributions to the hotel and hospitality industry as this industry typically deals with a wide variety and volume of customer data. The hotel sector welcomes millions of guests on a daily basis all around the world, and each hotel guest comes with a different set of expectations. The hotel guests begin their journey on the long data trail as soon as they book a room through electronic means, and continue till they check out. The hotel industry can use valuable customer expectations into increased business opportunities through Advanced Data Analytics.
With the help of this technology, hoteliers can move beyond the “traditional loyalty programs” and offer more targeted services, depending on the behavioral patterns of segmented hotel guests, for example, business travelers, vacationers, sports-activity hunters, or casino lovers. The difference between tradition intuitive judgments and data-driven results is that the latter type is far quicker, more accurate, and more reliable than the former.
Big Data in Construction:
The global construction industry is in the midst of a radical, data-enabled transformation. Typically, large or medium size construction projects involve large databases requiring ongoing crunching during the project lifecycle. Moreover, construction firm owners need quick access to a wide variety of data like 2D and 3D models, accounting data, scheduling information, status reports, and other corporate documents. The disparate data troves have to be linked for timely, data-driven “modeling” or decision making. If the construction industry stakeholders, the project managers, architects, engineers, contractors, and tradespeople learn to get out of their data silos and freely share information, then Big Data Analytics can promise a bright future for the construction industry.
Today Big Data is changing the traditional ways of decision making in every business sectors. As such our economy is soon becoming a data-driven one. Now the question arises, whether you want to harness the power of big data in the decision-making process of your business. But in this instance, you are not spoilt for choice as every business is switching into big data analytics for decision making sooner rather than later.