Have you ever wondered what the phenomenon is big data And what profits does it have at the company level?
Big Data is a solution to manage large volumes of data. To give you an idea, by the year 2020 the volume of data managed worldwide will reach 40 zetta bytes, that is, 5,247 GB for each inhabitant of the planet.
Data analysis is a strategic tool to support business decision-making, from the analysis of historical data we can predict future behaviors or trends that can help us prevent negative situations for the business. Almost 80% of companies use big data with this finality.
Well, in the next post we will explain the advantages of using big data in a company and we will show some practical examples of its application as well as the added value it provides.
How useful is big data in a company?
New technologies have meant that infinite amounts of data are generated daily and that this data is shared between users every day.
Traditional data storage programs have become obsolete due to the increase in data and information and 80% of this data is disordered in such a way that it is not easily manageable or usable to be useful and the company cannot take much advantage of it.
With the implementation of technological solutions big data This volume of data can be more easily managed, retained, classified, analyzed in a much more precise way, interpreted and turned into useful tools for the company. This correctly managed data becomes useful tools that help companies make strategic decisions to increase their benefits.
By applying these new technological tools, it is possible to speed up the information systems, which will allow the company to be more agile in decision-making and to forecast demand in a more accurate way, so that it will have more reaction capacity and can deal more quickly. this.
Examples of the use of big data in a company
Below we explain some cases where companies are implementing Big Data and some practical examples in the different business unit areas and the greatest results are being achieved.
1. Customer knowledge. The sales area is generally the most important for any company and perhaps the one with the greatest application of big data at the moment. The data is used to get a complete knowledge of the client, study their behavior and preferences. The goal is to understand customer behavior and predict their future actions. To obtain this data we will need internal and external sources of information that will help us better understand the customer and be able to offer solutions that benefit both.
An example of an application in the use of Big Data is the one that has implemented a supermarket chain to get a better understanding of customers. It performs an analysis of the purchase data of its customers and offers them discounts that expire on specific days. With this action they intend to increase the frequency of visits to their centers and the volume of the shopping cart.
A financial entity Using Big Data, it analyzes the operations carried out by its VIP customers with their card to learn about their lifestyle and to be able to offer them related products that suit their needs, such as discounts at the establishment they frequent the most or spend the most.
2. Human Resources. In the area of Human Resources, more and more, are the companies that have a talent management strategy based on metrics. Through an analytical approach, human resource management can be carried out in a more objective and rigorous manner and allows for more accurate decisions based on the results of these metrics and analyses, and greater alignment with business objectives.
A Cosmetics company Together with a specialized consultant, they developed a map with 100 indicators. This allowed them to detect what employees value most and identify in which the company should invest to increase employee satisfaction.
It also took measures regarding the recruitment management of the cosmetics company and a banking entitywhich allowed them to know which profiles are required in the different business areas and more easily segment which profiles were better suited to a specific position to meet the company’s objectives.
These measures make it possible to facilitate the decision-making process and action plans, which allows Human Resources management to be aligned with the business strategy.
Other areas in which the implementation of Big Data and data analysis can bring great benefits to the company is in the area of operations with the following cases:
- Choice of providers
- Bottlenecks of existing processes
- inventory value
- Improved punctuality in deliveries
How do you think Big Data would benefit from the examples above and what benefits could it bring to your company?
Related course: Higher Course of Business Management