Data is a strategic asset that can bring value to your business, but are you actually using it as an asset or is it just piling up and collecting dust? There is a wealth of information in your data but having an easy way to get to the answers can seem overwhelming, where to start, how to get to it, etc. Data is created and stored in multiple sources such as internal databases, third party sources, activity on your website, social media pages, and mobile applications. Organizations are still struggling with how to make sense of it all and are still learning how a deep analysis of this data can benefit their business strategy and help solve challenges.
Every industry has some unique use cases for analyzing data. As an example, in healthcare, pharmaceutical companies are compiling years of R&D to maximize drug uses and streamline development. However, there are some benefits that span across all or most industries.
Benefit #1: Improve decision-making
When you bring all of the data together into an analytics solution, you gain visibility that was previously unavailable. Businesses are not limited to a small sample size of data. Because this data can be accessed in real time, employees at every level of your organization are empowered to make better, faster, and more informed decisions. Make sense of your data and use it to help you solve core business challenges as well as provide insights.
Benefit #2: Improve operational efficiency
IBM recently completed a survey of 400 supply chain executives across 29 industries. 70% said that their biggest challenge is visibility. To provide that visibility, the production, distribution, and administrative systems should be based on a nimble, information-enabled big data analytics strategy. A complete view of groups can help you optimize your operations and find the key indicators that matter to your business.
Benefit #3: Gain better customer insights
There is more data available about your customers than ever before. This allows you to know them beyond just a market segment. Verizon Wireless, for instance, sells information about where mobile phone users are, their activities, and backgrounds. One customer for that Verizon service is the professional basketball team, the Phoenix Suns. The Phoenix Suns want to know information on fans attending a game. Are they from out of town? How often do game attendees visit certain fast food chains or a spring training baseball game the same day? Whether or not you disagree with the availability of this information, it is an example of how you can learn more about your customers and use that as a competitive advantage.
Benefit #4: New business opportunities
With increased, real-time information available, you may be able to take advantage of new business opportunities. Take the above example of the Phoenix Suns. Suppose they see that a large number of their attendees attend a particular fast food chain on the way to the games. They could choose to bring that chain into the stadium. Or, if their fans are routinely going to a spring training game in March, they could work with the teams on joint marketing opportunities. Being able to glean this insight is key, and it’s all hidden in the data you are collecting.
Benefit #5: Competitive advantage
Your data is a valuable business asset that needs to be mined with a proper strategy. In a 2014 study by Accenture and General Electric, 84% believe big data analytics could shift the competitive landscape in their industry. 89% believe companies that fail to adopt a big data analytics strategy could lose both market share and momentum.
By the time you realize what the winners in your segment are doing, it may be too late. And the losers in your industry may have completely lost before they had a chance to realize they were behind. The key going forward is to adopt a big data strategy that makes sense for your organization.
Ensure that you have a winning big data analytics strategy. Reach out to one of our analytics experts today for a quick discussion and overview of your strategy.