4 Benefits of data for business
4. BENEFITS OF DATA FOR BUSINESS
The importance of big data does not revolve around how much data a company has but how a company utilizes the collected data.
Being able to analyze and predict market and customer behavior with Big Data is a new paradigm shift for SMEs. When it is implemented correctly, it can yield increased flexibility, productivity, responsiveness, anticipation and ability to meet customer need through capturing blind spots and making better decisions.
Process improvements
- Time reductions
- Cost savings
- Improved Quality
- Manage online reputation
- Customer satifaction
FOUR WAYS BUSINESSES USE DATA TO GROW
1. Reduce Time To Market
Introducing new products or services involves many life cycle stages. A large pharmaceutical company reduced the time it takes to run clinical trial simulations by 98% by moving its work into a dedicated data services environment in the cloud.
Before moving, scientists were using a shared internal environment where it took 60 hours to run hundreds of jobs. Now that each scientist has a dedicated environment, 2,000 jobs can be processed in 1.2 hours without causing an impact to other members of the team.
2. Improve Financial Performance
Corporate finance departments are moving beyond periodic reporting using big data to reduce risks and costs, identify opportunities, and improve the accuracy of forecasts. As it’s easier to retain an existing client than acquire a new one, a common application is to analyse clients’ payment history to identify those most at risk of ceasing to use a service, before they do so.
By predicting the risk, the company can boost the customer service to this client, replacing emails with calls, for example, to retain their custom.
3. Optimize staffing and supply chain for weather
The weather has a huge economic impact at macro level but also affects businesses of all sizes because of its unpredictable impact on the demand of certain products and services.
Companies that relate data points on weather conditions to sales and customer service data are better placed to adjust staffing and supply chain strategies ahead of time.
4. Minimize Equipment And Asset Failures
Sensors can be embedded into just about everything, enabling companies to use the data to determine when maintenance is required. Ideally, when an issue has arisen, companies want to understand the issue, what caused it, and how it can be resolved, preferably before a maintenance professional or crew is dispatched.
Companies that collect more information can enable more proactive maintenance, save valuable staff hours and improve customer satisfaction.