How organizations make decisions has changed dramatically over the years. While decades ago a lot of decisions were made based on gut instinct and shareholder preferences, in today’s world analytics and data play a crucial role in making business decisions.
Big data refers to huge sets of data that can be mined by computers to provide insights into businesses, trends, and behaviour. The concept of big data has become increasingly prevalent over the past several years. In fact, as much as 90 per cent of data was created in just the past two years alone.
Want to learn more about big data? Read on to discover the potential it holds for businesses.
The Potential Impact of Big Data Analysis for Businesses
Using big data to make decisions is like using a flashlight in the dark. It takes the guesswork out of making real-world business decisions that could directly impact the profitability and efficiency of a company. This is why most major companies today leverage big data in almost every aspect, from customer service, to marketing, to supply chain and logistics. In fact, according to Forbes, companies that integrate big data analytics into operations see a 10 per cent or more improvement in supply chain efficiency.
After you complete a supply chain and logistics diploma, you could see the implications of using big data in the real world. Big data is said to improve a company’s reaction time to issues regarding the supply chain by as much as 41 per cent! Useful data helps supply chain professionals anticipate issues before they happen and adapt to prevent the operation from going off course.
After Business Courses, You May Realize There Are Many Forms of Big Data
Big data can be found everywhere and anywhere, and no business is exempt. From small-scale mom and pop shops to multinational companies, every organization can leverage big data to add a boost to their operations.
For small and medium-sized enterprises (SMEs) and large corporations, big data can be found in transactions, social media, reviews, feedback, supply chain logistics, website analytics, and more. If after completing a business or supply chain training program you find yourself working for an SME, don’t forget that you can tap into external resources for useful big data if your company’s data is low. Many data companies sell relevant data like customer lists, buying habits, and internet search data that can help you analyze your customer base and make good business decisions.
Putting Big Data Into Action in Your Career After Business Courses
Businesses can miss opportunities to grow by failing to leverage big data. Big data contains useful insights about almost anything you could imagine. Customer buying habits, product demand, recruitment, trends, and more can all be analyzed and even predicted by using big data properly. For example, software and applications that track what your customers are saying online can provide invaluable insights into what’s working and what’s not. Companies that ignore this information while making crucial business decisions are missing out on having the most important opinion in the room, the customer’s.
Knowing how to “mine” big data is a big undertaking, but the process is scalable. If you find yourself working for a small business, you can start by monitoring social media and website traffic. For bigger companies, consider creating a budget to hire professionals who can mine useful data for insights. According to Forbes, when a typical Fortune 1000 company invests in big data and improves data accessibility by 10 per cent, they will see an additional payoff of an astounding $65 million.
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