(Decode big data analytics and its relevance in today’s business scenario)
Businesses are getting increasingly competitive and thanks to the connected community through multiple devices, the way people are shopping or looking for products or solutions has undergone a paradigm shift. We are living in a changed world in terms of the way technology intersects almost all aspects of business, notwithstanding the size and scale. Big data is driving businesses today and as per Gartner’s bid data predications 20151, “By 2020, information will be used to reinvent, digitalize or eliminate 80% of business processes and products from a decade earlier.” Sifting through this big data requires special skills, training and niche area of expertise. The following are some key ways in which big data analytics and professionals engaged in this area will play a pivotal role in innovation, identifying new patterns, product strategy, and customer engagement and remaining competitive by being agile and predictive.
1 Improve internal processes- Companies of all sizes have data being generated through multiple sources by their employees through the BYOD culture, internal chat groups, intranet, emails, customer service calls etc. All this data is critical as it indicates the seamless functioning of a company and its internal health. Companies can use all this analytics to gauge and predict the behavior of employees; the onsite teams etc. and make changes if needed to fill gaps or to raise awareness amongst its internal audience when needed.
2-Increase efficiency- There are sophisticated ways using predictive data analysis and other models wherein huge cost inefficiencies and operational flaws can be looked into. By looking into work flows and other indicators, as well as the production information, analysts can derive at the problem areas helping companies to bring about changes that improve overall productivity by eliminating challenges.
3-Customer strategy-Social media chatter, emails, voice calls etc. are potential gold mines when it comes to understanding what customers are perceiving about a company or its brand, the adoption trends, overall sentiment and of course when you wish to enter a new geography. Even when customers have a bad or good experience-everything comes down to how companies are planning on using this crucial data. Analysts sift through such information and find triggers, patterns, potential and of course crucial actionable insights that helps companies making a new customer communication or engagement campaign.
The above are some of the ways big data can help companies turn around their operations, remain relevant and profitable in the midst of sweeping changes across the global economy. This is where a certified big data analyst plays a leading role.