Big Data is everywhere. It is well-known to be crucial for commercial success and is impacting organisations at their core. Here are some insights on how companies are using Big Data to make better strategic decisions and shape the business landscape.
Incorporating analytics into all elements of business operations
Big Data has moved beyond a glorified marketing tool to a key enabler of core organisational activities for big corporates.
BMW is using Big Data and Artificial Intelligence to bring an innovative image recognition technology and autonomy to build self-driven cars that can operate as effectively as a human in any road conditions. BMW also utilizes Big Data for predictive analytics, optimization, and repairs and maintenance for better customer service.
Uber is perhaps the most famous example of an organisation fueled by data. It is so obsessed with Big Data, that Uber has a compulsory 32-question, timed math test with spreadsheets containing real Uber data as part of its interview process.
Using data effectively is a guaranteed way of improving performance. It’s seen when 48.4% of executives from Fortune 1000 companies like Disney and American Express claim that their Big Data investments are yielding significant results, both in improving operations and in driving innovative strategies intended to change how they do business.
Enabling real-time, data-driven decision-making
On the other side of the coin, outdated and poor data can result in severe financial losses. The US Postal Service, for example, spent +$1.5 billion to process 6.8 billion pieces of misplaced mail due to data errors.
Relevant and timely data assists managers in making informed decisions. Receiving valuable insights instantly can help them understand problems, as they are happening. This prevents inefficiency and reduces costs, while improving process optimization and profit.
Just look at Delhaize America, who was able to understand the impact of changing weather conditions on buying preferences. For example, warm weather reduces purchases of certain grilling meats and increases purchases of magazines. These types of informed observations enable smarter decisions about inventory, advertising and pricing.
Big Data goes beyond process improvement. Real-time information enables companies like Walmart and John Deere to create better product offerings and develop new business models. Such is the case with Rolls-Royce’s Total Care. By utilizing analytics from hundreds of sensors, they developed a game changing business model where customers are charged per hour for engine use, and Rolls Royce covers the service and maintenance.
Discover endless possibilities with Big Data
Big Data will increasingly be essential for success. We have seen huge growth in emerging technologies with exciting applications to gather, analyze and interpret data across different industries, as seen in examples in agriculture, freight transportation and healthcare.
We see developments in Big Data which will lead to exciting opportunities for the future. If you are interested in gaining key insights about the upcoming technologies and trends – check out our free Big Data tech overview by clicking below: