(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.
