Today’s highly competitive business world implies that companies have to make smart investments in the field of information technology. One of the emerging technologies being embraced by companies around the world to improve operational efficiency is the use of Big Data.
How big data works
Big Data extract bits of information from a broad range of sources including; structured data sets such as CRM applications, intelligence from industry partners such as credit card companies, among other sources. It also skims through data from social media, blogs, and other unstructured databases. There is real-time processing of vast information obtained and presentation in a simple dashboard that helps company representatives make critical decisions on the fly. This has the direct effect of improving operational efficiency in the following ways.
1. Understanding Customers
Big data avail in-depth data on your loyal clients, which ensures you’re always giving them the rock-star services they deserve without penalizing potentially good customers who just don’t have a history with you. With Big Data, your business has access to numerous customer data points from the massive network of industry partners. You can even view this information remotely on mobile devices.
2. Providing critical linkages between pre-existing data sources
For a business like an airline, their airplanes come equipped with many sensors that generate immense amounts of performance and maintenance related data during flight. Big data can integrate this feedback with the supply chain department systems to ensure that worn out parts replacements are ready in advance. Integration of data is also applicable to manufacturing companies, car rentals, among others to improve the overall business efficiency.