Big Data, predictive analytics, and other innovative technologies are being used by business leaders to streamline processes, implement changes and improve operations. There are endless applications of big data that are as diverse as they are practical. Many companies now rely on Big Data to increase profits, minimize risks, solve problems and improve strategic planning. Internal stability, organic growth, and market domination can occur only if operations are efficiently harmonized with industry conditions, customer needs, and employee performances.
Operations Optimization Research shows that up to 96 percent of businesses fail within the first 10 years. Most businesses fail because of financial illiteracy and poor cash management. Operational efficiency wastes resources cause slowdowns, consumes money and lowers customer satisfaction levels. Big Data is extremely helpful for optimizing and integrating production, shipping, and supply chain activities. Having efficient infrastructure is paramount for global operations that must harmonize various channels, processes, vendors and customer demands. Real-time Big Data solutions are used to discover previously hidden problems, unknown correlations, and unrelated variables. Big Data solutions are now the primary source of business intelligence and competitive advantage for organizations.
Small Business Empowerment
According to the Small Business Administration (SBA), small companies account for over half of all jobs and sales in the country. These companies are more likely to owned by independent entrepreneurs who lack the financial resources and technical training to conduct in-depth research and analysis. Big Data solves this problem by empowering small- to medium-sized business owners with the insights needed to level the playing field with franchises, global corporations, and big-box stores. Big Data allows small companies to increase their market agility in order to nimbly and quickly respond to market changes, consumer preferences, increased competition and regulatory updates. Unlike small businesses, multinational corporations may struggle with information overabundance and over analysis.
Asset and Infrastructure Efficiency
Big Data can improve asset and critical infrastructure efficiency, which will prevent and minimize costly outages and downtime. Depending on the industry and the size of the company, manufacturing equipment failure, and production-line stoppage can cost thousands of dollars every minute. Big Data supplies streaming operational data that help decision-makers predict problems, improve processes and enact time-sensitive repairs. As a result, many production facilities rely on Big Data to provide insights into their predictive maintenance programs. This indirectly increases the competency, response time and overall performance of the maintenance department. Predictive asset optimization cannot occur without the intervention of Big Data support.
Sustainability and Energy Management
Google is using Big Data to protect the Earth by reducing waste, emissions, energy consumption and environmental impacts. Sustainability is now an integral part of every company’s brand image and public relations plan. Companies use Big Data to collect and analyze various information to improve systems and operations. Big Data solutions can collectively monitor motors, electrical equipment, and building systems in real-time. For example, big-picture insights and detailed analytics enable companies to identify wasteful behaviors, incorrect scheduling, and high energy-consumption patterns. Enterprise-wide device-level monitoring allows Big Data solutions to provide insights into abnormal performance, systematic malfunctions and building automation system inefficiency.
Big Data is improving operational efficiency across many industries in new business areas. These innovative ideas and discoveries are cross-pollinating among business processes to optimize operations, maximize profits and manage marketplace changes.