According to recent research generation of data from various sources amounts to 2.5 Quintillion bytes on a daily basis, around the world. Of course, that entire figure does not relate to structured data that applies to direct use for business purposes. But it does offer a glimpse on the scale of information that is available to help companies make smart decisions based on real statistics. Here are some of the areas that businesses can gain competitive advantages using Big Data tools.
One of the prominent process improvement methodologies employed by tech giants such as GE and Motorola has been the Six Sigma approach. It heavily relies on historical data to eliminate defects and variations in products. With Big Data tools, companies can benefit from deeper insights gained from wide-ranging structured and unstructured data points. Analysis of real-time data happens quickly and the implications incorporated into a company’s overall process improvement strategy.
The average consumer today has numerous choices to pick from, and that means any business seeking to cultivate loyalty needs to go the extra mile. A survey carried out by Gartner in 2014 reflects this wave as it showed that at least 73% of the interviewed firms had invested or planned to invest in Big Data within the next two years. Big Data avails in-depth customer information, preferences and shopping habits. With such kind of insights, a business will be well positioned to deliver just what the customer wants in a manner they desire.
Big data helps optimize resources across the company. That means a leaner productive workforce, less wastage, and significant cost saving benefits. Get in touch with us now for more details.