If you still find someone who’s of the opinion that Big Data is not meant to their organization than sympathize with them. There is no doubt about the fact that Big Data and its resulting factors would affect each and every business – from Fortune 500 companies to the tiniest of the start-ups. Big Data is about to change the face of business as we know it.
Irrespective of the field you work in or the size of your enterprise, with time as data collection, analysis and interpretation become more readily accessible; the impact of these factors is going to be quite significant on businesses.
1. Data is going to be an asset for every organization
No matter how small they are, businesses are generating a lot of data these days. If the business carries a social media page, a functioning website and accepts internet transactions then there is bound to be a lot of data harnessing going on which can be used to keep a tab on customer behavior, user experience, traffic on the website and much more.
This simply means that companies should have a strategy in place to capture big data and a plan of how to collect process and secure it. This would also lead to savvy companies beginning to offer data services to the smallest of the enterprises.
2. Big Data – Companies would have access to better market and consumer intelligence
Believe it or not, if you are doing business with a company it is bound to know a lot about you – and the amount and variety of knowledge they have about you as a customer is increasing by the day. Each organization (be it a car manufacturer keeping a tab on our driving to a basketball manufacturer who knows how often and how well we play) will be getting better insights into what customers want, what they will use and which mediums do they prefer while purchasing a product.
The remaining story is about the idea of companies being proactive in creating and maintaining their privacy policies and all the machines and security which will be required for their data protection.
3. Better Internal Efficiency and Operations
Embedded sensors tracking the performance of machinery, travel routes being optimized for quicker deliveries, tracking employee performance and even hiring the best talent, big data has the ability to better the internal efficiency and operations of any kind of business and in various departments.
There are companies which not only use sensors to track their orders or machine performance but also the performance of their employees. Organizations have started to use sensors to keep a track of employee behavior, stress levels, health standards and even their conversations and the tone of the conversation.
Besides this, if the data at hand can be put to use in order to quantify the parameters of being a good CEO then it would make the HR and hiring processes even more efficient across all levels.
Data no longer remain a part of just the IT department but has slowly and steadily become a part of every department in a business.
4. Better Customer Experience – Building Big Data as a Service Offering
The best case scenario for any company would be to use the data it collects to improve their products/services and customer experience.
One of the best examples of such a company is John Deere which has not only used big data to improve its customer experience but has cultivated it as a new product offering.
Now all the John Deere tractors which are being manufactured are embedded with sensors which give the company an ability to track the equipment usage behavior, and forecast or diagnose malfunctions. Besides this the company has also tweaked the sensors to benefit the farmers by helping them with information on plantation patterns, plowing and reaping patterns and more. This has become quite a new model to make money for an old enterprise.
These are just four of the impacts that Big Data is bound to have on businesses irrespective of their type and size in the future. Get ready to capitalize on Big Data.
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