We are now witnessing how digital transformation initiatives can uncover new markets, produce new opportunities and enable powerful innovation. Many organizations have embraced transformational initiatives to empower their business through re-imagined business models, technologies and processes. One of the key tenets of improving business outcomes through digital transformation is utilizing organizational data effectively for powerful insights.
How Big Data Drives Digital Transformation
The inundation of data (in vast volume, type and velocity), has led to a need for comprehensive digitization of business processes. The “potential” in your data, with the help of Big Data Analytics, can be harnessed for better and faster decision making across both business and operational strategies. Having the required and relevant information at the right time enables smarter, data-driven planning which can have significant impact on your overall organizational and operational performance.
How Big Data can help you achieve your strategic business plan
A Forbes article covering the synopsis of “2017 Big Data Analytics Market Study” by “Dresner Advisory Services" cites that Big Data adoption rates reached approximately 53% of respondents in 2017 and it is expected to rise in coming years. The concept of data adding value to the business is recognized worldwide, but the process of effective utilization of data is still a trending discussion. Businesses need insightful information to carry out faster fact-based decisions, smarter choices and real-time execution.
Organizations who make use of all kinds of Big Data—structured, unstructured, machine, mobile, and online drive excellence in operations, customer service and go-to-market as part of their strategic business plans. By integrating both internal and external data, analytic models can be built to visualize the path to achieve enterprise-wide, strategic businesses goals. The inclusion of Big Data in business models produces the tangible statistics that truly empowers the organization to take their business to another level.
Here are some general business benefits that Big Data can provide:
- Actionable Insights: With better data analytics comes actionable insights. This helps drive better business decisions, more successful campaigns, and increased revenue.
- Holistic View of the Organization: Integration of Big Data solutions with Enterprise systems helps deliver a holistic view of the organization. Such integrations call for new tools and methodologies to carry out seamless adoption.
- Smarter Predictions: Utilizing analytics, businesses are able to derive a competitive edge through smarter predictions based on the analysis of past data. Big Data and analytics can be used effectively to provide a logical analysis of past trends and business outcomes which can be used as a prescription for future decisions.
- Better Customer Experience: Better understand your customer journey with Big Data. Using Big Data analytics can help increase customer engagement and deliver improved user satisfaction through an understanding of the key aspects that have a direct impact on sign-up /purchase decisions.
Where Big Data is making a big difference in business: Sample use cases
With the creation of enormous data from different sources such as social media, digital channels, and IoT devices, organizations are diving deep in an ocean of data. Organizations have started adopting Big Data at a more rapid pace, but how are they translating it into business value?
Here are just a few examples in which Big Data has brought unprecedented transformation:
- Improved Performance Management: Priceless company data is used for predetermined queries and multifaceted analysis to conduct performance management. Through Big Data Analytics, predictive analysis of customer needs can be carried out to understand the organization’s ability to meet demand. Forecasts and delivery commitments can also be made through calculative analysis of demand and supply patterns.
- Contributing to Customer Value: Through Big Data analysis, identification of additional cross selling opportunities can be gleaned from current client profiling. This helps the organization focus where they have the best opportunity to expand their reach into their client base and build deeper, long-term relationships.
- Targeted Marketing with Social Analytics: With help of social analytics, a product promotion or a campaign’s digital footprint on social media outlets can be measured. Polls, votes and surveys and overall social media activity can help to uncover prospect interest areas and potential actions the marketing team should take in future marketing campaigns or promotions.
- Creating New Revenue Streams: The data insights from the customer database can be utilized to carve out new business opportunity. A detailed understanding of the customer base helps identify opportunities to attract additional customers and new business pursuits.
Organizations on a transformational journey should rethink current data paradigms and analyze every aspect of their business for potential growth factors. With Big Data Consulting and Analytics, businesses can become more “data focused” thus optimizing their existing processes and improving financial outcomes.