Why UK Companies Should Start Using Big Data Analytics
Organisations now have access to more data than ever, but most are only able to use a fraction of this data, leaving a virtual goldmine of information resource untapped. What companies don’t realise is that being able to harness this data effectively can yield business information that will prove valuable to the organisation.
The challenge is to extract relevant insights from the various forms and sources of big data which inundate enterprises on a daily, even hourly, basis. The key to meeting this challenge is Big data analytics.
The rise of big data analytics
Big data analytics refers to the process of utilising software applications to recognise trends, patterns and correlations from different types of data, and in the process, uncover useful insights. Big data tools, made all the more accessible and prevalent with cloud technology, have enabled companies to successfully convert available raw data into pieces of information that are instrumental to achieving business goals.
The International Data Corporation (IDC) predicts the global value of the big data and analytics market for 2018 to hit $166 million, an 11.7% increase over 2017 figures. This means that more companies in the UK and elsewhere in the world are recognising the need for tools to process both new data and that which may be currently sitting unused in their data stores.
Why big data analytics?
With the right analytics tools in place, big data can pave the way for:
Faster, smarter decision making
Corporate executives are expected to make not only fast but also savvy decisions, but they rely on objective information to reach such decisions. If your business has good quality data that reaches the decision makers at the right time, you should be able to use this information to better analyse a problem or evaluate an opportunity and make the right call.
Improved customer relations
Your company’s ability to satisfy the customer can spell the success or failure of your business. This requires knowing your existing and even prospective customers – their preferred products, their difficulties in doing business with you, their general customer experience, and so on. Data from social media, customer service, marketing and sales can be collated, and the results used to determine customer sentiment, customise marketing campaigns, increase engagement and more importantly, act quickly on their concerns. Research reveals that 42% of consumers airing their complaints on social media expect a response in 60 minutes or less..
New opportunities for growth
Along with the capability to gauge customers’ needs comes the opportunity to fill that need. Your organisation can develop new products and services that appeal to your client base or even re-develop existing products based on the feedback received. This level of insight from your analytics tool allows you to cultivate a mindset of innovation within the enterprise, which helps you maintain a competitive edge.
Efficient hiring and higher employee satisfaction
The use of big data also plays a vital role in the trend known as “people analytics.” The said term and the system of applying data analytics to a company’s recruitment and retention process was first adopted by Google with positive results, and many companies are following suit. Data analytics paired with human instincts can create a workplace with happy, satisfied employees.
No company is immune to data breaches and the consequences of falling to an attack are dire. This is another key area where big data technology can help. While most UK organisations have security software in place, the sheer volume of data created makes it difficult for IT admins to review logs and detect any anomalous behaviour. With the right analytics tools. however, any system abnormalities can be identified early on and investigated for potential cyber threats.
One of the most significant advantages that big data analytics offers to enterprises is the cost benefits. The valuable insights gained from it can be leveraged in the operations so that your company can realise cost efficiencies in many aspects: streamline business processes, decrease marketing expenses, improve logistics and the supply chain, prevent customer fallout, and more. In NewVantage Partners’ (NVP) Big Data Executive Survey 2017, 49.2% of respondent companies said that they successfully reduced operating costs as a result of a big data project.
In today’s data-driven environment, analytics backed by cloud technology is the future for businesses. If your company hasn’t hopped on to the big data train yet, you’re missing a significant opportunity. Don’t give your competitors the edge; start using big data today and see the big results.