By now most enterprises know that big data is essential to the modern organization — but not everyone knows how big data should be used or how to get started. At its simplest, big data analytics offers the ability to identify patterns, making it easier for enterprises to make educated and informed decisions on all levels of their operations. An essential understanding of big data is necessary for decision makers to implement programs in the most effective way.
Scoring Leads and Identifying Prospective Customers
Big data is often used to determine which customers are most likely to initially purchase products or to continue to purchase products. Big data can also be used to identify which customers are most likely to buy the most products, or who will have the most significant lifetime value. By scoring leads automatically, companies can leverage smaller sales teams and focus their efforts on the customers that are most likely to commit. Better customer service and higher levels of responsiveness may be allocated to the customers that are the most valuable to the business.
Optimizing the Performance of Human Assets
Internal efficiencies such as human resources can be explored through big data by organizations hoping to streamline their operations. Big data can be used to identify the times that employees are most effective, which employees are bringing in the most revenue, and how employee behaviors are affected by new programs and initiatives. By getting the most out of its human assets, companies will be able to reduce their costs without compromising their effectiveness. This is especially useful the larger the organization is, as it allows the organization to test out new employee programs and receive actionable results.
Improving the Efficiency of Logistics and Shipping Solutions
From inventory to shipping, big data can be used to determine which products will need to be ordered and when. By using historical data, big data can help smooth the shipping process, by identifying areas in which slow downs most often occur. Big data can also be used to simulate shipping and logistics models, to determine the most cost-effective and fastest methods of delivering product. Big data is particularly effective in determining seasonal changes in stocking requirements and shipping times.
Developing the Security of the Network
Modern network infrastructures are under constant attack. Malicious programs, spyware, and ransomware are all targeted towards enterprise networks with the goal of compromising the system and stealing sensitive data. New security platforms can use big data to identify the behavioral signatures of potentially dangerous programs. These security platform are able to identify previously unidentified threats quickly, and can react swiftly before significant damage occurs.
Big data can be used throughout all areas of an organization, from customer retention to logistics and shipping. By appropriately managing and applying big data, companies can improve upon their operations, analyze their past results, and predict their future results. But that doesn’t mean that data can be used arbitrarily. A comprehensive data capture and analysis plan is necessary to glean accurate and useful insights.