3 Big Data Analytics Examples That Can Help Your Business
How Big Data Practices Help With Business Operations
Big data has been a familiar concept in digital transformation for years now. From marketers to project managers, organizations are increasingly seeing the importance in collecting data from all aspects of a business to help guide their operations.
Industry leaders can use big data for a variety of purposes such as cost reduction, more efficient business processes, and the ability to better judge the needs of the customer.
Since 2017, at least 53 percent of companies have leveraged big data to make informed decisions—and that number is growing. Developments such as robotic process automation (RPA) are helping fuel this rise in big data, making it easier to sort through and process vast amounts of data.
Now, to remain competitive, analytics needs to play a significant role in the operations of a modern SMB. Here are three different ways businesses can leverage big data, and how analytics can improve business processes.
1. The Importance of Big Data Analytics in IT
A robust IT infrastructure is vital to enhancing the efficiency of an organization while also ensuring cost savings and security. Analytics support the creation and deployment of a more robust IT infrastructure by giving professionals the tools they need to stay on top of everything. In particular, IT leverages analytics in two primary ways:
Analytics shed insight into network performance for things such as traffic, speeds, uptime and downtime, user habits, and even the printing environment.
Using the data collected from this monitoring, IT professionals can help understand the movement of traffic across a network, and managers can tweak processes as needed to encourage efficiency.
Cyber-attacks are increasing—some 95 percent of IT decision makers believe they are susceptible to external threats. Analytics are most frequently deployed to study the behavior of breaches in order to predict the next one.
It’s historically been incredibly difficult to predict a cyber-attack. However, according to the IDC, big data may be just the key which the industry needs in order to provide analysis and shed light on best practices for avoiding attacks.
2. Big Data Analytics and Marketing
Analytics first arose in marketing as companies began to uncover how to entice customers best to respond to their advertising efforts—through value propositions and call-to-actions. Since then, analytics have proven useful in marketing for several reasons. Big data analytics:
- Help companies get a better sense of market segments and potential audiences
- Provide more in-depth insight into customer behavior and preferences
- Experiment with new products and better marketing approaches
- Reveal the best strategies for augmenting the user experience
- Make A/B testing easier
- Assist with the optimization of pricing strategies
With markets and consumer preferences so rapidly changing, it’s critical to be constantly testing new ideas. Analytics make the entire process easier by providing pointed clues into what works and what doesn’t.
Running A/B tests can be extremely useful because companies can run split test and optimize their website for conversions.
3. The Case for Analytics with Employees
In addition to finding what works for customers, analytics can also provide insights into the best strategies for encouraging productivity in the workplace. More and more businesses are using analytics to identify the best way to drive employees to work more efficiently.
- Sorting resumes and cover letters during the hiring process
- Analyzing video interviews to assess a candidate’s personality
- Spotting patterns of behavior in employees and departments
- Tracking the real-time effects of training and employee coaching
- Identifying areas of payroll leakage or poor hourly time management
- Collecting performance data for employee energy, wellbeing, and pain points
- Ranking employees by quality and reliability
In other words, analytics within the workplace helps companies gain a much better sense of exactly how their employees work, and how to support them to drive productivity to the next level.
How Analytics, Big Data, and Business Works Together
At its core, the use of big data to drive decision making is meant to make businesses more cost-effective, efficient, and competitive in the market. SMBs are the most likely to leverage data and analytics software to gain a competitive edge. When done correctly, analytics and big data work together to provide valuable business intelligence.
However, analytics and big data also work within a company to improve its operations. In IT, data analytics helps companies stay ahead of threats to keep their customer, employee, and company information safe.
In marketing, big data allows companies to go straight for what works, and to experiment from an informed position. Finally, internally, the use of big data helps rid companies of dated processes which may be contributing to poor efficiency in business operations.
Get Next Generation Analytics That Make an Impact
Every business should use big data to identify critical metrics, potential problems, and insights on their customers. These analytics assist in moving a business forward by providing essential insight across the breadth of a company. From IT to human resources, big data is becoming increasingly vital for companies to make informed, cogent decisions to drive productivity and profitability.
Want to Learn More?
Analytics is just one aspect of digital transformation which is changing the way small businesses operate in today’s constantly evolving landscape. To learn more about how you can modernize your organization, reach out to our Managed IT team speak to one of our experts today!