More than 1.7 billion bytes of information are generated per minute in the world, a quantity that is impossible to analyze manually. This is where the Big Data and Analysis Data hog the limelight. Through predictive analytics, data mining, and forecasting and optimization, companies are able to drive innovation and make better business decisions.
Big Data focuses on examining large data sets containing a huge variety of information. Thus the aim is to discover new opportunities, behavior patterns and preferences, trends, and lots of useful information ahead of the business.
Any organization that is investing in Business Intelligence solutions to know what is happening in your company and its environment is investing in its present and future since adapting in real-time to market changes will be decisive for its survival.
The 7 advantages of analyzing your data
1. Cost reduction
A well-implemented strategy with Business Intelligence tools can save around 35% of the organization's budgets. This percentage increases when these types of tools are based on our operations and business processes, and even on the service, we offer to our clients. The possibilities of reducing costs or increasing income are endless in different departments.
A top data science company can help you with a solution that assists in marketing, sales and productivity prediction from commercial, corrective solutions in the supply chain, increased security from IT, prospecting for new markets, or the creation of new products and services.
2. Process improvement
The use of data analysis tools brings real value to companies. Next, we will list a series of examples in different sectors:
• The American giant Macy's managed to reduce the duration of the process of dynamic optimization of its prices for the millions of items in its stores from 27 hours to just one hour.
• General Electric allocated no less than two trillion dollars to use Big Data to analyze the information related to the operation of its turbines in order to improve them.
• LinkedIn, the world's largest professional social network implemented the option "People you might know," "Groups you might be interested in" and "Jobs that might interest you" on its platform using data analysis tools, which has increased the ratio clicks on the platform by 30%.
• London Heathrow Airport, in two months, has managed to improve the percentage of departures on time from 60% to 85%. The next move in its strategy will be to integrate its systems with those of other airports to analyze data in real-time and to improve information on flight delays.
• In the banking industry, Wells Fargo uses data analytics to uncover aspects of its customer relationships that were previously inaccessible. On the other hand, Bank of America and CitiBank use Big Data to segment the offers they make to their clients.
• The Caesar Casino in Las Vegas optimizes its offers and services by analyzing data in real-time to improve the loyalty of its customers. For example, give away food stamps to people who are having a bad day at the slot machines in order to optimize the experience.
3. Support to make sound business decisions
The visualization, combination, treatment, and transformation of information are what allows you to make decisions based on that data and in real-time. Those decisions that have been made based on truthful data on the current situation of the organization or the market provide a great competitive advantage to those organizations that include Business Intelligence tools in their businesses.
The market-leading tools, according to the Gartner Magic Quadrant, are Qlik and Tableau in Analysis and Business Intelligence and Alteryx in Data Science and Machine Learning.
4. Optimize collaboration and information dissemination between users
The applications mobile and tablets promote the dissemination of visual representations of data between users of the companies. This type of responsive design frees employees from traditional desktop applications and encourages mobility and interaction.
5. Data self-service
Data visualization tools can be used autonomously by all employees to make decisions, plan strategies, or actions in real-time. Without the need for technical knowledge, users can create complex data visualizations, reducing the workload on the IT team.
6. ROI increase
With this type of analysis, all actions and resources can be optimized, leading to an increased return on investment.
The data visualization enables organizations to save time and help bridge the gap between different departments in decision-making.
The Big Data and data analysis open up a whole new world of possibilities for companies looking to make the most of their data to achieve a competitive advantage over their competition.
Do you really know your client?
Knowing the behavior of our target or the internal processes of our company is no longer enough. We need to know in real-time, the information, trends, and market news if we want to map strategies and offer products and services that adapt to what is really happening in our environment.
In recent times, Business Intelligence has proven effective in the short term because organizations experienced an improvement in making decisions based on useful information and trusted.
In the era of digital transformation, knowing how to adapt to changes in the environment is key to achieving success.