- Author: Troy Adams, Techpath, May 2015
What business opportunities are you missing by not leveraging big data?
Big data relates to the information contained within everyday business applications. By analysing a mix of structured, semi structured and unstructured data such as excel spreadsheets, ERP and CRM systems, payroll, customer feedback, surveys, products, stock movements and customer transactions it is possible to discover useful information that enables us to make better informed business decisions.
Sometimes we don’t realise the power of the information that we gather during day to day operations. Through collating this data we can uncover hidden patterns and market trends leading to more effective marketing, improved operational efficiency, innovation, strategic direction and a competitive edge.
It is often assumed that big data is only for large corporations with big budgets, however technology and freely available tools makes this accessible to companies of all sizes.
Some simple examples of big data reports that most businesses could benefit from and have data readily available for include:
- customer spend trends
- service margins
- efficiency rates
- procurement planning
A business that uses the data available to its fullest potential will be more successful than its competitors.