3 Ways Big Data Influences Company Decision-making

According to the latest research, we develop over 2.5 quintillion bytes of data every day. These days, companies have access to myriad data sources gathered from customer touchpoints like social media pages, documents, websites, archives, and more.

However, more than just collecting data is needed to develop a positive effect on your venture. First, you need to determine and change the collated data into segments of value-added data.

Let's discuss three ways companies use Big Data to drive crucial business decisions and improve their enterprise performance.

Improve Operational Efficiency

Most organizations use data to automate workflows, optimize selling techniques, and improve their overall business efficiency.

For instance, Elon Musk's Tesla vehicles are incorporated with sensors that gather data and send it to the core servers for analysis. This aids the enterprise in enhancing its car performance. The firm also informs individual car owners regarding priority repair.

Another beneficial aspect of Big Data is Tesla's autopilot technique. Tesla records more miles/day than the total miles the Google autonomous car program recorded. It has also generated roadmaps for autonomous vehicles by assembling all the data into the cloud.

These roadmaps are proven to be 100x more precise than conventional GPS. In addition, the improved autopilot software helps match your car's speed to traffic, direct lane changes, and self-parking.

No Additional Investment, Maximum Capacity

Have you ever wondered about an increased customer base without the need for additional resources/investment?

A telecommunication firm - Sprint, leveraged Big Data analytics to minimize network fallacies, enhance customer experience, and optimize resources by analyzing real-time data. This has helped the enterprise to achieve a 90% increase in its delivery rate.

Real-time Data: Enhance Customer Engagement & Retention

One of the most crucial domains of any sector is customer service, where enterprises must deliver metrics. Organizations leverage real-time data to provide individual personalized services to their customers.

The US retail company - Kroger leverage Big Data to offer personalized loyalty programs to its users. The enterprise uses the collected data to generate meaningful insights that help the brand to improve profitability and customer satisfaction.

Kroger claims that 95% of its sales rely on customer loyalty and has added 60% redemption rates and around $12Bn incremental revenue. This has helped the firm stay profitable even during a worldwide recession.

Why Prepare for Big Data Career?

Today, most sectors are enhanced with the application of Big Data. Likewise, every career domain is drastically improved when the potential to gather and analyze Big Data is added to an ongoing scenario.

Let's see why you must enroll in Big Data Analytics to expand your professional background.

1. The first and foremost benefit of Big Data Analytics is its attractive salary pack, which is higher than its IT counterparts. According to a global recruitment company - Randstad, the rate of Big Data experts is 50% more than that of other IT professionals in India. Likewise, ITjobswatch highlights a 14% increase in average salary for Big Data consultants in the UK in 2016.
2. There has been an increase in job opportunities in the Big Data management and analytics field over the last five years. A prediction report from the McKinsey Global Institute states a shortage of over 1.5Mn analysts in the US by the end of 2018.
3. Various job titles like Big Data Engineer and Metrics & Analytics Specialist are some of the most demanding careers in the modern job market.

As more companies leap onto data-driven decision-making techniques, they must adopt learning and invest in their workforces to achieve value-added accreditations. Organizations must take the step to sponsor employees for significant training courses on analytical tools and techniques that will provide their teams with the skills needed to use data for informed decision-making.