In Which 5 Fundamental Ways is Big Data Shaping Business Decisions Today?

In Which 5 Fundamental Ways is Big Data Shaping Business Decisions Today?
September 15 2016

Regardless of the industrial domain or business vertical, big data in cloud is exerting influence and reach in most of the major strategic business decisions made today. Today, it is evident in most big industries and companies, the more data a company / industry collects and analyzes, the more information they have to decipher or decode when making major business decisions. Most corporations and industries no longer do things on pure instinct or guess work or unreliable and unverified data streams. They follow precise parameters and channels to arrive at far reaching and impacting business decisions.

These are some of the ways that big data is helping shape the course of business and industrial decisions;

  1. Business ValuationThese days, company data is far much more than its tangible assets as it provides insight and potential projections that many view as indicators of success. Company Goodwill is the perfect example of this data impact. This is an invisible business asset that is gauged through data collection and added to valuation.

    How businesses apply data and make decisions based on data also goes on to affect its success rate. Big is so influential that data is also added while calculating its true value.

  2. Data Collection SoftwareChoosing appropriate business intelligence software is one of the most important parts of the process as that’s how data is collected and analyzed. Choosing best and reliable software platform is also not an easy task or aspect. There are several data collection software programs today, yet they all aren’t on par. Software programs that automate the process of collecting data and create reports offer enhanced usability.
  3. ReputationMost industries and big companies know the value of creating an effective strategy to improve their public perception/opinion. Gauging analytics on social media and business websites, industries and companies are able to weigh how they are perceived by the public. Alternatively, they may get insights into customer interactions and satisfaction. These parameters weigh heavily on industry and company reputation. Most industries and companies use data to make decisions related to branding, social media marketing and ways to enhance customer relations.
  4. RevenueGenerating revenue is easy with sufficient wealth of business data. This includes finding the best markets to promote goods and services. Big data helps analyze present transactions, customer complaints, and product reviews. Industries and corporations may use data to find new investment prospects not exploited yet.
  5. ProductivityEnhancing operational efficiency and productivity also helps boost improve profitability. There are many ERP programs which help study all business functions right from assembly lines till accounting process. Big data may help businesses in times of operational inefficiency and find ways to automate processes for higher productivity. Big data may help find industrious workers or most reliable machines and ways to curb energy costs.

Big data management today perhaps presents extremely versatile and great potential for businesses to organize themselves efficiently and discover the best strategies for growth and expansion. This also implies that business data is a serious source of revenue for its information if well managed and adapted to its full potential.

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