The term Big Data has gained significance in recent years, as businesses start to consider the benefits of access to significant quantities of information.
Essentially meaning large sets of information, whether that’s customer data or information related to the business, Big Data has numerous applications. In fact, this breadth of applications is the reason many businesses across the globe are starting to take advantage of the trend.
A study from Accenture Insights surveyed 1,000 respondents from a number of companies, all of which had proceeded with a Big Data project. A significant 89 per cent believed the trend would be important as the business went digital, and 89 per cent said Big Data will revolutionise operations on the same scale as the internet.
Big Data will revolutionise operations on the same scale as the internet.
Of course, making use of Big Data isn’t exactly easy, and a broad understanding of how companies are utilising information is always useful. Equally important is the need to ensure that data is of the highest quality and managed correctly.
Following by example
For many businesses, Big Data represents the next great leap on the IT evolutionary chain, and a step that presents many opportunities. A substantial number of businesses are now effectively using data on a regular basis to reduce costs, put new systems in place and better understand customers.
A business could, for example, predict what customers want before they even know they want it. In a similar vein, by checking addresses a company could find out where the majority of customers are located.
United Healthcare uses text gathered from call centre conversations as a way of determining the satisfaction of customers. Train company Norfolk Southern gathers data from rail traffic in order to reduce congestion. This then allows trains to travel at higher speeds, which means timetables are more efficient.
Hotel optimisation company Duetto makes it simple for hotels to customise prices. For example, if they know customers will spend heavily on gambling and drinks, they’re able to lower the price of the room as an incentive. In a similar vein, Bank of America provides cash-back offers by analysing prior customer purchases.
In all of the above cases, businesses are using highly specialised data to solve problems specific to a particular industry. This shows that all businesses can make use of large sets of information. However, companies need to ensure that the information being utilised is the right information.
Effectively utilising Big Data is only half the story, as companies need to ensure that the information is actually being managed correctly. After all, it could prove an extremely difficult task to make use of disorganised and out of date information.
Placing management at the top of the priority list
Information Governance is the solution here, by ensuring the information lifecycle is effectively managed from creation right through to destruction. In basic terms, this means there’s no risk of poor information mixing with the quality data businesses need. This approach can also grow in line with the needs of the business, a feature that makes it easy for businesses to ramp data applications.
Big Data is a trend that continues to proliferate across the globe, especially in countries like Australia, as businesses start to realise the value of information. As it has been noted above, however, quality data and effective ongoing management of information are extremely important, which in turn require the right solutions.
Speak to Mastersoft today to learn more about capable data management and ensuring quality information.