How Organizations Drive Success with Big Data

Big data analytics by other names has been in use for 60+ years dating back to analysis of large spreadsheets to look for trends and insights. The exponential increase in data accumulation in the last decade and greater speed and efficiency to analyze it has birthed a new era in big data analytics that is worthy of the name.

Data Driven Results

Let’s look at broad ways organizations are succeeding with big data analytics. We can help you identify applications specific to your purposes and goals.

  1. Data is gathered and stored

    You can’t analyze what you don’t possess. Systems are being put in place to capture and store data for instant and ongoing analysis. Some information collection is automated, like customer page views and what they ultimately buy. Other data must be manually inputted such as the exact time and conditions of every workplace accident to enhance worker safety.

  2. Decision-making is faster and more accurate

    Enormous data sets are analyzed quickly with Hadoop and more accurately with in-memory analytics to produce real-time, actionable information for better decisions.

  3. Efficiency is improved, costs are reduced and profits are increased

    Cloud-based storage reduces costs compared with on-premise storage, and the analysis of that data reveals more efficient, productive and profitable methods.

  4. Per-customer sales and customer retention are increased

    Analyzing the wealth of information available about your real and potential customers offers outstanding ROI. What you learn can be used in:

    • Predicting consumer demand based on social media data and web search trends
    • The development or choice of products and services most attractive to your target audience
    • Pricing that hits the profitability sweet spot
    • Marketing that creates demand
    • Advertising that drives sales
    • Customer service that enhances consumer experience
    • Customer relationship management (CRM) that deepens loyalty and increases lifetime sales

    The results will be healthier profits.

    "At one point, Amazon will send things to your house that you didn't order, but when you get it, you'll keep it, because they knew you wanted it,” said Charles Payne on Fox Business. A stretch? Perhaps, but data-savvy marketers are using what they know about consumers as a whole and about you as an individual to put exactly what you want in front of you at precisely the right time.

Analytics closeup
  1. Big data analysis is getting results

    It’s not just sales revenue that is increased. Corollaries in other industries include better patient outcomes, more effective education and training, improved fundraising, more accurate forecasting, bigger yields, greater personal and community security, faster identification of problems and more effective solutions. The more you know about your customers (or patients, students, employees, donors, etc.), your processes, your results, changes within your industry and their impact, and whatever other factors affect your success, the better prepared you’ll be to meet your goals. Knowledge is power.

  2. Hiring and utilizing personnel is optimized

    The Moneyball concept from baseball has application in the business world. Human resource specialists are able to create much more specific profiles for the personnel they want and then more precisely match candidate fit to that profile. Once employed, the individual’s capabilities, strengths and weaknesses are better understood to place them in the most profitable position, to enhance their skills through targeted training or, when necessary, to separate them from the company.

  3. Machine and device performance is maximized

    Consultant and author Bernard Marr says, “Big data analytics help machines and devices become smarter and more autonomous.” Machine learning, a form of AI enhanced with analytics, allows machines and devices to perform better over time without manual reprogramming. They reprogram behavior through the data they accumulate and analyze.

    Getting Impact from Analytics

    As Ruben Sigala, chief analytics officer of Caesars Entertainment, says about his experience with big data analytics, “What we found challenging is finding the set of tools that enable organizations to efficiently generate value through the [data analytics] process. I hear about individual wins in certain applications, but I think we are all struggling with, in part because it’s still very early days. The technology is still changing; the sources are still evolving.” His comments were echoed by other senior leaders from major corporations when interviewed by McKinsey Analytics about how companies are using big data and analytics.

    The challenges Sigala and others discussed are the same ones you and your company face. Rejecting big data analytics isn’t the answer. The solution is working with a partner that understands the evolving tools and practices required to succeed. The experienced professionals of the Olson Institute understand. Get in touch today to learn about big data analytics and other proven tools we have experience with. Together, we can map a path to reach your goals.