5 Ways Big Data Analytics Power Productivity & Profits Businesses with big data initiatives see big benefits


Blog#2 :  5 Ways Big Data Analytics Power Productivity & Profits  Businesses with big data initiatives see big benefits
Name : Aileen 蔣慧玲
Student ID : D0726917
Source : https://medium.com/the-crossover-cast/5-ways-big-data-analytics-power-productivity-profits-41a17d802132

5 Benefits of Business Data Analysis
1.       Data powers continual performance improvements
Business Data Analysis can improve management and help employees be aware of their work habits. It can be a resource that can provide improvements continuously to collect a better data.
2.       Data encourages well-informed decision-making
Business Data Analysis can back up decisions with evidence. This analytics engines will become more helpful because they will get smarter as they absorb a company’s outcomes and connect them to the collected data.
3.       Data enables smarter hiring choices
This kind of algorithms can help managers make hiring decisions by predicting the potential employees. It can also contribute more effective training methods and produce insights to improve the company’s performance. This will lead to an improvement in customer service and increase cost savings.
4.       Data delivers a competitive advantage
Data and analytics is a part of modern workplace. According to Bain & Company survey of more than 400 large businesses, it was found that organizations that have the most advanced analytics capabilities shows a better performance compared to the other businesses in the industry. Not only financial performance, but also faster in making decisions.

5.       Data drives revenue gains
Almost every business has one goal in common, it is increasing profits. University of Texas study use data sets from Fortune 1000 companies to analyze the impact data has on key business performance metrics.  The results showed that making even very small improvements to existing data can gain big benefits.
Some of the study revealed that the average Fortune 1000 company could:
·         Increase its revenue by more than $2 billion a year by increasing data usability by just 10%
·         Increase return on equity by 16% by increasing both the quality of data and the ability of salespeople to access it by just 10%
·         Increase return on investment by 0.7% (which equates to $2.87 million of additional income) by increasing both the intelligence and accessibility of data by just 10%

In conclusion, Big Data Analysis can also be used in the business field. It is important for us to learn how to use Big Data Analysis in our company. Using this analytics engines can help us improve our performance and work to be more efficient and effective. Therefore, reducing costs while increasing services and profits can be achieved.

Comments

Post a Comment

Popular posts from this blog

How Big Data Can Boost Weather Forecasting

張岳庭 D0741017 Source:  https://www.wired.com/insights/2013/02/how-big-data-can-boost-weather-forecasting/ Considering the number of variables involved and the complex interactions between these variables, weather forecasting has always been extremely challenging. The significant increase in data collection and processing capabilities has greatly improved the ability of weather forecasters to pinpoint the time and severity of hurricanes, floods, snowstorms and other weather events. Globally, more and more evidence of climate change is prompting governments and scientists to take action to protect people and property from its effects. But to take effective measures, they need to know more about the weather-from everything that will happen tomorrow to what will happen next year. According to the professor of economics and finance , Alan Anderson, PhD , “Example of an application of big data to weather forecasting is IBM’s Deep Thunder. Unlike many weather forecasting systems...
Read more

How Big Data is Changing the Production Industry

Blog#4 : How Big Data is Changing the Production Industry Name : Aileen 蔣慧玲 Student ID : D0726917 Source :   https://www.productionhub.com/blog/post/how-big-data-is-changing-the-production-industry Information technology plays a major role in Hollywood. Producers have to use big data analytics to get the right consumers and communicate with them well. Big data technologies will help filmmakers figure out the best ways to share their ideas and deliver messages, develop movies and content that involve ethical and societal issues. Therefore, information that we can get from the help of big data can help filmmakers make key decisions. Big Data is Changing the Production Game Big data technology can help filmmakers to connect and engage with consumers more directly using social media, mobile devices and traditional advertising outlets. Using this technology, producers can develop promotions that reaches the right consumer at the right time. It is not enough just to mainta...
Read more

Big Data case study: 5 relevant examples from the airline industry

D0740712 Connie  吳霈晴 Website: https://blog.datumize.com/5-relevant-examples-of-a-big-data-case-study-from-the-airline-industry With the summer vacation coming, travel is the one that people love to do during vacation, especially long vacation, going abroad may be the first choice for many travelers. So this makes me think of what is the relationship between big data and airplanes? How will it apply on the airline industry? This article tells about the benefits of big data on airlines, which covers three main advantages. 1.      Smarter maintenance 2.      Safer flights 3.      Improve service The first one includes the fuel of airplane, by analyzing and predicting, the article takes some specific airplane company as an example, giving the real number and how much they save the cost. Second, safety. Like this kind of transportation has a higher risk to take, if have the big data’s help, th...
Read more