How Does Big Data Help Companies

Blog 1

Title : How Does Big Data Help Companies

Name : Lusiana 

Student Id : D0731621




Big data have been known as one of the most important concepts in business field. Every companies uses the help of big data to enhance their business to be better, more effective and efficient. This article summarizes 5 key points of how big data help companies in general.
              
First, big data helps companies to make better business discussion. Big data provides a tool which can provide a smarter decision. Smarter decision here means a decision that formed from an actual data not an assumption or feeling. Company should be able to use data as their main source for any problems or question regarding their business.
               
Next, big data can help you understand your customer better. With the help of today big data function, company can analyze every customer individual interest and need. Therefore, company can actually provide a better services and performances to the client.
               
Third, big data is delivering smarter services or products. For example, Royal Bank of Scotland (RBS) is using big data to deliver a better customer service. They use the data they found as the knowledge in order to better meet customers needs. Furthermore, it also helps the company to save a lot of time and money.
               
Fourth, big data helps improve business operation. Now days business sectors and function are becoming more automated and efficient, and the reason behind it is big data. This is proven by the application of big data in human resources area.
               
Lastly, big data helps generate an income. Companies can work with the data they earned by monetizing it to boost the revenue or create an additional income stream. 

 In conclusion, with big data companies can create a more certain business strategy or models. 

Comments

  1. Kathleen 蔣慧敏May 11, 2020 at 8:37 AM

    Kathleen 蔣慧敏
    Student ID : D0726920

    As a student majoring in business, I think the topic that Lusi chooses is very useful because sooner or later we will be working in a company. Therefore, it is important for us to know how big data can help companies in doing their activities. As Lusi has summarized, the article mentioned five ways how big data can help companies such as make better business decisions, understand their customers, deliver smarter services or products, improve business operations, and generate an income.
    By using existing data that the company has, big data analytics tools can help a company in making better decisions based on facts not assumptions. Furthermore, a company can know more about their customer behavior from the various data that the company has gathered. As a result, the company can come up with new ideas and designs for a smarter services or products than can satisfy their customers. Big data analytics tools can also help a company to improve their business operations by minimizing repetitive tasks and time consuming by taking advantages from machines and algorithms. Other than making decisions and understanding about their customer behaviors, a company can boost their revenue by using big data analytics tools. As explained in the article, big data can help a company in comparing their competitors and spot trends from online trend analysis and benchmarking tools. Also, companies can save a lot of money from using big data. For example, data-driven fraud-detection technology can prevent fraudulent transactions which will end up saving more money for the company.
    From the benefits mentioned by the article, I agree with Lusi that big data companies can create a more certain business strategy or models.

    ReplyDelete
  2. vanessaMay 18, 2020 at 11:24 PM

    Comment #2
    Student Name : Vanessa 黃妮莎
    Student ID : D0726551


    I agree with this blog, big data does help companies to perform better in the business field. This blog explains about the 5 broad key points about how big data is helping companies to grow but I only want to comment on 3 of the points that I am really interested in.
    1. Making better business decisions :
    The decision that they mean here are decisions that are based on data, not assumptions or gut feeling. This method requires everyone in the company must have access to the data they need to improve decision making. I know about retail giant Walmart, they are using this kind of method.
    2. Understanding your customers
    It is really important for a company to know their customer, for companies to analyse their customer behaviour and engaging with their customer to understand the customer’s view and how they interact with a company’s product or service. These are the main key of marketing efforts because a company lives from its customers.
    3. Delivering smarter services or products
    To deliver and design smarter services or products that are suitable for the customer needs will require you to know more about your customer demands that are explained on point 2. If a company succeed on providing the best and most suitable need for their customer of course the customer will stick on that product and providing them more profit. But of course this method will not directly boost the revenue but instead in the long term.
    In the end I will say, the development of big data really do make a more advance ways for a company to grow

    ReplyDelete

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