How Does Big Data Help Companies

Topic 3: How Does Big Data Help Companies
Name: 陳美菁
Student ID: D0773630
Author: Bernard Marr

Using Big Data has been crucial for many leading companies to outperform the competition. In many industries, new entrants and established competitors use data-driven strategies to compete, capture and innovate. According to experts, Big Data can create a lot of new growth opportunities. It can even give rise to a new category of businesses, such as the ones that analyze and aggregate industry data. Most of these companies will be sitting in the middle of large information flows about services and products, suppliers and buyers, consumer intent, and preferences. Companies across industries should start building their Big Data capabilities aggressively. Big Data is a combination of all the processes and tools related to utilizing and managing large data sets. The Big Data concept was born out of the need to understand trends, preferences, and patterns in the huge database generated when people interact with different systems and each other. With Big Data, business organizations can use analytics, and figure out the most valuable customers. It can also help businesses create new experiences, services, and products.

The most important benefits of Big Data for companies are first, big Data allows a business or company organization to profile such customers in a far-reaching manner. This allows a business to engage in a real-time, one-on-one conversation with consumers. Second, Big Data is one of the best ways to collect and use feedback. It helps the company to understand how customers perceive their services and products. Third, since Big Data leads to predictive analytics, it allows a company to analyze and scan social media feeds and newspaper reports. Thus, they can permanently keep up with speed on the latest trends and developments in the industry. Fourth, Big Data tools allow a company to map the entire data landscape across the company. This allows them to analyze all kinds of internal threats. With this information, they can keep sensitive information safe. And last, Big data provides a company with insights from analyzing the market and consumers.

There’s no doubt that Big Data will continue to play an important role in many different industries around the world. It can definitely do wonders for a business or company organization. In order to reap more benefits, it’s important to train their employees about Big Data management. With proper management of Big Data, their business will be more productive and efficient.

Comments

  1. EllyJune 21, 2020 at 2:04 AM

    Big data is an useful tool that can be applied in many fields, no matter in the health care, media and entertainment or even in the companies for business gain. Big Data has the potential for companies to improve their operations for faster, increasing decisions. As the article says, big data can help in five key ways. However, there are three key ways that I prefer the most, which are making better business decisions, understanding your customers and delivering smarter services or products. First, big data can help to analyze the data and make the smarter decisions for the companies. I think it is a helpful tool for the business. Everyone in the company must have access to the data they need to improve decision making. Besides, business users across the company should be able to explore and interrogate data so that they can answer their most pressing business questions. Second, understanding your customers. There are many different kinds of people, naturally, there are variety of ideas and requirements. Through the big data, it can easily arrange and analyze the whole information and make an accurate analyze for the customers. Last, when you know more about your customers, you can design smarter products or services to suit their needs. According to the article, The Royal Bank of Scotland is also using big data to deliver a better service to its customers. The average bank knows a lot about its customers, from what they like to buy, to where they go on holiday. Therefore, it is helpful for the bank. In conclusion, I think big data has presented exciting opportunities for business to automate processes, make smarter decisions and delight the customers.

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    Replies
    1. Gary AuJune 25, 2020 at 2:36 AM

      In the face of increasingly complex operations with large amounts of data. Companies should make good use of tools that enhance work efficiency to strengthen supervision and improve efficiency. For example, by assisting cost analysis and management with digital technology and conversion, product and cost portfolios and management efficiency are improved. Big data analysis is conducted using risk intelligence dashboards to fully grasp risk events such as internal control failure or potential fraud, and help companies discover potential Waste and management weaknesses.

      Use big data to guarantee end-to-end control of generation and showcasing forms, diminish manual mediation on the generation line and make strides generation irreconcilability. It can too collect generation taken a toll information in genuine time and precisely, and more precise fabric arranging and sensible generation planning and conveyance, etc.There are ventures to move forward efficiency and fetched competitiveness.

      D0709115 區子軍

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