Real-time big data and analytics have now entered the realm of employee engagement too. We already know what big data is since it’s a term so widely popular now. But in case you didn’t know, big data sets are composed of a large set of structured and unstructured information. Its power does not lie in its size but how an organization uses this resource. Big data can provide an organization with deep insights about its clients and customers.
Each organization needs to use evaluate data by using analytic programs for producing reports that could provide them actionable information. These reports could then be used for making critical decisions, conduct more research, develop new products, and maybe even streamline the business operations.
International Institute for Analytics and the SAS Institute performed a study that showed that UPS was able to save a huge amount of money by using big data analysis. UPS gathered data on truck speed, performance, direction, and braking. This data was used for measuring performance and re-configuring the routes that truck drivers usually take during their deliveries. With the help of this information, UPS was able to reduce 85 million miles of the daily routes and save about $8 million on fuel. It was estimated that when 1 mile is cut from each driver’s route, it could save $30 million. These monetary savings were huge.
There are lots of other benefits of big data in improving your business efficiency:
It helps understand recruiting patterns:
Big data can help in understanding the red flags in the recruitment process. You can spot the candidates that are more likely to drop out. It will also help reduce the cost of training. The HR department will be able to make better decisions in hiring the right employees.
It improves the marketing efficiency:
With big data, you can customize the user experience by offering your customers what they need. The data analytics will help you determine what your customers need and then you can focus on creating marketing strategies accordingly.
Your revenue gains increase:
Most businesses have one major goal i.e. to increase their profits. You will be glad to know that big data can help you achieve that goal too. A research team by the University of Texas studied the impact of big data on the key business performance metrics of fortunate 1000 companies in each major industry. It was revealed that even if you make small improvements in your existing data, this could help you reap big benefits. Only quality, usability, and accessibility of the data was changed to produce significant financial gains.
Have a look at the benefits of big data for a business summarized below:
It can help delegate assignments on the basis of individual productivity.
You can optimize the employee schedule on the basis of the existing pattern of task allocation.
You can predict fraud among customer population.
You can better understand the buying habits of your customers.
You can identify a reputation crisis by observing the pattern of negative online customer support.
Big data analytics has a long way to go. The sooner you start using it, the better your business would function.