2.5 quintillion bytes of data are generated daily around the world. The data are received from every digital equipment and devices that we use everyday from climate information, digital pictures, social network posts, shared, files, uploaded and downloaded music, transaction records, GPS and such. These different types of information are known as big data. Basic data are classified into 3 types:
- Traditional business enterprise data. It comprises of customer information in the CRM to transactional ERP which contains the ledger information and store transactions
- Machine generated data. It includes smart meters, call records, web logs, security logs, trading system logs, equipment logs etc.
- Social networking data. This type includes data from the different microblogging sites like Facebook, Twitter, Instagram, LinkedIn and so on.
Big data has many applications and this includes business. Any business organization that needs to function as designed and increase its productivity needs the right information to run it. The decision makers base their plan and decision on the facts and correct information that they have gathered using different systems, either manually or computerized. Most large companies are utilizing big data to gain a foothold on the market and to relay the right decisions to make their business a success.
Analyze, Plan And Execute
Big data and advanced analytics ( usually a process used in business intelligence) allows the business to develop models and used for predictive analytics. Combining big data and predictive analytics can be a challenge to some industries but implementing high performance analytics which speeds up reporting and scoring will help the customer and the business to improve its productivity.
- Detect, stop and fix financial fraud. This is a fact - criminals are busily working on how to fraud companies around the world either big or small. These criminals are continually enhancing their techniques to go away with it. Large companies and organizations are turning to big data and use powerful analytics to sort big data volumes to uncover patterns and suspicious trends that can prove a criminal act. Fraud detection will involve analyzing different transactions that can put on review. If a pattern is emerging or reviews increase, it’s likely that fraudulent transactions are happening. Information can be gathered, a plan or model can be made to keep up with the different schemes criminals use. It will lead to more awareness and prevention of fraud before it creates a negative impact on the company.
- Create And Release High Value Marketing Campaigns. Using big data and analytics, a business can get tremendous gains as a result of its database marketing. It removes the limits on some variables on the development and creation stages of marketing. It will open avenues for more changes and planning for an effective marketing campaign. It will also result in a more productive team and will produce more reliable marketing models that can be used across the organization. Product volume will rise and even small incremental improvements will give significant positive results and improve the cash flow of the company.
- Improve collections on delinquent and unpaid bills. This model can be applied to businesses providing services like phone carriers and internet providers. Unpaid bills, credit extensions for post paid subscribers, late payments and other collection woes results in millions of dollars of uncollected debt. These companies can turn to big data and high performance analytics to predict probable non payment and delinquency by having new customer models into production, give call center agents the right queue give importance to red flag customers based on different metrics like credit history, payment history and employment status. This way, customer service reps will be able to offer alternative payment packages and best rates in real time while the customer is on the phone.
Big data, high performance analytics and accumulated information will be compared across many industries and businesses. This will provide insights, good planning and the right call to action to double revenue and improve the productivity. Business intelligence will be even more valuable in establishing a valuable and solid benchmark data that will help decision makers, retailers and marketers in developing techniques in changing the future of business.