7 Ways to Use Big Data to Increase ROI
Published: February 11, 2015
Author: Robert Cordray
Companies are solving major problems with big data. They are refining processes, improving productivity, and increasing their bottom line by relying on powerful software solutions. The solutions enable decision makers to better understand behaviors, trends, processes, and other factors that may be potentially affecting the company’s productivity.
Big data can be used to increase ROI for companies. Here are the several ways in which a company can be used to add value to their organization.
Big data has can be utilized for identifying opportunities in the marketplace. A company can explore its successes in certain regions and study the processes supporting that growth. If properly leveraged, data can be used for increasing market share.
Big data can provide a glimpse or detailed analysis to uncover motivations for consumer behaviors. Companies can develop a much more personalized experience for their consumers in gathering and assembling the right information. Everything from messaging to product development can benefit from the strategic use of big data.
Solutions like salesforce software in shipping logistics can be used to understand patterns and trends in markets. This information equips the company with the knowledge needed to forecast delivery trends and place the proper resources in place to better respond to trends. Companies can stage resources accordingly or create central hubs in accordance with current business needs and trends.
Big data can be used to identify areas of waste. Productivity lost and resources poorly allocated can be better examined through big data. Resources can be shifted to better meet the needs of a business, and the talent on hand can be used in a way that brings more value to a company. Big data can even be used to determine whether or not a particular approach to messaging should be utilized to better resonate with consumers.
Big data can improve efficiency. Some companies have equipped their fleets with EOBRs to collect data. The large volume of data collected over time permits management to see up close just how much their fuel costs impact their bottom line. UPS famously used them to eliminate left turns from their fleet, saving 10 million gallons of gas in one year. They can also give companies the advantage of knowing which employees are most productive and how much savings can be derived from assigning and scheduling routes differently.
With the right framework, big data can enable real-time decision-making. Having the right data available can empower personnel to make better decisions. This minimizes the chances of poor decisions that could prove costly for a business. It also gives decision makers the knowledge necessary to act in confidence when opportunities or crises occur.