Complete Overview Of The Company With Big Data
Big data infrastructures can process and correlate vast amounts of data from numerous data sources. As a result, companies recognize connections that individual data sources cannot capture. By using such an infrastructure, companies can work more efficiently and ideally stand out from the competition.
A complete overview of the company can only be obtained through Big Data environments. At the same time, responsible employees in the company receive all relevant information. This increases the transparency of the production and sales processes and often offers room for significant optimization. Above all, internal data, including sensor data, is read out by companies to carry out process optimization.
Well-Founded Decisions And Optimized Business Processes
If all company data can be evaluated, well-founded decisions can be made on this basis, which covers all data and, above all, all connections. In addition, this is the only way to optimize processes. Such a solution can significantly improve the entire business strategy, as it can draw on more and better-analyzed information.
By thoroughly evaluating the data, including social networks, companies can better align themselves with their customers. In addition, your products can also be better tailored to the customer. Companies can also include market reactions of new developments in the analysis with big data, especially when social networks and other sources are involved. For example, companies can measure how customers come to their online shop and thus provide them with customized messages and information. In addition, real-time data can recognize when a customer abandons the purchase and take appropriate countermeasures or save this fact for later analysis.
As a result, existing customers can be better looked after, but new customers can be won at the same time. Examples of this are customized insurance, investments, telephone tariffs, or other products that can be tailored. Only those who know exactly what their customers need can provide the right products.
Higher Profitability Through Better Products
This often leads to new business areas or optimization of existing business areas. At the same time, the profitability of the company increases. Of course, the risks of new business or products can also be better calculated compared with the opportunities.
Above all, possible real-time monitoring, for example, in credit card payment transactions, allows unsuitable patterns such as attempted fraud to be identified quickly and efficiently. Products and their delivery can be monitored, which can be interesting for logistics companies.
Better HR Decisions With Big Data
HR departments and recruiters also benefit from big data, primarily through the inclusion of social media and websites. Big data can carry out targeted evaluations and measure the performance of departments or individual employees. Predictive analysis is also valuable in this context since it can be used to calculate employees’ events and behavior using statistical calculations. The data can be used in personnel selection and also personnel recruitment. From many applicants, companies can identify more quickly and, above all, better who is suitable for a position.
Big data should also help in the HR area so that decision-makers do not have to make decisions on gut instinct but the basis of data. More and more companies realize that employees are essential resources and that applicants must also be treated positively. There should also be controls for recruiting, in which it can be recorded which measurable results an applicant campaign has brought for the company. This makes it possible to identify the media in which companies should look for applicants and what knowledge is required.
Through so-called candidate experience, companies can ensure that applicants get a good impression of the company. This increases the probability that the best applicants will choose their own company and not a competitor. Because one thing is clear: a top applicant has undoubtedly applied to other companies that are also vying for the best applicants. The aim here is to make it easier for potential new employees to find their way into their own company. This results in fewer bounces of sought-after candidates and, above all, a much better public image for future application processes.
Also Read: What Is Big Data Analytics?