The last couple of years have given new meaning to the term “big data.” Many industries have harnessed this emerging technology not only to gain a more definitive understanding of complex systems such as stock markets, but also to glean information from customers.

Big Data Analytics for Banks

Investment banks were the very first ones to adopt big data analytics. Given all the documents needed to recommend market movements, stock purchasing behaviors, investment trends, and manual processing, the task is not impossible, but it could be too time-consuming. Besides, manually inputted data is prone to human error. A single mistake can cause tremendous problems.

The availability of big data technology has been proven effective. Vast amounts of information can be processed in one go, minus the risk of inaccuracy. Accurate reports/data empower companies to analyze data easier and make better predictions than ever before.

Big Data Platforms and Their Benefits

There are various big data platforms available these days. All it takes is the right approach and proper know-how in order to make use of the platform seamlessly. If you have managed to integrate your software to the platform you’ve chosen — for instance, Tableau on Hadoop, Olap with Cassandra, or even BI with Excel  — then you can start visualizing your data with ease.

Both big and small businesses/industries can benefit from big data technology. No matter how big or small your business is, time and money are always of the essence. Big data can help your company make money and, at the same time, it can help you be more cost-efficient. How is that possible?

Here are some examples of how big data platforms can help you save time and money.

  • Improve Efficiency

Big data can help you analyze various aspects of your business. For instance, it can help you study the amount of time it takes for a product to get from actual development to the market. The data can pinpoint the areas of production that take the longest amount of time. This allows you to determine the roadblocks, thereby finding ways to improve efficiency and cut down the time it takes for the product to reach the market.

  • Cut Down On Costs

Improving efficiency through big data can lead to a significant reduction in production costs. The data could show that some stages of development are repetitive. Perhaps the data will show duplicity as far as certain processes go. In a business, every process costs money. Big data technology could help cut costs and make the business more profitable.

  • Do Away with Unnecessary Contracts

Your business might have a maintenance contract in place, but have you stopped to think if you’re fully utilizing it? Data gleaned from the platform you’re using could show you the actual number of service calls you’ve had against the price of the contract. Careful analysis of the data could show you that you’re being shortchanged. At the end of the day, the data could point to the fact that you’re better off paying for individual service calls than being tied to a contract.

  • Enhance Your Customer Service

Big data analytics may require getting information from your customers. With such information on hand, you’ll be able to find out the needs of your customers, allowing you to give them more personalized service. Moreover, it can save your business money. How so? Trying to win new customers takes time and whatever resources you have at the ready. Marketing campaigns, advertising, and other promotional activities are just some of the things you need to dabble in if you want to attract new customers. However, through big data analytics, you get a firsthand look at what makes your customers happy. Keeping your current customers happy is so much better and definitely cheaper than looking for new ones.

  • Resolve Issues Faster

Through big data analytics, you can easily point out where certain problems lie. This helps you resolve issues faster, even before anything goes out of hand.

  • Get Things Right

Another benefit of big data technology is that you get the chance to get things right, thereby saving money for your business. For example, the data you collect can show you the nature of customer service calls. Maybe the data will show you that shipping problems seem to the cause of most customer complaints. Collected data allows you to study your processes to see where you can improve.

  • Boost Staff Efficiency

Big data can help improve the efficiency of your employees. How? It could be that you have certain programs or processes in place that are starting to prove ineffective. Analyzing data can show you what you need to do to alter the programs or make the processes work better. The data you collect through your big data platform will likewise show you if you need to provide additional training to your staff or revise the policies you have in place.