How to Evaluate if your Business is Ready to use Big Data Insights?
Updated: Feb 7, 2021
It is easy to jump the bandwagon for every new trend that floats the market and more. But what is more important than using that trend is analyzing that if your business is ready to take on all that is being offered. When people hear the word Big data Insights, they often mistake it as huge volumes of data. But it’s much more than that. It is a technological solution that is geared towards managing large quantities of data and the insights that come from them.
Is your Business ready to adopt big data insights?
Before joining the bandwagon you need to make sure that your business is data ready.
Some questions to ponder over are if your supply chain management is in place, are you collecting the right data, is the quality of data accurate? Is the data being collected for the right purpose? Whatever data has been collected, will it solve your problem?
For eg- a company might decide to use big data to solve the problem of purchase power variance (PPV), rather than solving it manually by approving PPV claims from their contractors. So here the business is benefiting, as big data will quicken and streamline the process.
The biggest boon a small investment in big data can bring to your table. With either in-house or outsources expertise, the company can start moving towards more cost-effective operations.
The supply chain can be made much more flexible with managers working their decisions based on data-driven insights.
What would big data mean for SBM’s?
In a way, one can say big data is perfect from SBM’s. The small and flat structure that most SMB’s have made them very agile to adapt to the changes big data analytics might bring to the surface. With a continuous pressure to slash costs, supply chain management and customer loyalty; big data can really offer a competitive edge in the market.
There are three main components of big data that simply no business can do without. The 3 V’s are- Volume, Velocity, and Variety.
With the implementation of big data analytics, a company would be able to tap into various bigdata abilities like data mining, data visualization, predictive modeling, and optimization.
Using these analytical tools, organizations can break down processes and services in the products they deliver to increase their efficiency and speed. SBM’s need to acknowledge that building a huge database not only makes their decision making stronger but also helps in running the organization smoothly.
Want to use big data to turn tables for your business? Contact us at Datahut, your big data experts.