3 Tips: That’s how Big Data improves also your business processes

With Big Data you will find the answers to business questions and generate an economic benefit from your unused enterprise data, regardless of your industry and business branch.

3 Tips: That’s how Big Data improves also your business processesToday, extremely high volumes of data are created in every industry every day, data that is in most cases only collected. Due to the huge amount of data and its heterogeneity conventional methods of data analysis can no longer be used for data analysis and interpretation. Big Data provides custom solutions for all industries and business branches. Intelligent algorithms allow automated searching of a huge number of data sources and data volumes. On the basis of your concrete business question information, relationships, rules, patterns and statistical anomalies are identified, taking into account the time, context and events. This allows you to continuously develop and optimize relevant strategies, measures and processes for diverse business branches of your enterprise.

Also in terms of product management and development Big Data can help your enterprise gain a decisive edge over your competitors. Your enterprise most certainly uses a service desk; the innumerous tickets and complaints received every day contain information on how you can improve your products and services. Regardless of the industry, one thing is for sure: dissatisfied customers express their dissatisfaction, but as for satisfied customers you must usually motivate them to give feedback. With Big Data the data sets of your service desk are searched using automated intelligent algorithms to identify frequently occurring issues and complaints. This provides you with the information you need to improve your products and services. After all, you will have enthusiastic and loyal customers if you exceed customer expectations and if you are a little bit better than the competitors. Sentiment analyses moreover allow you to detect false complaints, as their speech pattern differs from that of genuine complaints. The speech patterns are identified quickly and efficiently and interpreted by use of artificial intelligence, taking the context into account to detect dubious complaints.

Even if you already have satisfied customers, Big Data gives you new opportunities to enhance the sales potential of your customers. Through order data, loyalty cards, transaction data, purchases in outlets and many other contact points through which your enterprise generates customer data you can discover the user and purchasing behavior of your customers through Big Data. This gives you near real-time information to draw your customers’ attention to products and services fitting for them, their interests and their life situation through targeted communication. Thus you not only prevent your customers from purchasing additional products and services from competitors; you also detect their inclination to switch and can take countermeasures in time. It is far easier to make money from existing customers and, if you do a good job taking care of them, also to increase sales, than to acquire new customers, which is quite costly in the long term. Of course there are also possible applications for Big Data if you have enterprise customers. Tenders and offers and their results also contain information. Analyzing all available documents using Big Data allows you to identify patterns in your competitors’ offers, for example, and to better highlight your competitive edge in the future. Moreover, you get the necessary information to submit your future offers only where your enterprise has the best chance to succeed. You get comprehensive information on ranking compared to your competitors and a forecasting of your chances of success.

In any enterprise today IT is the area that keeps business running and ensures that systems and applications that are of crucial importance to the enterprise are available around the clock. The growth in data traffic along with a continuous increase in the data volumes leads to increasing challenges and requirements on IT. Therefore availability problems, misuse of data and regulatory compliance are the main challenges confronting IT. Big Data makes automated real-time monitoring and analysis of log data from critical applications and other major parameters possible. It enables you to quickly identify data misuse and the possibility of emerging availability problems, so you can take corrective measures in time. Moreover, your IT will have new means of real-time monitoring of adherence to compliance requirements – a helpful application provided by Big Data, given the tightening of the EU data protection standards (GDPR). Ignorance of what happens to your enterprise data is no excuse and may result in exorbitant fines.

The numerous possible applications of Big Data are developing further. The intelligent digital analysis methods can be applied in any industry and business branch where large volumes of data are processed and analyzed. If you also wish to transform your previously unused enterprise data into value, please contact us.

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