Big Business Benefits to Reap Out of Big Data

“Data is one of those innovative areas that stand out as the most prominent in the present and the future.”

The way of doing business in the modern world has undergone a remarkable evolution in recent years. In fact, the management of a company, whatever its field, goes through the need to develop the digital environment.

Whether with advertising techniques or data strategizing or internal management tools, technology has been put at the service of companies and their growth. And what is that technology working upon? It’s of course Data.

Data has become the new natural resource and a diamond in the rough for companies. The challenge for today’s organizations is to learn to carve their data and turn it into information that allows them to make decisions based on real facts.

Companies around the world are grappling with a growing generation of data that comes in different formats, from multiple sources, and with increasing speed.

Big Data solves this problem and turns it into an opportunity to discover market trends, hidden business patterns, customer preferences and correlations that have not been taken into account.

And it is that the fundamental thing is not to have the systems designed to generate the accumulation of data, but the knowledge and the strategy on what can be done once that immense amount of information has been obtained.

Let’s see below what are the best benefits of developing this area in a company.

Top 5 Main Benefits of Developing Big Data in Companies

We have always heard that information is power. Well, in the digital age, this phrase is absolutely true and acquires a particular relevance. It is not that word of mouth in business is extinct.

Nor have traditional advertising media ceased to exist, such as radio, the press or television. But consumers have migrated in a very marked way to digital media. The Internet offers millions of alternatives to locate, contact and communicate with potential customers.

Email, the use of social networks, browsing web pages… from all of this, as well as from the company’s internal processes, data is generated. And Big Data is precisely the discipline that collects, deciphers, analyzes and puts them into action.

Let us then see the main practical advantages of incorporating it into business management.

#1. Decision making is improved analysis of data

When we have access to complete and descriptive information about the processes, actions and events that occur in the daily dynamics of the company, then we also have better tools to guide decision-making.

Data analysis allows evaluating the general and specific panoramas, making projections, determining risks and advancing in possible lines of action. All this translates into the possibility of making more informed and intelligent decisions in the organization, increasing the chances of success.

#2. Efficiency and cost optimization are improved

Another of the greatest strengths of incorporating data analysis into business dynamics is that it contributes to improving efficiency and optimizing costs. The detection of errors or delays in the processes can help us reduce action or response times.

Also, in the case of product development, Big Data can be decisive in accelerating the speed of execution, testing and commercialization. In short, it is an extraordinary tool to make the most of the power of information, for the benefit of efficiency.

#3. Allows customer segmentation

One of the great contributions of digital tools to the development of modern companies is the possibility of segmentation. And in this sense, Big Data is the best alternative.

“Knowing the tastes of our customers and the variables correlated to their purchases allows us to predict how and when they will purchase our products or services.”

Thanks to the analysis of the large amount of data that is collected through digital media, companies can segment their customers, sending them commercial offers that go hand in hand with their interests. It is about the possibility of developing a practically personalized marketing. New tools allow getting signification personal information from just a phone number, name or address.

#4. Data security

Data analysis is also a fundamental tool for the security of the data that a company handles, both its own and those of its clients. With good Big Data management, effective control can be maintained over the organization’s data ecosystem, thus preventing threats.

#5. Improved accessibility of information

importance of big data And, last but not least among the benefits of incorporating Big Data into business management, is the improvement experienced in the accessibility of information.

Data analysis allows general management, in which data is not only used for marketing actions or to strengthen security. They are also successful in accessibility.

By digitizing the information and developing tools that facilitate its search, an interconnection of the areas is achieved, which translates into efficiency.

Big Data’s Practical Implementation In the Aeronautical Sector Proved Tremendously Useful and Worthy

With Big data’s ‘what-if analysis’ (what would happen if) data experts can simulate financial scenarios to combine them with analytical models based on machine learning in order to test hypotheses of business variables.

This can help reduce risks and costs of implementing initiatives and we can quickly realize the viability or not of an idea or new implementation.

In the aeronautical sector, the optimization of the planned flight route is very important for fuel savings. According to IATA: “it was estimated in 2019 that 188,000 million dollars were spent on fuel consumption in the global airline industry”, so a 2% reduction in consumption would save 3,760 million dollars.

With an implementation in Big Data, it was possible to correlate the planned route of the aircraft with the speed and direction of the tailwind at each coordinate of the aircraft’s trajectory (tailwind forecast). Based on this forecast, the flight routes were redefined to reduce fuel and reduce the time in the air of the aircraft. It is estimated that an airline can save between 30 and 50 million dollars per year by optimizing the use of fuel.

Haven’t you Implemented BiG Data Within your Comapny Yet?

Currently, the uses of Big Data are found in many operations of our lives, when we place an order with Zomato, when we use Spotify, Prime Videos or Netflix, when we ask for an Uber or when Amazon shows us the recommended products based on our preferences.

In short, Big Data is one of the most fundamental modern management tools to raise the efficiency levels of a company, helping its evolution and scalability. Your Big Data investment is an excellent opportunity for professional development in a cutting-edge and growing area.