How data analytics powers large organisations!
“War is 90% information.” Napoleon Bonaparte
Such was the relevance of information that wars were fought, conquests were made and countries were defended armed with these. After all, our strategies are also borrowed from militia, so why not the process of acquiring, disseminating and interpreting information? At the end of the day, processing data into information that becomes business decision is the evergreen truth in business. Big data or data flow processed by large companies are also a method of weeding out unwanted data so that analysis can be made at the right time. Large companies tend to have more than 1000 employees and where processes & departments are defined and classified more appropriately. Levels of management in this scenario are chalked out in a manner that roles do not overlap. Clear demarcation of roles makes these organisation process centric and less people centric. These companies are characterised by robust data collection system.
Now large companies are surrounded by data all the time but how does one use that to their advantage. The company needs to identify strategies to derive their decision on data. Since these companies are clouded with excess input, it is imperative that the required, relevant data is available and accessible at the right time by the right set of people. Since departments are collecting and analysing the data, it is important to see the larger picture and not in bits and pieces. There also arise problems when different departments are at different levels of managing data. While crucial departments have robust mechanisms present to collect, analyse and interpret them, other departments may be taking baby steps in this direction. Most of the analysis happen at the department level in silos, which is good for the department but not great for the organisation as a whole. So to have a holistic view of the information, all the departments need to be collaborative in their efforts to drive data collection and analytics.
Advantages of data analytics for large companies:
1. Big data enables companies to analyse consumer behaviour and patterns very effectively. Often, these companies can influence and drive the customer behaviour very strongly. The underlying data of a good customer base is important and data analytics helps track and retain customer loyalty.
2. It helps companies’ upsell products. Many large companies use data to know one’s purchases and history and viewing statistics that they are able to recommend products better suited to their likes and dislikes.
3. Big data also enables Innovations. It helps companies to work on feedbacks and reinvent and redevelop products because today sales are not to gullible customers who will buy anything that is manufactured. They are a more informed lot who will weigh their option before putting their money. Hence it is important to meet the customer expectations.
4. It allows companies be in tune with the need of the customer as they are constantly scouring the online platforms and feeds. Constant monitoring of online activity, point of sales data also gives information on the changing trends. Predictive analysis helps identify target clients.
5. Big data gives better insights and allows faster decision making as they use advanced techniques and tools. Data helps companies involved in the banking industry hedge risk.
6. Big data allows companies to charter towards newer territories. They enable companies to move to niche marketing sweet spots that can prove to be cash cows.
One thing is sure- if companies venture out into the unknown, without information provided by data analytics, not sure of what’s coming their way, eventually they become like a deer caught in the headlight.
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Author: Jerrin Thomas; Co-Author: Benila Jacob