Information explosion is here to stay. The manifold growth of information is due to businesses & individuals embracing digital communications and creating data accumulation of unforeseen proportions. If your business has big data issues, your technology solutions are surely under stress! We are familiar with such challenges and have helped companies overcome them.
From our point of view, this challenge also presents unprecedented opportunities. The data generated by complex systems has tonnes of knowledge which, if leveraged correctly, can reveal high potential business opportunities, reduce costs and achieve higher positive impact for organizations. We are willing to bring our experience to bear to help you with your journey. Get in touch to know more.
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A study by McKinsey has revealed that “a retailer using big data to the full could increase its operating margin by more than 60%.” Harnessing Big Data in the public sector has enormous potential, too. If US healthcare were to use Big Data creatively and effectively to drive efficiency and quality, the sector could create more than $300 billion in value every year. Two-thirds of that would be in the form of reducing US healthcare expenditure by about 8%. In the developed economies of Europe, government administrators could save more than €100 billion in operational efficiency improvements alone by using Big Data, not including using Big Data to reduce fraud and errors and boost the collection of tax revenues.
Big Data is here to stay
Some of the key insights of the McKinsey study (link) include : Services enabled by personal-location data can allow consumers to capture $600 billion in economic surplus. The use of Big Data will become a key basis of competition and growth for individual firms.
Here are the 5 broad ways in which Big Data can create value : Big Data can unlock significant value by making information transparent and usable at a much higher frequency. As organizations create and store more transactional data in digital form, they can collect more accurate and detailed performance information on everything from product inventories to sick days, and therefore expose variability and boost performance. Leading companies are using data collection and analysis to conduct controlled experiments to make better management decisions; others are using data for basic low-frequency forecasting to high-frequency nowcasting to adjust their business levers just in time. Big Data can enable the narrower segmentation of customers, allowing companies to tailor products or services more precisely. Sophisticated analytics can improve decision-making. Big Data can be used to improve the development of the next generation of products and services.