Data is driving change in the business sector at a blistering pace.
For many organisations, acquiring large volumes of data is already becoming an integrated function and this, in turn, is having a knock on effect on the analytics that are required to process and handle such a large amounts. What is often missing is the actionable insight – extracting from big data the solutions that help to solve existing business problems and drive positive change. So, the general effect of big data is one of change. But if you drill down further than this there are some very specific ways in which a data-driven approach can be transformative.
Customer and client interaction
The ability to track client and customer behaviour in real time and process this into insights has changed the face of customer service and interaction. Product buying journeys are complex and non-linear and an understanding of client motivation and customer preference is a huge competitive advantage. Not only can this directly impact on the interaction that businesses have with customers but it can also affect customer growth and acquisition. Customer insights can help create customer segmentation that can be fed into more customer-centric strategy and infrastructure. Being able to work more closely to the interests and needs of an audience base inevitably produces better results.
Turning inward, big data can have a significant impact on the workforce behind the business. With the right tools big data plus analytics can be used to provide an overall perspective of the landscape of the workforce. High performing individuals can be identified, as well as those parts of the business that are struggling and need more support. The data is in real time – not the historic numbers of a once a year report – so it has real relevance to what is happening right now within an organisation. This also means that it can be used to direct resources to the right places, to streamline certain processes and to help improve performance overall.
The power that big data has to improve operational excellence is as yet largely unexplored. However, already it has had a significant impact on improving modeling, reducing costs, extending reach and coverage and making predictive systems much more precise. Automated processes provide opportunities to reorder teams based on where the most value can be added and to cut the cost of the most routine tasks. Big data has the potential to make a financial management system even more targeted and effective.
Big data is not the outdated term some felt it to be mid-2016. It is the key to more focused operations, better customer relationships and more engaged staff. Get in touch with FinanSys to find out more today.