Let Big Data Power Your Strategic Decision Making in 2021
Big data has helped businesses to run their operations in a manner that goes beyond intuitive processes. Insights delivered by big data analytics can help businesses identify patterns and trends, as well as how they shift, down to their day-to-day operations.
Thanks to this, businesses can conduct real-time monitoring and evaluation processes more smoothly and efficiently.
Businesses can now see how insights gained from big data analytics can help companies power their strategic decision-making processes on a daily, weekly, and monthly basis.
This is especially helpful to deal with the unexpected which can often happen in business operations. The immediate insight-mining process helps businesses serve their customers better through real-time feedback, monitoring, and evaluation.
According to analyticsinsight.net, the big data analytics industry’s worth stands at US$189 billion. The figure represents a US$20 billion expansion from its 2018 value. Furthermore, the industry’s worth is forecast to expand to US$247 billion by 2022.
How can big data analytics help you make effective decisions? For instance, if your company suffers from high turnover, you can use the analytics to predict the likelihood of an employee to resign by looking at performance decline patterns and its risk factors and take actions right away.
If you are a train operator, you can also add fleets during certain hours at certain days (for instance, on Friday nights when Jakartans who live in boarding houses are returning to their suburban homes and on Monday mornings when they are ready to head back to Jakarta).
At the same time, you can reduce the number of fleets on slow days and hours. Big data can help you recognize these patterns more precisely.
In 2021, businesses will invest more in the analysis which can turn a mind-boggling, unstructured, multi-format, and voluminous form of data into “actionable data”, meaning ones that can help them take concrete, operationalized actions.
Furthermore, data will also increasingly be stored in systems that are easily accessible by different types of tools, including visualization, analysis, and predictive modeling.
Big data will be used more than ever to read the slow-onset patterns of climate change. Integrating big data analytics solutions to meet fast-growing client needs using customer service platforms (a practice called database-as-a-service) will also increasingly happen this year.
So will the integration of real-time analytics with business operations to help businesses gain continuous insight for automated decision-making as well as to support the decision making process in general.
Gartner predicts that by 2022, 50 percent of the new business systems will be using continuous intelligence.
Another significant development will be greater mechanisms to sort out incorrect data from the correct ones for cleaner data, as well as the use of natural language processing in big data analytics.
Taking these exciting new developments in big data Indonesia in 2021, why not kickstart the new year by leveraging your business’ use of big data with the right software? The Omni-Communication Assistant can provide users big data analysis and smart profiling, based on location, demographics, and customer behavior.
This is a software as a service that has integrated its smart profiling with various campaign channels, allowing companies to reach out to their audience through personalized messages.
Welcome to the new frontier of business analytics.
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Considering implementing Big Data in your organization, some case studies on how companies employ Big Data to optimize their business performance mentioned above can be a good reference for your business.