Digital transformation is not only an imperative, but has acquired a sense of urgency among organizations in an era of intense competition and digitally born businesses. IDG’s State of Business Transformation reveals that 37% of organizations have a digital first strategy in place , highlighting the importance. At the core of this transformation lies a convergence of technologies, with different transformation models helping businesses make the transition.
Big Data is pivotal to the transformation narrative. Though data has been labeled as the new oil, the analogy does injustice to the incredible power of data in the digital world. The most valuable resource of every organization that leverages Big Data is not just the actual data, but the critical thinking ability, to extract insights from the variety, volume and velocity of Big Data.
By leveraging cutting edge data analytics, organisations are better advantageously placed to decode market sentiment, and understand competitor strategies. The ability to foresee risks, helps to proactively roll out strategies, innovate, and re-position entities for better market performance. Data-driven approaches assist organisations to rise to the challenge of ever changing market dynamics.
The impact of Big Data on organizations in transition
Big Data applications find widespread use across industry. Here is a brief overview of deployment of Big Data analytics and applications in a few processes across industry.
Sales & Marketing
The economy is shifting from a transaction based one to a relationship based economy. In other words, for a brand the new value is customer experience. A business that has learned all about its customers, their expectations, market demands and competitor strategies is clearly the business that will be on a roll. Big Data offers businesses accurate, real time insights about customers. This could help identify the pain points of customers, the demand for specific product SKUs, periodic demand hikes and slumps, pricing parameters, and various other sale related metrics. While sales has traditionally looked at all these metrics, Big Data helps to offer critical insights and inputs in the quickest possible time, in the most accurate manner, and by taking into consideration various permutations and combinations to help craft a winning strategy. For instance, Walmart analyses every single clickable action on its website to understand more about preferences and buying patterns . Omni channel interactions and multiple touchpoints make it necessary for businesses to have a 360 degree view of customers straddling all channels and touchpoints. Big Data offers businesses to leverage the power of inputs across all channels.
Supply chains & Logistics
Supply chains have forever been plagued by cost overruns due to reasons that have often appeared as unavoidable. With IoT and Big Data working in tandem, logistics has witnessed remarkable makeover in terms of slashed costs. Through telematics, connectivity, and analytics based on real time inputs, businesses have optimized operations. This has been made possible through better route management, predictive analytics that factor in various parameters including peak hour traffic,
https://cdn2.hubspot.net/hubfs/1624046/Digital%20Business%20Executive%20Summary_FINAL.pdf
https://www.dezyre.com/article/how-big-data-analysis-helped-increase-walmarts-sales-turnover/109
https://www.dezyre.com/article/how-big-data-analysis-helped-increase-walmarts-sales-turnover/109
snarls, weather, re-routing possibilities and availability of backup. Intelligent analytics of various inputs helps manage processes autom
atically, through event driven triggers, notifications and alerts of possible traffic build up. For instance, UPS uses Orion dynamic route optimization for delivery solutions . The combination of these actions helps in slashing costs considerably, streamline operations, cut down delivery times and loss of consignments/merchandise/packages.
Big Data unlocks the true potential of companies and offers businesses the opportunity to customize solutions as per specific needs of clients/customers. For instance, location based services that work in unison with data driven insights, assist customers to make the right decision by prompting them with suggestions based on past history. The pace at which data is generate and consumed globally needs no introduction, with more than 90% of the present data reportedly being generated in the last two years. This effectively means that organizations can easily mine the available data for rich insights, enhancing the CX, and improving overall efficiency, while boosting performance and growth.
Clearly, the flutter in technology is the innovation that makes technology more utilitarian.
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