What does big data do?
In general, big data sets help businesses to make decisions based on widely collected information. Big data is used in many different ways, but there are some common and fundamental ways that the business world takes advantage of big data sets in order to inform and guide business processes.
One major thing that big data does for businesses is to inform them about customers or clients. Using tools like customer relationship management, big data sets show businesses who customers are, how they behave and how they interact with the business. Commonly, sophisticated customer relationship management (CRM) systems present carefully mined bits of data from big data sets in easy-to-use visual interfaces that support sales or drive other efforts.
Big data also often controls an enterprise supply chain. Big data sets can be used to manage inventory, to handle the procurement of raw materials, to drive product shipment strategies, or to handle any part of a complex supply chain. Using specific big data results, managers can implement strategies like just-in-time inventory, which can save a business a lot of money and resources.
Businesses may also use big data sets to identify performance standards, or to help in the process of workforce management. Big data sets can show businesses more about performance trends and what’s happening at particular business locations or cost centers. Big data sets can help to automate business processes, enabling remote work and other new forms of business operations.
Along with all of the above, big data can help businesses to set prices or work within a market context. Different kinds of data collection can enable a better bird's-eye view of how a business is doing in its markets. Professionals often talk about the application of big data to business analytics or business intelligence. This may involve providing context for transactions or decisions, and helping businesses to network or helping to make advertising or other operations more efficient.
Essentially, big data serves business goals and objectives by providing a kind of intangible raw material for investigations having to do with existing operations and projected results.
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Written by Techopedia Staff
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