Comprehensive Analytics for Today’s Connected Enterprise
The Internet of Things, mobile devices, and web apps generate large volumes of data in high velocity and variety. Unlocking this data helps to serve customers better, create new business and revenue models, and drive greater efficiencies across your enterprise.
Why does comprehensive analytics matter?
Dialogue with consumers
Today’s consumers are a tough nut to crack. They look around a lot before they buy, talk to their entire social network about their purchases, demand to be treated as unique and want to be sincerely thanked for buying your products. Big Data allows you to profile these increasingly vocal and fickle little ‘tyrants’ in a far-reaching manner so that you can engage in an almost one-on-one, real-time conversation with them. This is not actually a luxury. If you don’t treat them like they want to, they will leave you in the blink of an eye.
Re-develop your products
Analytics can also help you understand how others perceive your products so that you can adapt them, or your marketing, if need be. Analysis of unstructured social media text allows you to uncover the sentiments of your customers and even segment those in different geographical locations or among different demographic groups.
Perform risk analysis
Success not only depends on how you run your company. Social and economic factors are crucial for your accomplishments as well. Predictive analytics, fueled by Big Data allows you to scan and analyze newspaper reports or social media feeds so that you permanently keep up to speed on the latest developments in your industry and its environment. Detailed health-tests on your suppliers and customers are another goodie that comes with Big Data. This will allow you to take action when one of them is in risk of defaulting.
Keeping your data safe
You can map the entire data landscape across your company with Big Data tools, thus allowing you to analyze the threats that you face internally. You will be able to detect potentially sensitive information that is not protected in an appropriate manner and make sure it is stored according to regulatory requirements. With real-time Big Data analytics you can, for example, flag up any situation where 16 digit numbers – potentially credit card data – are stored or emailed out and investigate accordingly.
Create new revenue streams
The insights that you gain from analyzing your market and its consumers with Big Data are not just valuable to you. You could sell them as non-personalized trend data to large industry players operating in the same segment as you and create a whole new revenue stream.
Reducing maintenance costs
Traditionally, factories estimate that a certain type of equipment is likely to wear out after so many years. Consequently, they replace every piece of that technology within that many years, even devices that have much more useful life left in them. Big Data tools do away with such unpractical and costly averages. The massive amounts of data that they access and use and their unequalled speed can spot failing grid devices and predict when they will give out. The result: a much more cost-effective replacement strategy for the utility and less downtime, as faulty devices are tracked a lot faster.