5 things about big data your boss needs to knowJune 28th, 2017
Oh boy. It’s big, it’s important and it has a profound impact on your organisation’s performance. Yes, we’re talking about your boss.
(You thought we were going to say big data, didn’t you?)
Well, to be honest, we’re talking about both. In order to take competent decisions, and assuming he’s worth his salt, of course, your boss needs to be well-informed. And as it just happens, big data might have a thing or five to say about that.
If he, however, like so many others, is not taking notice of the increasing emphasis on data interpretation, then it’s likely your company might have substantial room for improvement. So, in order to help you, your boss and the organisation, we made a quick list of things you may wish to touch on next time you’re having lunch together.
Here are 5 Things about Big Data Your Boss Needs to Know:
It reduces costs.
Really. Imagine you could X-ray scan your house. You’d get a very detailed image of all the hidden trouble spots, wouldn’t you? You might see a failing pipe inside a wall; or poor roof insulation. Now apply the same thinking to a business.
Big data analytics highlights the areas that need improvement but would normally be too obscure to notice. Add up a few of those optimisations and the savings will soon start to show up on your bottom line.
It stimulates innovation.
Because it highlights potential areas of growth, big data stimulates innovation and as a result accelerates the rate at which new products and services are created. Post-deployment, it is also very useful since it facilitates their testing and development.
It identifies new opportunities.
Having access to the finer trends and tendencies within an organisation is definitely important for understanding its ‘invisible’ inner workings. Combine this with the ability to correlate internal and external data sets and you get an effective, reliable tool for mining for untapped potential, both in the market and in-house.
So tell your boss he doesn’t need flair to find the next large area of expansion, just to pay attention to the numbers.
It improves decision-making.
This one is pretty obvious. The whole idea behind big data is for companies to have access to more detailed information, get smarter and, as a result, improve their performance. When taking a decision you want to see as much of the picture as possible. Well, that’s precisely what you get with big data, the possibility to account for more variables – even those you couldn’t grasp before.
This is made even more apparent when considering the fact that predictive analytics helps you further future-proof your decisions. Therefore, it can’t be overstated how valuable to a company’s development tapping into a big data repository really is.
It streamlines operations.
Lastly, big data analytics can identify areas of low efficiency and taking action to fix the problem is an instant money-saver. And that’s not all. Simplifying operations will make your organisation more agile, open to change, less prone to experiencing crises but also better-suited to deal with them. A healthy company changes easily, making your company more adaptable, and you know what old man Darwin had to say about that.
But maybe your boss needs reminding?