When it comes to big data use in today’s always-evolving and highly energized market, it’s easy to get bogged down in looking for ways to use big data, without realizing that it’s implementation can be extremely simple.
Successful companies have successful bottom lines. That’s what companies can use big data for. Big data isn’t just for complex, seemingly unsolvable business problems. It’s also for the day-to-day operations of businesses big and small, far and wide.
By employing big data platforms for the seemingly “normal” or “everyday” tasks, businesses can take an important step forward in improving the bottom line, and at the same time improving every aspect of the business.
And for businesses who think they can’t afford big data, or businesses who don’t think the ROI for big data will be high enough considering big data’s costs, there’s a solution for you — big data in the cloud. A simple, quick and affordable way to get up and running, big data in the cloud makes big data affordable for nearly every business, and drastically increases the probability of a high ROI for your big data.
Here are five different areas that big data will impact your company, helping you to improve your bottom line.
1. Employee Retention
One of the biggest money drains for companies today is a high employee turnover rate. Today, more than ever before, employees are changing jobs and careers at extremely high rates. Just because it’s happening though, doesn’t mean companies can’t find success in overcoming some of those obstacles and improving their employee retention.
The cost of searching for new employees, interviewing potential employees and then finally training them can be extremely high for businesses, not to mention the intangible value of losing an employee who works well with team members and gets along with customers and provides invaluable expertise. There’s immense value to be gained from increasing employee retention.
Companies can easily leverage the power of big data to gather and analyze data that addresses this nagging issue. It’s a simple way for companies to improve the business quality and improve the bottom line.
2. Everyday Business Operations
It’s easy to become inefficient and wasteful with business operations and business supplies. Generally, the big things in a business are monitored very well. The smaller operations and everyday tasks, however, seem to quickly forgotten and their efficiency is quickly reduced. Tasks take longer than they should, resources aren’t allocated correctly and that leads to money waste.
It’s nice to have a market-changing new product or a revolutionary new idea that brings in huge amounts of revenue, unfortunately that doesn’t come along all the time. Companies have to find other ways to increase the bottom line. Improving the efficiency of everyday tasks with big data is an important way to do that.
3. Reduce Expenditures
It seems so obvious to state this, but companies don’t think about it enough. Reducing expenditures is going to increase the bottom line. There’s too much inefficiency in too many businesses today when it comes to budgets and spending. With a world that leans so much on credit, it’s easier than ever to borrow money and that is taking many companies down the slippery slope of bankruptcy and termination.
Businesses need to be more strategic in how they spend their money and what they spend it on. Big data’s gathering and analytical tools make these kind of processes a breeze.
Marketing is an extremely important part of any business and it’s also a very expensive part of any business. Marketing through mailers and flyers is quickly becoming a thing of the past, at least it should be for any savvy business.
If there’s one thing big data can do, it’s marketing. Companies must implement big data to improve their marketing. Where to market, when to market, whom to market and how to market all become exceedingly easier with big data tools.
Improving your company’s bottom line doesn’t have to be difficult or complex, and neither should big data. Of course you’re going to use big data to solve lingering problems and revolutionize industries and markets, but you should also be using it to solve the everyday problems. Increasing the bottom line has never been easier or simpler.