The manner in which businesses compete with one another and engage their customer bases has changed. While the global economy presents some unique opportunities for small to mid-sized businesses to thrive, the competition in most of these industries is at an exceptionally high level, meaning that businesses have to constantly work to maintain a competitive edge, while remaining focused on providing the optimal experience for their customers. Big data has taken on a major role in the process of equipping and preparing a business to compete, as well as providing the information that will ensure that they are able to effectively engage their customer base. Big data has become the new competitive advantage.
The Importance of Guarding Innate Vulnerabilities
The comprehensive nature of big data allows companies to guard themselves in areas of weakness. In the past, it was significantly more difficult for businesses to predict the movement and behavior of their competitors but through big data they can level the playing field by providing a wealth of data to project behavior. Large pools of data can be compiled to create a predictive system that can identify patterns allowing businesses to make better decisions.
The Use of Data Visualization Software to Optimize the Big Data Platform
The amount of data created on an annual basis continues to grow exponentially. In 2015, the annual rate of data creation will reach 5.6 zettabytes, doubling the amount of data created in 2012. One of the most effective tools being used to effectively manage this data is data visualization software. One of the many benefits of this software is that it allows businesses to absorb existing data in new and more constructive ways conducive to producing more efficient mechanisms for workplace processes.
Additionally, data visualization tools have the capacity to organize data allowing managers to coordinate efforts with other departments without the frustration associated with inter-department corroboration. When considering the amount of data being processed daily, software that streamlines processes is essential to ongoing data management.
The New Competitive Advantage
The effective use of big data is rapidly becoming the key competitive advantage over competitors in today's marketplace. One way that businesses achieve this is through data modeling as it allows companies to use data to successfully predict how investments will perform, significantly reducing investment risks. It can in fact help predict almost anything that has a significant backlog of historical data, making it a very powerful use of data.
In the health care industry, health care providers can use data to monitor the performance of pharmaceuticals and how they perform in different circumstances. They can monitor the frequency of drug are prescription, as well as their performance. This data then allows them to evaluate the benefits and risks of prescription patterns — allowing them to identify over or under prescription.
Big data is also playing a central role in helping to create growth opportunities in the business world. Many companies are using their data to develop new products and create new categories to help meet the needs of their existing customer base.
Big data is also important for business intelligence, helping businesses develop a more lucid understanding of their customer base and what these customers expect. When a business can keep their fingers on the pulse of their client needs they will be able to gear their products toward meeting these needs.
Big Data Unlocks Value through Making Information Transparent
There is still a wealth of information not yet captured in a digital format. Due to the number of non-digital data formats, data integration processes to make these more accessible are essential to companies who are aiming to get a full holistic dataset.