How Big Data Is Driving Business Innovation

How Big Data Is Driving Business Innovation

“In God we trust, everything else must bring data”, Edwards Deming

In 2018, the global big data market size is going to reach 42 billion U.S. dollars. Nowadays, web development and software companies bring innovation and technology to customers in order to improve their services. There are two most popular technology innovations: artificial intelligence and big data. Service providers take advantage of these hottest trends to stand out among competitors and to deliver customers only dynamic and highly effective solutions.

Driving Innovation Through Big Data

In the fast-paced world with growing volumes of information, the biggest challenge is to understand the value of big data and effectively use it. But it’s important to keep in mind privacy issues before sharing vulnerable data with third parties. Moreover, companies need to focus on the nature and quality of the data captured.

Let’s dive deeper to explore how actually business owners and CEO can use big data for their advantage.

#1 Better service

Big data and analytics help to predict a company’s ability to fulfill customers’ needs.

# 2 Greater order fulfillment

Analyzing the performance allows recognizing the success rates, A players and winning strategies.

#3 Good management

Exploring the customer anxieties and refund requests help managers to identify weak points and improve management.

#4 Maximize customer value

With the power of big data, you may identify the clients that will come back to your products/services. It helps an organization to optimize your marketing efforts and investment.

Use Cases

Kimberly-Clark is a Fortune 500 company that touches approximately 1 of every 4 people every day in 175 countries. Through Kimberly-Clark Professional it brings solutions and products to develop safer, healthier, and more productive workplaces in different industries involving healthcare, food services, office buildings, manufacturing, etc. This company uses big data to boost digital innovations to refine customer experiences and operations in the fast-moving environment.

It generates a lot of data from different internal resources such as marketing spend and sales, external sources involving web apps, Nielsen, purchasing information and store performance. That’s why they use advanced platform powered by Tableau in order to store complex data from multiple data sources. Nowadays, it is available to all employees within the company and they can save time (8 hours weekly) and cut costs ($250,000 within two years).

More About Big Data

Big data also means effective marketing and sales. Kimberly-Clark has captured big data to refine sales and recognize new business opportunities from the huge volume of the data generated each day. They cooperated with Retail Solutions Inc. to measure inventory and sales in real-time. This platform may accurately dissect massive data sets to ensure the inventory of every product and every store is optimized correctly. Kimberly-Clark has launched the similar programs to track activity to keep learning about customer needs.

Kimberly-Clark also applies machine learning and data to improve the performance of the customer experience and their digital promotions. Offers may be permanently updated based on clients’ feedback and real-time client behavior. It makes them be able to explore more than 1.3 billion clients better by applying data analytics across various channels so they may bring personalized content and improve their engagement.

Walmart is the biggest retailer globally with the biggest revenue. With operations on this scale, they applied data analytics and created forecast for emergency supplies that brought them success.

Deep analysis of real-time data helps to reinforce business performance. They believe that if you can’t gain insights about your sales, then you’ve lost them. Their purpose is to bring information to the shareholders as fast as they can to respond accordingly. Big data helps them as well to understand quickly the reason for the problems and fix them.

Big data is a deep topic that can be described in a few books. It has the power to solve all existing business problems and gain real-time insights into whether everything is run smoothly.

If you want to drive business innovation but you don’t know how to do it, hire a dedicated development team. They have needed expertise and experience to help you bring your business to the next level.