The capabilities of today’s computer systems are mind boggling – especially when compared to computers of the past. Today, high-tech machines have more power than ever, making it possible to gather an incredible amount of data. This data can be used to deal with a variety of different challenges, ranging from managing traffic to planning attacks during a war.
“Big data” is a term that is used to describe the incredible amount of data that is gathered by companies, organizations, and governments throughout the world. This data is having a surprising impact on nearly every facet of life. Here is a closer look at the impact of big data on businesses.
Businesses Should View Data As An Asset according to Dana VanDeCar, COO of Optimally Organic
No matter how big or small a business is, they generate a tremendous amount of data. Any time a customer interacts with a business, a large amount of data is usually obtained. This data can range from names, addresses, and credit card numbers to information about the interests or shopping preferences of individual consumers. All types of businesses need to have a plan in place for how to deal with this data. This plan needs to not only address how data will be collected and put to use but also how it will be stored in order to prevent data theft or loss.
Even today, companies that never thought that they would be impacted by big data are being forced to try to catch up to their competitors. What it really boils down to is that any business owner needs to take data management seriously. The data that you gather is truly an asset for your business. You should spend time learning not only how to gather and store this data but also how to put it to use for your business.
Irene McConnell, the MD of Arielle Careers suggests big data can help companies improve their ability to attract, recruit and retain top talent by removing employer bias and speeding up hiring decisions.
- Improve candidate selection. Data can power a 360 holistic approach to recruitment by supplementing resumes with social media, online assessment as well as past hiring success and failure data.
- Temper unrealistic expectations of hiring managers. Big data can help candidates succeed by providing insight into reasonably expected success metrics.
- Reduce overselling by recruiters. Retention data can highlight elements where the recruitment team is consistently overselling to candidates.
Big Data Can Boost Efficiency suggests Jake Braun – Co-founder of Kapok Marketing
There are countless ways that data can be used to increase the efficiency of any type of business. For instance, companies can install specialized sensors to keep track of how their machinery is performing or to figure out how to make delivery routes as efficient as possible. Employee performance tracking can help ensure that workers are pushing themselves to their full potential.
Shipments can be closely tracked and monitored as can nearly every aspect of a business. This includes keeping track of important details about employees. The sensors that are available today are extremely efficient at learning about employee habits.
Some companies are even using data to determine which candidates to hire for different positions in the company.
Data Can Help Online Retailers Match Customers Up With Products according to Shawn Chang of Dore Aesthetics
By identifying shopping trends for each of their customers, today’s retailers can predict what types of products people may be interested in purchasing.
It goes without saying that large-scale companies like Amazon are already doing this. However, smaller brick-and-mortar retailers are also starting to tap into this trend. Companies like American Apparel and Brookstone are using services like the ones provided by RetailNext to analyze the shopping habits of customers as they peruse their stores.
By carefully analyzing the paths that shoppers take through a store, companies can figure out where to place key products to encourage more sales.