Business decision making is being revolutionized using big data and survey data. There is a clear and definite relationship between big data and survey data that is impacting the decision making process for organizations throughout the world. This intertwined relationship is shifting the way numerous industries not only operate internally but how they relate to their customers as well. The levels of communication are much more efficient and customers are being “brought into” the organization and their voices are being heard.
Big data is connecting field workers and executives to allow them both to have more decision making involvement. The new technologies share what is happening both out in the “real” world and on the field. This information is turned into data points that are applicable and easier to understand. Instantaneous decisions required to adapt and innovate are helping businesses not only meet customer needs / desires but to also outperform the competition and remain an industry leader. Data’s correlation with increased decision-making skills is a newfound wonder and is being spread to as many fields as it can reach.
Data allows us to see customer trends and need before the customers themselves even realize what they are desiring and demanding. Not only is there a heightened insight linked to our customers, big data and big data analytics is a game-changing instrument to understanding and optimizing your own organization’s operating procedures. The art of decision making has never been supplied such effective tools until now….
Starting off, big data was a big pain. Many of the first individuals to experiment with big data were dismayed when faced with the sheer amount of information and lack of tools to process the information. Simply, it was too difficult of a task without the intelligence of tools that are out on the market nowadays.
Previous Stumbling Blocks:
- Mass of Information – Too much information is sometimes more a hindrance than a help.
- Time – The time required to process the data and go through the decision making process historically was absurd.
- Accuracy – Data was misplaced or wrongfully categorized, thus decreasing the accuracy of the results.
- Inefficient feedback – By the time that the data was accurately processed, in some cases, the data was no longer useful. At this point, the decision making process had already passed the stage when the data would have been relevant.
- Tech knowledge required – A significant level of technical knowledge and data analytics was required for individuals to process the information themselves, without computers. The individuals leading the decision making process should spend a majority of their time in figuring out what decision to make versus learning the math behind the data analytic tools.
Through perseverance and investment, big data has not only gotten over the hump, but has exploded into the business scene. Big data is impacting the world we live in and has already contributed so much since its inception with the invention of big data analytical tools.
Current Situation in the Decision Making Process:
Big data is having profound effects throughout all industries. And the benefits keep rolling in. This NY Times article reports: “Retailers, like Walmart and Kohl’s, analyze sales, pricing and economic, demographic and weather data to tailor product selections at particular stores and determine the timing of price markdowns. Shipping companies, like U.P.S., mine data on truck delivery times and traffic patterns to fine-tune routing.”
Talk about truly infiltrating and permeating the operations of large corporations. Big data is playing a large, impactful role in helping save both company and consumer dollars.
This Avanade report, “Global Survey: Is Big Data Producing Big Returns?” indicates that more than 73% of companies are leveraging big data to increase revenues. In addition, McKinsey Global Institute demonstrated the increasing impact of big data technology on the global economy by predicting “the United States needs 140,000 to 190,000 more workers with ‘deep analytical’ expertise and 1.5 million more data-literate managers, whether retrained or hired.”
In addition to stimulating jobs as a result of the data push, levels of collaboration and decision making are increasing throughout all levels of organizations as workers are now equipped with readily available information and data. Not only is the impact affecting individual organizations, big data and real-time data collection is impacting the way entire industries are operating.
Check out COMMAND Mobile to learn more and equip your organization with the tools that will save you time and money. With COMMAND Mobile, your job will be much easier and you will have the data to make real-time decisions in order to propel your organization into the industry-leader position.