In today’s world, analytics and technology are essential tools in winning over customers. Time and time again, we hear about “big data” and how analytics are playing an important role for organization. But it is often unclear how businesses are supposed to be using “big data” technologies.
Big Data Takeaways
Here are three takeaways on how your business can stay ahead of the competition:
- Data is everywhere. The amount of data is not important, however what matters is what organizations do with the data. Organizations that appropriately use big data will thrive in our ever changing technological world.
- Big data can be analyzed by organizations to provide insight into better decision making and improved strategic business moves.
- Organizations that analyze data properly gain real-time visibility into:
- Transactions – Improves internal efficiencies and new product development.
- Customer experience – Improves the customer’s experience. Molds the company’s products to better suit the customer needs.
- Customer behaviors – Gain better understanding of customers. Offers organizations valuable real-time customer input and allows for more efficiency in marketing strategies.
- Business operations – Cut costs with improved decision making and decreased time management.
See the story below on how UPS, the world’s largest package delivery company, properly managed its big data to gain real-time visibility into its business operations.
As a company with many pieces and parts constantly in motion, UPS stores a large amount of data – much of which comes from sensors in its vehicles. That data not only monitored daily performance, but also triggered a major redesign of UPS drivers’ route structures. The initiative was called ORION (On-Road Integration Optimization and Navigation), and was arguably the world’s largest operation research project. It relied heavily on online map data to reconfigure driver’s pickups and drop-offs in real time. The project led to savings of more than 8.4 million gallons of fuel by cutting 85 million miles off of daily routes. UPS estimates that saving only one daily mile per driver saves the company $30 million, so the overall dollar savings are substantial.
Remember in today’s world, no matter how big or small your business is, everyone has access to data. As interpretation of this data becomes more readily available, it can help assist businesses with customers and everyday business operations. But, most importantly, a well-designed strategy of data analytics can keep your company one step ahead of the competition!
If you have questions regarding big data or how your company can take advantage of big data trends, please contact a member from Barnes Dennig by calling 513.241.8313 or filling out this contact form.