As anyone with responsibility for growing their organisation knows, Big Data—the processing of massive amounts of data to uncover patterns, trends and insights—has been making a lot of Big Promises over the last few years.
Peter Sondergaard, an executive vice president at data strategists Gartner, called it back in 2012, when he said “Information is the oil of the 21st century and analytics is the combustion engine. Pursuing this strategically will create an unprecedented amount of information of enormous variety and complexity.”
But what are the opportunities for your organisation, and how can you be sure you will use Big Data cost-effectively? Read on to find out more about the practical benefits of Big Data, and how you can minimise the cost of implementation.
How Does Big Data Bring Growth?
Your organisation already records a huge amount of data about your customers, sales, supply chain, payroll, operations and more. Big Data brings all that structured information together and mixes it with unstructured data from external sources so you can improve productivity, respond quickly to changes in the business landscape, and spot opportunities for growth.
Big Data is the key to speed, efficiency and the ability to base your short and long-term decisions on real data, not gut instinct.
When a business uses Big Data well, they gain a competitive edge.
Opportunities for growth include:
- Spotting early trends pointing to the growth or decline of your products’ markets and help you identify new opportunities.
- Answering questions about operational efficiency, making long-term cost savings and investing those savings back into new markets.
If your competitors aren’t already gaining from the insights Big Data brings, you can be sure they soon will.
What’s The ROI?
It’s easy then to see the benefits of big data. But implementing any new internal system comes with costs and risks of its own, not just in the price of the software, but also in the time taken to advocate for change internally, disruption at implementation, and training for the people whose roles will change.
How can you be sure you get a worthwhile return on your investment?
At CPiO we carefully evaluate the current internal processes and data capture systems of our customers so we can recommend the precise implementation that will bring real growth.
We help businesses to increase operational efficiency and adapt quickly to changes in supply and demand, and global changes in the business environment. We help you pull together your existing systems for an implementation that succeeds.
In 2019, data should be at the heart of any organisation’s strategic decision making, especially in finance and operations. CPiO is here to help organisations make the right decisions about business management software, at a fraction of the cost and complexity of alternatives on the market.
If you would like to find out more, we have an asset available on the ROI of complete visibility here.