Everything that we do today creates data. Emailing, tweeting, driving, purchasing – you name an action and it creates data. All of this data adds up to massive amounts of information and has come to be known as Big Data. The concept of Big Data may sound daunting, but it carries hidden value that must be explored. When Big Data is handled properly, it has the potential to take business, and society as a whole, to new levels of success.
A recent survey of public IT officials in the United States by the TechAmerica Foundation found that there are strong supporters of Big Data in the Washington DC area. 75% of Federal IT officials say Big Data can help improve the quality of citizen’s lives. The study states that Big Data can be used to improve lives by predicting and preventing crime, and by enabling doctors to aggregate research to improve medical treatment. See our recent blog post for more on what Big Data can do for the future of healthcare.
Big Data means Big Savings
The TechAmerica Foundation’s survey found that 83% of Federal IT officials believe Big Data can help trim over 10% from the federal budget, and for good reason. Big Data has the power to reveal trends and events that are not always obvious without careful analytics. Huge organizations around the world have seen tremendous improvements as a result of applying their Big Data to the big picture.
Big Data can be a great asset to Human Resource Departments who are striving to find the perfect candidate. A great example is mentioned in a recent article featured by SAP Business Trends. The article mentions a prominent financial services company that originally hired candidates based on the belief that the best performers were always great students from the top schools. The company did not deviate from their hiring strategy until one of their analysts performed a study on sales productivity and employee turnover rates. What they found, and what their data showed, went against everything they previously believed to be true about the hiring process. For information on what they discovered, take a look at the article. Once they applied their findings to the recruiting process, they saw a gain of over $4 million dollars in revenues during the next fiscal period.
The world of advertising and marketing has been turned upside down by Big Data. For years, data was the missing link between advertisements and actual results. A recent article by Forbes says it well; marketing executives once commonly said, “I’m wasting half of my advertising money I just don’t know which half!” Today, advertisements are carefully targeted, and then retargeted based on insights from Big Data. On the Internet in particular, companies are able to see which advertisements are yielding conversions, and which are not. Older forms of “traditional” media do not have the Big Data capabilities, making them a guessing game.
Big Data and Predicting Outcomes
The common theme in Big Data is its role in predicting future outcomes. To much of the population, Big Data goes unnoticed. Facebook, Twitter, and Google are prime examples of Big Data quietly affecting people every day. Facebook enables advertisers to target people with advertisements based on their likes, interests, education, and interactions on Facebook. Twitter enables people to track trends with hashtags. Companies can reach out to Twitter users who may be interested in a particular product, service, or topic based on their usage of hashtags. The most controversial usage of Big Data could be Google’s practice of displaying advertisements to people around the web based of the contents of their email. Some people have strong opinions of how Big Data is being used in a social sense, but the reality is that Big Data is a powerful tool and it is here to stay.
We can’t stress enough how important Big Data can be when it comes to maximizing productivity, success, and profits in the workplace. The hidden value in your business’ Big Data could unlock millions of dollars in savings, and added revenue. Our highly skilled Data Scientists have enabled organizations of all sizes and industries to cut costs, and streamline business processes through making sense of Big Data. Contact Offspring Solutions today at (703) 227-7752 to unlock the value hidden in your Big Data.
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