How Big Data Can Help You Make Money
Making money with big data is not difficult if you already have a business in place. Numerous businesses have become more profitable, efficient, and productive when using big data. Since 91 percent of businesses use big data to make money, there must be something to the practice. From baseball teams to growing technology companies, big data can improve the way businesses operate. Here are some ways that businesses in the past have used big data to make money.
1. Companies Can Increase ROI with Big Data
Most companies can make better decisions when they are informed with real-time data. As soon as a leader has to make a decision, they can get the information in real-time and can make decisions immediately. In some business situations, there are 241 percent greater ROI than making decisions without analyzing big data.
Data can come from YouTube, Facebook Insights, Google Analytics, and also Twitter analytics. Only 12 percent of companies use social media marketing data effectively. Nearly, one-third of companies are challenged by analyzing the data gathered from social media. When businesses can effectively use this information, they can make decisions in their organizations faster, and the decisions are more likely to be accurate.
2. Reduce Waste on Shop Floors by Improving Efficiency
Use big data to reduce waste on shop floors by improving efficiency. When leaders review the data, they can determine every point where waste can be reduced. When the data is reviewed, leaders can determine how to make the shop floor more efficient.
3. Identify Problems Before Companies Lose Money
Prevention can save companies a significant amount of money. If you design your processes to eliminate waste and prevent malfunctions, the process will run faster, and less money will be spent if the manufacturing process is interrupted. Identify problems before they begin to save money.
4. Find the Underlying Cause of Defects and Failures
The underlying cause of defects and failures can be detected by researching and analyzing big data. Defects and failures will increase production costs. When these numbers are reduced, businesses save more money and can become more efficient and more profitable.
5. Find New Sources of Raw Materials
Changing how you fuel your production line can be more profitable. For instance, switching from electric to solar powered may be more eco-friendly and cost-effective. When companies make a switch, they can become more profitable.
How to Make Money with Big Data
You can make money with big data if you simply make changes based off the data collected. With big data, decisions can be made faster, and change can occur within a shorter period of time. Incorporate big data into your daily routine and determine how efficient and cost-effective big data can be for your organization.