Top 3 Ways to Make Your Big Data Investment Pay Off
by Christian Ofori-Boateng on May 19, 2017 8:33:00 AM
Big Data Investment is a necessary cost for most businesses that wish to remain competitive in today’s market. Although BI is supposed to help your business operate more efficiently and profitably, it’s hard to see how you’ll make the invest pay off in the short term. The good news is that many of BI’s long-term benefits are also short term benefits.
Use Your Big Data Investment in Marketing
One of the most effective uses of BI rests in your marketing department. It’s also one of the most likely uses to yield significant, short-term profits. Business intelligence has many roles, but one of its most touted is as a forecasting tool. By looking at the recent and long term history of regular customers, dissatisfied customers, and even the competition’s customers, you can build a highly-detailed map of customer preferences. Paired with data about your own concurrent marketing campaigns, special offers, and customer policies, you can develop a chart of cause and effect. Details are the key to this trick because over-generalization leads to costly marketing mistakes. With your big data investment, you can get at the critical nuances of customer behavior.
BI Reports Inform Decision Makers
Getting the most accurate information as quickly as possible can make the difference between a successful business decision and a missed opportunity. Decision makers need actionable information before they can take a significant course of action, and BI reports are well known for both their speed and clarity. Armed with tools to access details about their own businesses, relevant competitors, and the current market, decision makers have every advantage. One good opportunity could repay your big data investment, or a series of small pushes could revolutionize your business. Either way, your initial investment pays off.
Turn Your BI Inwards
Making money is the point of business, but saving money can be just as important. Wasted funds that fall through tiny gaps can build up to create a big bill. Losses come from employee inactivity, wasteful habits, and even tiny mismanagements concerning time off, breaks, and incentives. Major losses come from heavy employee turnover, which will eventually affect the quality of employees willing to replace those who leave. Since your employees are your greatest resource, it’s vital to develop and retain your best workers. Investing in Big Data can help you make more by finding and retaining good talent. You can judge productivity standards from department to department, and even from employee to employee. BI gives you the ability to see which employees generate the most return and which are the greatest drains on your resources.
Business Intelligence, your greatest big data investment, can boost other profitable investments, such as marketing, to win the highest returns. It can give you crucial insight into the interior working of your own business. Decision makers get powerful tools to make rapid, effective decisions, and you can take immediate measures to end waste and counter-effective policies. There are many ways to get a quick return on your investment; it simply depends on how you choose to use it.
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