Understanding Big Data and harnessing its power
Investopedia defines ‘Big Data’ as the growth in the volume of data, the speed at which it is created, and the scope of how many data points are covered.
According to the European Parliament, larger businesses are (unsurprisingly) the main users of big data. Data generated from social media is the most popular type of big data analysis used by EU businesses, while bigger businesses are using their own data from smart devices to a greater extent.
Supply Chain Digitalisation solutions and the internet of things conveniently and quickly provide users with more data and new kinds of data. This data provides valuable business insight once collated and analysed correctly. It is imperative only that which is of real business value is retained.
- Efficient Big data management allows for increased business efficiencies and cost savings.
- Internally it can optimize processes and allow for better management and use of resources.
- The more information businesses have available on their customers, suppliers and targets, the more they can specialize their offerings and enhance their return on investment.
As it stands, deciphering what incoming data is most usable and most important to organisations can be a lengthy process, which small businesses do not have time to commit to. Celtrino offer a consultancy service that enables organisations to understand what data they need and how to best use it.
Big Data analysis is especially growing in the Wholesale sector, with key players now looking for ways to use data to work more efficiently with suppliers and interact with customers.
That means investing in integrated business systems, such as Celtrino’s Enterprise Product Offerings, which can provide actionable information to businesses.
To find out more, speak to a Celtrino expert today