Refining Business Architecture Using Big Data

The big data revolution is here, and it is transforming the face of the marketplace. For businesses, leveraging big data has gone past being an option to being a genuine necessity. The benefits of business innovations informed by deep learning insights are staggering, and only those who understand this and adjust accordingly have a better chance of remaining competitive and relevant in an increasingly cutthroat market.

How can big data help you architect a high-performing business? How will it help you cut down costs, create a better workplace, and improve your overall productivity? Here are four examples:

Fact-based business decisions

The big data revolution is here, and it is transforming the face of the marketplace. For businesses, leveraging big data has gone past being an option to being a genuine necessity. The benefits of business innovations informed by deep learning insights are staggering, and only those who understand this and adjust accordingly have a better chance of remaining competitive and relevant in an increasingly cutthroat market.

How can big data help you architect a high-performing business? How will it help you cut down costs, create a better workplace, and improve your overall productivity? Here are four examples:

Fact-based business decisions

Information truly is power. A well-informed business model is the key to getting your desired results. The very first step, however, is to pinpoint both existing problem areas and successful strategies currently employed by the business in order to improve the whole system. Insights gathered from big data and deep learning process can be used to ask the right questions and come up with the right answers.

For example, how much of your customer target are you hitting? Where do you stand when it comes to operational efficiency? How can cross-functional departments work together to create a consensus? What are your strengths and weaknesses, and based on the data, what should you do to enhance performance and reduce errors?

Big data is the key to getting a heightened understanding of your system and a vital first step into enhancing your chances of success. Keep in mind that big data has the capability to measure the productivity of every department as long as their outputs are quantifiable.

Streamlined supply chains

Today’s business supply chains are under more pressure than ever before. They face a uniquely complex set of challenges: digitally-empowered consumers, fluctuating weather conditions, globalization, and nonstop, accelerated change. Businesses that remain merely reactive to these factors run the risk of running an inefficient supply chain that can adversely affect productivity and the bottom line, potentially leading to losses or a significant drop in returns.

Take the case of Ningbo, China, one of the world’s busiest ports. In an effort to streamline its whole supply chain, Ningbo is creating a Smart Logistics Center which will allow thousands of its logistics companies to share data. With this system, both clients and the logistics companies can cooperate to make better demand and shipment decisions. The shipping process, as a result, now experiences a smoother and more convenient work flow.

As illustrated by Ningbo’s initiative, big data can be leveraged to create high-performing supply chains. Businesses can utilize insights gathered through deep learning methods in order to anticipate problems along the chain, predict products that their customers want, and deliver them at the right time. Big data can help companies better collaborate with their suppliers, roll out new technologies, and enhance end-to-end visibility – all in all with lower operating costs.

Bulls-eye marketing

Marketing can often feel like casting a wide net to catch a few small fish. Misdirected marketing strategies can cause companies a fortune without providing the right results. Big data is a powerful way to avoid wasting a company’s resources, as the organization directs its efforts into marketing methods that work.

As an example, a would-be customer’s search history can be leveraged to match their interests with the personal experiences of a sales agent. Someone who had been researching about British holidays can be paired off with an agent with expertise on the topic. The agent will be able to provide the necessary information to the customer, as well as facts and personal recommendations, increasing the possibility of a sale.

Moreover, handing out personal recommendations can make one feel special since it gives the impression that the agent is acting beyond the bounds of their duties. This is one of the secret recipes for turning buyers into loyal customers.

In addition, businesses can use big data to reach various sectors of their target market through segmented marketing. Not only can they zoom in on where their customer base will be both online and offline, they can also determine the optimal times and days to reach them. Insights from big data give companies the opportunity to allot marketing resources where they actually work. This also lowers their marketing expense, as the likelihood of doing trial and error with different promotional channels is reduced.

Workplace boost

Manpower is one of the core foundations of any successful business. Big data analytics can be used to improve team dynamics, interpret employee behaviors, tweak management policies to create a better workplace, and ensure that employees are providing optimum performance.

Google is an iconic example of this. Its HR and workplace policies are deeply influenced by people analytics. Many of its oft-lauded employee perks, such as free gourmet food, paid family leaves, and fitness programs, are data-based initiatives. Data indicated that such perks increase innovation, satisfaction, and productivity, and Google implemented changes accordingly.

Gathering hard facts on what influences worker productivity is a great way to enhance employee management. Not only does this create happier employees and workplaces, it also gives companies a substantial return on their manpower investment.
Clearly, big data is ushering in a new dawn when it comes to business models, with data mining and analytics set to claim a permanent spot in any enterprise’s toolbox. Deep learning insights, provided by big data platforms like lloopp lead to solutions and results – all of which making up the backbone of well-oiled business machinery. The big data revolution carries good news for enterprises, and taking advantage of the technology is a wise move for any business aiming to stay ahead in this modern day market.

Related Posts
Should Your Business Enter the Field of Deep Learning?