Addressing big data in your business processes
As the term "Big Data" gains traction across the business environment, companies are looking for new ways to implement data analysis.
For businesses seeking productivity solutions, making use of Big Data can potentially revolutionise strategies and offer an array of benefits, especially in the face of increasing competition.
However, there are still barriers that are holding companies back from fully utilising information applications in their day-to-day processes. Faced with these limitations, how can your firm successfully integrate this aspect of technology for the best results?
Big Data of increasing importance to businesses
According to a survey conducted by Gartner, 75 per cent of companies worldwide have invested, or are planning to invest in big data analytics. With such a high rate of adoption, businesses are shifting their focus with technology applications.
"As Big Data becomes the new normal, information and analytics leaders are shifting focus from hype to finding value," said Lisa Kart, research director at Gartner.
"While the perennial challenge of understanding value remains, the practical challenges of skills, governance, funding and return on investment (ROI) come to the fore."
In a survey conducted by Forbes Insights, big data analysis was named as one of the top five issues for senior executives, with 38 per cent citing this issue. Nearly a quarter (24 per cent) cited it as the single most important method of gaining a competitive advantage.
However, six out of 10 professionals claim they haven't seen the benefits of adopting big data practices. This suggests there are still a number of considerations that are holding companies back from utilising this technology.
Data mismanagement can be costly for businesses
According to National Instruments, the amount of data will increase ten-fold by 2020 and the digital universe is expected to expand by 40 per cent annually for the next 10 years. Despite the best intentions, many businesses are not properly utilising this information and this is leading to a loss of competitiveness in their chosen market.
Companies that have complicated systems, disorganised methods of tracking information and a lack of integration will find themselves falling behind in a fast-paced business environment.
To combat these issues, it is important to select software that is as streamlined as possible. If information is unable to flow through multiple departments, this can cause great inefficiencies in communication and a loss of productivity.
Utilising Big Data in recruitment
Although the benefits of adopting technology into the recruitment process are becoming more widely known, many CEOs are finding that their current systems are not up to scratch.
CareerBuilder found that 58 per cent of business leaders in a recent survey rated their data analysis in HR as only fair or poor. On top of this, 32 per cent are struggling to track the source of their new hires, with one in six of these CEOs reporting losing over US$10,000 a year as a result of inefficient hiring methods.
Solutions such as recruitment software can offer significant improvements to this process. The ability to analyse candidates in detail is crucial for giving businesses a competitive edge. For 73 per cent of company leaders, data collected in their HR department has been incorporated into their business strategy. A further 57 per cent agreed that human resource data has the potential to met larger company goals.
Through proper utilisation, Big Data can be a critical element to an innovative corporate strategy. To see these benefits, firms must choose effective platforms that can properly analyse, store and deliver information to where it is needed.