What Is Big Data Analytics and How Can It Improve Your ERP System
Around 90% of organizations haven't properly transformed to use big data. Businesses must invest in big data analytics if they want to leverage this data.
Why should you consider investing in this kind of analytics? The answer is that big data can give you powerful new insights to make better business decisions.
How is this possible? Big data provides you with the statistics you need to back up hunches and gut feelings. With these insights, you can see whether it's better to invest in marketing or upgrade your software systems.
Big data analysis can also improve your enterprise resource planning system. This guide will show you how.
What is Big Data Analytics?
The first question most people have is, "what is big data analytics?" It's the process of examining large data sets. This reveals hidden patterns and correlations within the data.
These can be market trends, customer preferences, or other information. Together, these insights are called big data business intelligence. You can use them to power your business decisions.
Business intelligence lets you assess the market, your customer base, and even your competition to make the right moves. Moreover, data analysis allows you to back up "hunches" and gut feelings with numbers.
How to Implement Big Data Analytics
Most organizations collect data through software, marketing, and other activities. You'll need to use specialized software to sort through unstructured data.
You'll also want qualified people to perform big data analysis. Human experts interpret the patterns and correlations the data reveals.
Machines can only tell us so much. The expert interpretation is key to making good business decisions.
Using Big Data in Your Business
Once you've collected, sorted, and analyzed the data, it's time to put it to work. Big data can inform all the activities in your ERP system.
Data could tell you what your next marketing campaign might be. It might also shed light on what your customers want you to improve. It can even illuminate a competitive edge for you, allowing you to stand out from the crowd.
Big data can also help you make internal improvements. Using data-driven insights, you can revolutionize how you divide up your limited resources.
The Power of Data-Backed Decisions
You have to make decisions. Those decisions are sometimes based on tradition, like budgeting the same amount for marketing year after year. Decisions might also be based on a "hunch," where you believe a particular action is a good idea.
Neither of these strategies is very good. Instead, big data analysis shows you what effects changing resource allocation will have. It allows for better scheduling, expanded customer profiling, and more.
This allows you to make smarter decisions, such as how much to spend on marketing or IT.
As you power better insights, your ERP system becomes more efficient and effective.
What Can You do to Get Better Analysis?
You're already collecting data. How do you begin analyzing it to improve your ERP system?
Think about adopting new software. Hire experts, or take some courses and learn more for yourself.
If you're not sure about the next steps, talk to the experts. They can guide you through the process of your big data analytics. In turn, you'll have more powerful insights for your business.