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Big Data – So what I want to make more Money!

Most of us are aware of the term big data being used these days, mostly in relation to companies like Google or Amazon. The most common definition is simply ways of analysing massive amounts of information to gain some useful insight into what is currently happening and offer foresight of what might happen in the future.

A recent Gartner Survey(1) showed that over 75% of companies are investing or planning to invest in big data over the next 2 years.

What you may not realise is that your company probably holds years of order, quote and product information. Although this probably doesn't fall under the realms of 'Big Data' you may well encounter the same issues that need to be considered before these companies invest in big data- If I start with the last and perhaps most important question because if there is no benefit to be had then it's best to know from the outset before you start investing time & money!

Most of you will probably agree on many of these goals such as cost reduction, better targeting of customers & increased efficiency of existing processes. How much time is currently spent by your employees populating and collating data into spreadsheets and creating graphs!

MIT Sloan Management Review carried out a survey in 2012(2) which showed that 67'of participants reported that their companies are gaining a competitive edge through the use of analytics, as we look a little deeper into how we can use the data you'll see why.

If we take a simple example by looking at order information, your manufacturing software will most likely have detailed information of every order each of your customers have placed. Logically, if we know what every customer has ordered just over the last year then we also know what products the customer hasn't ordered;..[ more ]

Kris Matthews, MBA Associates

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