Companies which have a solid data strategy in place are typically more successful and efficient businesses than those which do not, with around 30% of businesses using data technology. Successful data strategies can help businesses to calculate which opportunities could save them costs, alongside streamline processes which are mundane. Furthermore, data technology can help companies to locate the best investing opportunities for them and solve complicated problems.
According to one of Oracle’s surveys, those companies which are using data and other up and coming technologies have managed to increase their annual revenue by more than 50%. This article details the benefits of using big data within a business or corporation.
How Big Data Helps Companies Improve Competitive Edge
The efficiency of a business used to depend on how quickly an employee could complete work, however this is now instead judged on business structure, including which technology a company uses.
In order to improve their efficiency, companies should be using big data. There are many useful platforms that can leverage data analytics and AI to help businesses reach their goals faster. This means that employees should spend less time on manual tasks and instead use data technology.
A business model can include a wide variety of systems to improve supply chains, learn more about customers and manage finances successfully. In addition to this, companies can use data to improve their social media marketing and take on new employees alongside overcoming other challenges involved in running a company.
Data Technology Payment Solutions
One of the slowest and hardest areas to handle in any business is financial management. Adopting efficient financial systems can be overlooked, meaning that many companies resort to sorting out their finances manually, in Google Sheets and other documents. When confused, these documents can cause additional problems and become even harder to handle, meaning the process becomes less and less efficient.
Big data therefore brings many benefits when used for financial management, making finances easier to handle and more automated. In addition to this, it can also be used to massively improve payment solutions. Businesses can use multiple online payment platform systems to allow their finance teams to access invoices, budgets and payments through high end technology.
In the long term, the digitisation of financial services can also help businesses to reduce their costs.
Centralising Materials Using Cloud Software
Employees can digitally access all the files they should need on a global scale through the use of cloud software. This is particularly useful for employees who are traveling or working from various locations.
Cloud software therefore makes it easy to access documents worldwide, improving the overall efficiency of a business based in multiple locations as documents do not need to be physical and stored in one particular place. Cloud software overall simplifies the delivery and distribution of business systems.
Automated Payments
Through automated payment systems such as continuous payment authority or ACH authorization, businesses can receive regular payments from customers, which is ideal for subscriptions, repeat business or financial products such as insurance or loans. This can replace the need for customers to set up direct debits or having to manually chase customers for payments.
Employee Training
Human resources is also an area which can benefit from data technology. Employee training, which is typically time consuming, can be delivered much faster and save time and money. There are multiple business systems which focus on employee training, with digital plans and subscription service systems in place to ensure employees have access to healthy and safety and data protection training.
Consequently, employees can complete training at their own pace, and their peers do not have to be responsible for delivering it. Data technology therefore allows more experienced employees to continue with their role without the need for them to free up time as the training can be delivered totally online.
With more and more employees beginning to work from home, there is also an increased awareness surrounding communication within a team, and data technology can allow for training in this area to be delivered virtually.
Automated Checks
Using automated checks is another way in which data technology can make a company operate on a more efficient basis. Companies such as Uber use automated checks to maintain the security of their customers and verify identities and orders. In customer and business finance, companies will run soft credit checks to determine a customer’s eligibility and this can speed up the process for those who are and who are not likely to be approved.
Automation can also be particularly useful when it comes to time-sensitive products such as payday loans or insurance quotes as it allows checks to be made at a more rapid rate.
