Many companies still have an extremely ambivalent view of big data. They consider the risks to be too great, with hackers and the threat of data misuse spreading fear and alarm. Yet there is surely a much greater risk of letting others take advantage of the economic opportunities offered by analyzing and evaluating big data.
Ultimately, severe competitive disadvantages could harm business. In the worst case, companies will lose their direct contact with their customers and thus the key players in their value creation chain.
Digitalization is continuing apace, Converging of structured and unstructured, internal and external data. Every second the rate increases. When analyzed and processed in a targeted way, the vast quantities of digital data reveal previously unknown patterns, relationships and facts. This enables companies to not only operate more efficiently but also make faster decisions and more accurate forecasts.
Harnessing hidden know-how
Just as diverse as the data and the data relationships are the Big data analysis gained chances and possibilities: predictions prevent machine stops and boost productivity . Sales forecasts provide precise answers on sales of specific products for weeks ahead. Real-time analyses enable sound decision-making in terms of quality and damage management and in prioritizing supply contracts. Production keeps flowing thanks to predictive logistics. Companies can deliver their advice to customers more effectively and make tailored offers. However, the data also provides a systematic tool for examining all cost options, minimizing risks, optimizing business processes and even identifying and harnessing completely new market potential.