Big Data is not a “Johnny-come-lately” tool, it is in fact, it comprises of massive amounts of information that we use every day – in other words, it encompasses, vast zetabytes of data flowing from our computers, mobile devices, and machine sensors. With the right Big Data tools, your organization can store, manage, and analyze this data – and gain valuable insights that were previously unimaginable.
Below are 3 tips on how to use Big Data effectively from an article, by Jordan Kasteler for Inc called: Supply and Demand: The Effect of Big Data. It reads, in part:
“1. Let data make decisions for you
Before we had data at our disposal, decisions were made based on emotions or gut feelings. As a result, the rationale for each choice might now look murky in hindsight.
Nowadays, nearly every decision can be backed up with hard numbers. Managers are able to make educated judgments, and they can justify their moves with proven results–past or present.
- Put your expenses under the microscope
Every organization has some form of “spend data” to analyze. “Spend” refers to operational costs across business functions such as planning and budgeting, inventory management, product development, and compliance.
For large, global enterprises, this data can run into millions of transactions. Analyzing it can help procurement managers identify spend patterns by category, vendor, region, and more. It can uncover opportunities to drive bottom-line savings and more value from their procurement spend. Data analytics can help managers analyze extremely large volumes of spend data much more efficiently and accurately.
- Love your vendors, but don’t woo them
The “Age of the Customer” is here and booming. Many consumers now expect businesses to seamlessly meet every aspect of every need without hesitation.
When incorporating big data, both suppliers and procurement clientele stand to benefit. For instance, suppliers can glean valuable, data-driven insights to allocate resources more accurately and better formulate logistical strategies.”
Today’s companies are acutely aware of the potential big data can provide them. And, when they see the enormous ROI their competitors get by using big data, they make every effort to ensure the solutions that they deploy, includes Big Data.
ATS Time and Attendance has built-in, feature-rich Big Data analytics to provide deep insight across a company’s workforce management solutions requirements. The solution is embedded within ATS core solutions and can power reporting, analytics and a wide range of features, can help transform decision making and your business.