Don’t waste money on services that don’t work or people who try to change who you are. If you believe in your company’s mission, don’t let someone try to change, learn how to take your beliefs and turn them into a profitable reality. We would love to listen to your goals and help you find the best way to achieve them!
What better way is there to learn about big data than listening to a podcast about it? I found a really great podcast recently that dives into all of the different aspects and current issues that we are dealing with when it comes to big data. There are also podcasts that help us understand the best ways to save and make money with your data.
Their most recent podcast, 5 Lessons About Big Data brought some interesting facts to light. These 5 lessons can help you to leverage the data that you already have, and ultimately, save you money:
The next step is for you to use all of these lessons to add value to your data and your company.
The saying “Time is Money” is one that has always been true whether you take it in the sense that life is short and therefore time is precious or more literally as in the amount of money you can make per hour. In regard to most businesses the saying is more about the second interpretation. What businesses should be asking is how can we make more money for our hour?
You cannot stretch time so the value that must be manipulated in money, and you make more money by being more productive. Therefore it all comes down to efficiency. Efficiency is something everyone strives for; being able to be more productive in a shorter amount of time.
The way to be more productive is to make whatever you are doing easier. This was the case for Pioneer West Virginia Credit Union who discovered their lack of efficiency in managing their 12,000 members. Before the use of Big Data Pioneer was receiving monthly status reports that were outdated and fragmented. Not only were the reports outdated but some poor employee was wasting hours on putting it together every month on a spreadsheet.
Pioneer also discovered they had excessive delinquency ratios on loans and were unsure how to fix it. Once Pioneer began using their Big Data as a tool they began receiving status reports daily and cut their loan delinquency from 150 basis points to 14 basis points. Not to mention that poor employee that was previously doing the reports manually, now has time to actually do his job.
This is a very small scale example of how Big Data can save money but it also shows that Big Data is not something just for the big boys, it is extremely useful for any business. No matter what you do, being more efficient leads to making more money. The best way to be more efficient is to use the tools and information available to make your job easier.
See how Big Data can make your job easier in this short video.
There are lots of questions out there about Big Data,
How does it apply to me?
Where do I start?
What does my data mean?
Who can explain my data?
This short videos answers these questions and points you in the direction you need to go to let your data make you money!
Learn more about how Cliintel can help your business make faster more educated decisions, saving you time and money!
If someone handed you a shovel and asked you to dig a hole, who would get credit for the hole? Did the shovel create the hole? No, you did, the shovel was a tool that allowed you to dig the hole more efficiently.
This is what Big Data is to businesses.
Many people believe that big data is the key to making money, and it is….just not necessarily in the way you may think. Instead of starting up your own Big Data company to make the big bucks, try using Big data instead. Companies who use Big Data to make more informed decisions are the ones who succeed, companies who produce Big Data software are the ones who get passed up by the newest model.
Don’t be a tool, be the person who uses the tool.
Back to the shovel analogy, your job is to dig a hole and though the shovel seems like your best friend in that moment, what if someone handed you an excavator? Now you can dig holes three times the size, all while sitting down! Even though the shovel seemed better than digging with your hands, the excavator now does the work for you. Businesses are the brains and Big Data is the tool, as long as the brains know what they are doing, the tool aids them wonderfully.
This is where the trouble comes in, even if you have a fancy complex program that does all the work, it still isn’t saving the business money if they don’t know how to run it. Many Big Data applications have made their money by providing a product that then requires a hired team of experts to manage it.
The way to make money in Big Data is to produce an application that is simple enough for the average business’s IT team to handle. The way to save money is to implement these applications into your business to gain much needed insight that allows the company to be more efficient and make smarter decisions.
The successful businesses are the ones who have figured out how to use Big Data to set themselves apart, rather than let it steal the spotlight.
Let us know what you think, is Big Data just a tool or are Big Data companies worthy of a higher name?
Often times when the next big thing hits the market, people jump into it without careful consideration. Don’t be the company that dumps all your money on Big Data without first knowing how to use it. These three steps describe how to use Big Data smartly, allowing it to make you money.
Test and Learn
Manage Data Processing Wisely
Use New Data Types
Interested in how these methods save companies money? Learn More!
Ready for painless change?
For a limited time we are offering our book "Change is Great, Be First" by Richard Batenburg.
Please fill out the form to join our mailing list and receive the first 3 chapters of the book for free.
Be sure to confirm your email address.
Recent Comments