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 Before the use of Big Data Pioneer was receiving monthly status reports that were outdated and fragmented. Not only were the reports outdated but some poor employee was wasting hours on putting it together every month on a spreadsheet.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.