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3 Ways Big Data Can Help Businesses Save Cost

Carly Fiorina, the former CEO of Hewlett-Packard, once said: “The goal is to turn data into information, and information into insight.”

Every company generates raw data through numerous channels. From their web traffic and social media to their business processes, data collected can be used to identify any inefficiencies within an organization. Data analysis uses these insights to help businesses make significant cost savings, informed decisions and efficient work processes that drive business growth.

With businesses reeling from the impact of COVID-19 on the world economy, here are 3 ways you can use “Big Data” analytics to save cost, yet remain competitive in the current business climate.

Making Better Strategic Decisions

 Big data analytics provide clarity by uncovering hidden patterns and correlations in business processes, resulting in better market predictions and risk management. From product and service personalization to connecting buyers and sellers via digital platforms, businesses use patterns and insights to enable quicker and facts-based decision making.

Research done by the International Data Corporation (IDC) shows that, organizations that can analyze all relevant data and deliver actionable information will achieve an extra $430 billion in productivity benefits over their less analytically oriented peers.

Studies also show that data-driven organizations not only make better strategic decisions but enjoy improved customer satisfaction and high operational efficiency, which could save companies more than 25% in overall expenses.

Smart Energy Consumption

Data gathered from smart technologies such as sensors installed in offices and buildings, can be used to increase the efficiency of energy consumption in offices and save electricity costs.  These sensors installed in key areas throughout the office, detect which parts of the building are commonly used at different times of the day. This allows management to automate electrical components to power on or off as necessary, saving energy and cost.

Areas of the offices and buildings that aren’t performing at their optimum levels will trigger sensors using predictive maintenance technologies to notify building administrators of the root cause before any costly asset damage occurs.

The American Council for an Energy-Efficient Economy estimates that smart technology could reduce the annual energy consumption of an average office by up to 18% for HVAC systems, 28% for plugged equipment and 33% for lighting, generating massive cost savings.

Enhancing Office Security

Security is critical for safeguarding valuable information, assets and people from any damage, theft or loss. Data and tech-based security solutions also help companies save on labour cost by reducing the traditional amount of security personnel needed.

GTRIIP’s office solution reduces human error by using an advanced biometric identity verification system which is more efficient and reliable than conventional methods of identification and authentication.

Companies can implement GTRIIP’s office solutions with minimal workflow disruption to enjoy the benefits of using data and to manage the security of their office premises better.

Conclusion

The Big Data market is expected to reach USD 123.23 billion by 2025. Companies should leverage the power of data and analytics as it helps with reducing operating costs, improves workflow efficiency and helps business owners make better strategic decisions to boost revenue and business growth.

For businesses to remain competitive even during and after COVID-19, they must look to use innovative solutions such as employing and integrating the use of data and its insights in their business processes to help them stand out and stay relevant in the market. From data analytics and business intelligence to artificial intelligence, Big Data and its related technologies are set to transform the business world.

Find out how GTRIIP can help your business improve operational efficiency and save cost by reaching out to one of our consultants through this link: www.gtriip.com/consult-with-us/

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