Big Data: 6 Real-Life Business Cases - InformationWeek

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5/27/2015
04:06 PM
Lisa Morgan
Lisa Morgan
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Big Data: 6 Real-Life Business Cases

Better data analysis enables companies to optimize everything in the value chain -- from sales to order delivery, to optimal store hours. Here are six examples of how major enterprises are using data to improve their business models.
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Improve Financial Performance 
Corporate finance departments are moving beyond periodic reporting and BI, using big data to reduce risks and costs, identify opportunities, and improve the accuracy of forecasts. Specifically, they're using data to identify risky customers, monitor suppliers, thwart fraud, pinpoint revenue leaks, and inform new or more efficient business models.
A recent partnership between The Weather Company and IBM will allow companies to better manage the impact of weather on business performance. According to The Weather Company, weather has an economic impact of half a trillion dollars annually in the US alone.
The weather data is being collected from more than 100,000 weather sensors and aircraft, as well as millions of smartphones, buildings, and moving vehicles. That data is combined with data from other sources to yield 2.2 billion unique forecast points, and an average of more than 10 billion forecasts on an active weather day. Retailers will be able use the data to adjust staffing and supply chain strategies. Energy companies will be able to improve supply and demand forecasting. Insurance companies will be able to warn policy holders of severe weather conditions, so they can minimize the possibility of car damage in the event of a hail storm, for example.
(Image: Geralt via Pixabay)

Improve Financial Performance

Corporate finance departments are moving beyond periodic reporting and BI, using big data to reduce risks and costs, identify opportunities, and improve the accuracy of forecasts. Specifically, they're using data to identify risky customers, monitor suppliers, thwart fraud, pinpoint revenue leaks, and inform new or more efficient business models.

A recent partnership between The Weather Company and IBM will allow companies to better manage the impact of weather on business performance. According to The Weather Company, weather has an economic impact of half a trillion dollars annually in the US alone.

The weather data is being collected from more than 100,000 weather sensors and aircraft, as well as millions of smartphones, buildings, and moving vehicles. That data is combined with data from other sources to yield 2.2 billion unique forecast points, and an average of more than 10 billion forecasts on an active weather day. Retailers will be able use the data to adjust staffing and supply chain strategies. Energy companies will be able to improve supply and demand forecasting. Insurance companies will be able to warn policy holders of severe weather conditions, so they can minimize the possibility of car damage in the event of a hail storm, for example.

(Image: Geralt via Pixabay)

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shakeeb
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shakeeb,
User Rank: Ninja
5/31/2015 | 9:36:09 PM
Re: Optimize the Workforce
In my opinion, irrespective of the organization type many of them are now in to data analysis to improve their business performance.
shakeeb
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50%
shakeeb,
User Rank: Ninja
5/31/2015 | 9:32:16 PM
Process improvements
This is an important aspect in many organizations. Some organizations consist with a separate department who deals with process improvement for the whole organization.
shamika
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shamika,
User Rank: Ninja
5/30/2015 | 1:41:22 AM
Optimize the Workforce
I agree with this.  This is important when it comes to retaining employees. This will obviously help in understanding their issues and needs.
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