There is so much data in the world, and if analyzed properly, can be used to help any industry predict growth levels and trends that could ultimately increase revenue and productivity levels.

According to research by MGI and McKinsey's Business Technology Office, big data will be used to generate value in the five domains it studied, healthcare in the United States, the public sector in Europe, retail in the United States, and manufacturing and personal-location data globally.

The information that data can provide, like customer preferences, usage trends and patterns, location data, indicators of potential threats and deviations from normal patterns across both internal and external operations.  But since most of the data that exists does not have any structure, and analyzing it is costly and labor intensive, only a few businesses are able to use big data to its “full advantage.”

To prove how important big data has become, MGI has found that in developed economies of Europe, government administrators could save more than 149 billion in operational efficiency improvements alone by using big data, not including using big data to reduce fraud and errors and boost the collection of tax revenues. 

The potential of big data highlighted by MGI, NICE has created a set of strategies from big data that advises companies on the best solutions when interacting with its customers, preventing financial crime and safeguarding people and assets.

By using the NICEs’ Interaction Analytics, businesses are able to access information from customer interactions that they were once not able to reach. To understand the customers even better, businesses can use its solutions to reduce call volumes and overall operational costs in the contact center. On the other end of the spectrum, to increase agent efficiency and optimize the workforce, businesses can conduct root cause analysis on agent behavior during interactions through its call recording solutions.

By better understanding the importance of big data businesses can potentially reach a productivity level that they never thought feasible. But without the proper solution, this type of aspiration is unattainable, which is why NICE has devoted its time to reaching mass audiences.

At an executive breakfast series taking place on February 26^th to the 28^th, NICE experts will host a demonstration that will help organizations understand how to identify and capture big data, and then use it their benefit. 

The breakfast series will take place in three locations in the US:

February 26 – The Ritz, Phoenix, Arizona

February 27 – The Gage, Chicago, Illinois 

February 28 – The Metropolitan Club, Alpharetta, Georgia

For more information and to register, click here.