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Big data is crucial for business management BUSINESS management [Western Mail (Wales)](Western Mail (Wales) Via Acquire Media NewsEdge) BUSINESS change is happening so fast it has become crucial for managements of companies of all sizes to have the right information to hand at the right time to make those game-changing decisions. e decisions I'm talking about here are those that will take any business forward and give it the best chance of succeeding in a world where possessing the competitive edge is key to growth and prosperity. And that's a challenge for us all. And at the very heart of those decisions, and the information required for managements to make the right call, is something that will become ever more important in the day-today lives of every business - Big Data! Many companies will already have that data in their systems, without realising just how useful it could be to them in deciding what products and services to sell and to whom; how to win new markets; how best to innovate and forge new business development channels and, just as importantly, who not to do business with. So, how can companies unlock the value of all that data they already possess to allow management teams to better understand how their businesses are operating and then utilise that information to help make those big decisions? Data is often stored across a number of ditherent systems and in ditherent formats and a business may actually be storing it in a way that is going to prove di[Dagger]cult in making the best use of it. Of course, many companies know the full capabilities of their internal systems so they probably already have the capability to extract data which will be useful in winning new clients, increasing products and services for existing clients, marketing campaigns, capturing new markets in new sectors and expanding into completely new markets. But to be unable to manipulate the Big Data that is already part and parcel of your business because no-one in that business understands how to unlock its potential is a huge wasted opportunity. Large companies are doing this as a matter of course, using information they have collected on their customers to win new orders and more business. People-speciOEc advertising on the internet is a prime example of this. But here in Wales we have a predominance of medium-sized companies, and I wonder just how many of those have thought about using the Big Data they already have on their systems to help them develop and grow. ink about how much client data you have on OEle, and whether you're actually capturing enough. Maybe when you're starting out with a new client you should sit down with them at the outset and gather as much information as possible about their wants and needs and future plans. e information you garner could well give you a much better picture of what that client or customer is likely to buy now and in the future. You might also want to look at the demographics of those who are buying goods and services from you and factor that into your decision-making process. We're already witnessing large companies doing this - and doing it very successfully. My view is that the medium-sized businesses of Wales will have to follow suit fast as Big Data is becoming an integral part of the competitive environment in which we operate. is is all about timing, and if you can embrace and use this concept ahead of the curve then you will OEnd yourself ahead of the competition. If you don't, the danger is you could well struggle to catch up later. Like it or not, the use of Big Data is going to feature with greater prominence in the way all businesses evolve - and, ultimately, succeed. LOUISE EVANS is managing part-ner and head of tax for business advisory specialist Grant ornton at its Wales oce in Cardi (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |