Data services is a term used to describe the provision of useful information and data to users globally without the limitations that come with geographic locations. Data services are sometimes known as data as a service (DaaS) and they are same as software as a service (SaaS) that involves the storage of data in the cloud where it is easy to be accessed through a wide range of internet enabled systems and devices regardless of one’s geographic location.
Data services involve dealing with big data. Big data can be described as the huge volumes of data, structured or unstructured, that overwhelms the daily functioning of a business. In data services and analytics, the amount of data is not as important as the analytics derived from the data itself. Organizations use big data analytics to get insights that guide the decisions and strategic action plans. The effectiveness of big data analytics are based on what Doug Laney articulated for as the three Vs: volume of data, velocity of data, and the variety of the data. The three Vs define big data in terms of the amount of data collected, the data streams that are involved, and the formats that accompany the data.
The use of Big Data Analytics in the workplace
The amount of data that is currently generated and stored at the global and national levels has been on the rise. Big data analytics come with the following benefits in the workplace:
- Detection of root causes of failure: Big data analytics provides business with the real-time defects that may be hindering their efficiency and take actions immediately to salvage the situation. Big data analysis is important in pointing out the root causes of issues, failures, and defects that may inhibit good decision-making.
- Satisfying the customer needs: Big data analytics are important in the provision of customer’s’ sensitive goods and services through a proper analysis of their purchasing habits. It makes it possible for businesses to generate vouchers at the selling points based on consumer needs derived from the analytics of buying habits. For instance, Apple Inc. used customer data analytics to project expected customer consumption of their products. Amazon uses data analytics of customer reviews to provide customer guidance on their products.
- Big Data analytics makes calculation of risks easier: Big data analytics is important in detecting the risks that exist within a business premise. Businesses use it to calculate the levels of risk that they are likely to face. A businessperson can use big data analytics in formulating resolutions that will help him or her to avoid the detected risks and reduce the vulnerability of his or her businesses.
- It makes employee evaluation and monitoring possible: Decisions made by individuals within a business will have an impact on the operations and success of that business. Big Data analytics is important for you, as it will help you detect fraudulent behaviors among your employees.
Use of predictive analytics in the workplace
Predictive analytics involves the application of data analytics, statistical algorithms, and machine learning abilities to determine the likelihood of future results based on past happenings.
Business owners can use predictive analytics to formulate effective marketing strategies. Predictive analytics will make it possible to determine the effectiveness of promotional strategies in terms of channels used and customer segments.
Multichannel contact with the same customer is important, as it will increase the effectiveness of marketing strategies. It will help a business identify its loyal customers through determining those who are able to maintain contact with them using different channels due to the interest they have in the business.
Use of Enterprise Big Data in the Workplace
The benefits that come with the use of enterprise big data may include:
- Increased productivity: Use of big data among businesses ensures that there is increased worker productivity as it makes monitoring and evaluation of their productivity possible.
- It ensures reduced workplace risks: Risks at the workplace can be detected through big data analytics. Analytics of big data reveals the risks that the business is likely to face and initiates immediate response to subvert them.
- It enhances innovation and creativity in the business sector: Use of enterprise big data in the workplace enhances creativity on ways to meet customer needs. With the use of big data, businesses promote creativity and innovation of services and products that satisfy their customers’ needs.