Big data as a technology concept has been hyped up for many years in business circles, similar to the cloud. However, there’s a reason for this – big data works.
It brings speed, efficiency and the ability to use data to make short and long-term decisions. If your business uses big data well, it will have a competitive edge.
Machine learning, where computers can learn without being explicitly programmed, is already having a major impact as it allows value to be extracted from huge sources of data in a way not previously possible.
Handling and making the best use of big data has never been so important. There are several reasons why using big data in the right way can provide you with a competitive edge in tough markets:
1. It allows you to predict the future by looking at past data
Analytics provides information for scenario planning, allowing finance departments to synthesize historical financial information and uncover trends to see where a business is going. It can also make use of real-time financial data to reveal valuable insight. Tools such as dashboards also allow CFOs to develop, report and share critical business information throughout the business.
2. You can make better, data-driven business decisions
Reliance on gut feeling is not good enough when it comes to making business decisions. Data should be at the heart of your strategic decision making, especially in key areas such as finance and operations. Once you have worked out the questions you need to answer, you can focus on finding the data that will answer those questions.
3. Without big data, you are in danger of being left behind
Big data is now seen to be a competitive advantage. The better decision making it offers can aid growth, enhance productivity and create significant business value. You can use data to innovate, compete and capture a share of your market.
4. It allows your finance team to become more agile and responsive
Your finance team has always been called to use its skills to guide business decision making. With big data, it can become more agile and responsive when it comes to adapting to changes in supply, demand and global changes in the business environment. Big data provides more accurate forecasts and increases the value of advice your finance team offers to your business.
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Content originally from Sage.