TERESA MADALENOIf a company wants to be competitive in this day and age economists, e-marketers and techno-engineers insist that big data and analytics have to be involved.
Big data is a phrase describing the large amount of data that engulfs a business every day. Big data can be analyzed to attain valuable insights, which can lead to better decision-making. Large pools of data are coming together and being analyzed for patterns and outcomes that are helping companies enhance productivity, reduce waste, as well as increase the quality of their products and services. Experts at IBM have reported that it is becoming the basis of competition.
In the past, data was something that only a few geeks toiled over, but those days are over for people and companies wanting to outperform their competition. One of the best examples of this might be the healthcare industry. They were data analysis pioneers when they used data analytics to look at the health outcomes of pharmaceuticals that were widely prescribed. They were able to establish the benefits and risks that were not obvious during clinical trials. Another example is toy manufacturers who have put sensors in their products to monitor consumer use/performance.
Big data becomes very important when we talk about the manufacturing industry. Having detailed and ongoing information about energy patterns, not only for a building but also for each machine and production process, is a critical step for initiating energy management and improving a company’s competitive position. As an example, metering gives businesses the chance to understand and reduce their energy usage in much more detail than ever before. In addition to providing information that could lead to huge energy savings, some metering systems have the ability to predict maintenance issues. This type of data collection and analysis enables the business to address a problem before it leads to costly delays or shutdowns.
Physical plant audits by engineering specialists and installation of sub-metering systems are two of the most effective ways to benefit from big data. These can provide manufacturers and other businesses with valuable intelligence and energy metrics that can help them overcome any challenges with implementing energy tools because of an inability to get their hands on data.
Today a lot of business executives say that big data analytics is a top priority for their business.