The primary goal of Big Data is to minimise the effort that a person has to put into the analysis of business data, which translates into greater business performance. Big Data enables to find information faster, especially that which is the most recent or most important to your business. In many companies, the process of finding information consumes as much as 20-50% of the working time. It is better to spend this time on other activities that generate real profit.
Big Data is most often used for monitoring, and as a result, also for reducing supply chain risks. For example, you can automatically find all currently emerging critical reviews about suppliers or the supply market. This allows you to take action quickly and immediately respond to changes that significantly reduce various types of business-related risks.
Reduce your costs
Big Data additionally reduces company costs, for example, those related purchasing particular products. You can correlate this with data on market prices in order to respond as quickly as possible and introduce beneficial changes, for example, offering your contractor a renegotiation of prices. This directly translates into increased savings, thereby improving the company’s profitability.
The Vice President of Technology for Europe, Middle East and Africa at Oracle summarised the benefits of Big Data:
“Big Data has several features at the same time: a high volume of information, speed of change, streams of information from different sources of different characteristics, and a potentially high value for the company." - Andrew Sutherland