With a complex and dynamic environment, enterprises are looking for solutions to survive in the market and maintain its growth. And big data and cloud computing have tremendously put an alarm for the enterprises to adopt it and work with it. This smart innovation is not only helping enterprises in doing tasks but also becoming an important part of maximizing productivity. As result enterprises particularly the big ones are making maximum use of big data and cloud computing in their working environment.
Below are the 5 examples which show how cloud computing and big data help business in various platforms.
1) Detecting Frauds and Risks Through Big Data Analytics
Cyber and data fraud are increasing at a rapid rate and that’s why enterprises end up implementing cloud and data tools to get safe and analyze the risk and data fraud.
One of the famous tools in data analytics where all the data related to the people and everything gets stored and it informs when there is an unusual pattern which thereby helps companies to secure their data and analyze the real fraud.
2) Creating Actionable Customer Insights with Big Data
Analyzing customer behavior trends is an important thing to know for business. Big data helps enterprises in describing the behavioral pattern of customers, their trends which helps businesses to make decisions accordingly. Consider the example of amazon prime video which by analyzing the watch patterns of the people further recommends other shows which they may like.
This further helps in maintaining its customer relationship.
3) Risk Management to Make More Prudent Strategic Choices
Today enterprises are fully optimizing the use of big data and cloud computing to identify their possible rate of return from their investment. Big data analytics tools provide complete information about the client’s present and past financial investment and how much risk is there. This helps businesses in taking suitable decisions and reduces their risks in failing and further provides them with several options in which projects they should invest.
4) Improving New Product Development using Big Data
Every business always tries to produce the product as per the customer requirement otherwise if the product is not as per the customer needs then they will have to incur losses. Here cloud computing and big data perform their role in analyzing the customer trends, what they are looking for, what they buy the most. This record helps the businesses in developing the product which satisfies the customers.
For example Companies in health are actively pursuing big data to reduce turnaround time in product development, fasten the pace of go-to-market and also assist R&D.
5) Better Supply Chain and Warehousing Logistics
Cloud-based services can connect everyone in the supply chain and helps in making strategic decisions in the deployment of inventory. With analytics, cloud computing analyses the delivery networks and gives priority to the slow-moving shipments.
Whether it is a small business or big one cloud computing is beneficial in making an easy and better supply chain. This somehow results in a reduction in the wastage of inventory and money.
How SMEs Big Data and Cloud Computing in Your Business
The above examples show how much cloud computing and big data analytics are important for the organization to cooperate at every level. Furthermore, it is easy for the big industries to implement and adopt cloud computing solutions but for small enterprises, it becomes difficult because of the large amount of investment required in implementing.
But small enterprises can also make use of cloud computing and big data by slowly adopting small tools of them to ease their operations.
Below are some of the solution:
1 By using simple data analytics tools like google analytics where they can find out the patterns of their customers.
2Testing your messaging and business efforts through real-time data analysis of customer responses. Several software options, many of them designed for low budgets, can help you get there.
3 Implementing risk management opportunities simply by increasing the amount of data you can analyze.
4 By storing data on distributed servers within protected cloud hosting servers, they can reduce the risk of cybersecurity threats.
These are some of the solutions for them but there are numerous solutions, all they need is some guidance. This is something that should not be missed to remain in the race.