Business intelligence solutions have been helping leaders identify opportunities for process and operational improvements for decades, but today's advanced analytics are far beyond those of the past in terms of effectiveness, efficiency and power. Big data can make a massive difference in any organization's bottom line so long as the firm is handling core management and governance requirements properly for all of its information and IT assets.
Data preparation, cleaning and enrichment are just a few of the main, backend matters that need to be managed by individuals with experience and all of the tools necessary to do so, and many companies do not yet have these assets in place. Working with a vendor of data analytics services can help ensure that projects are carried out optimally, allowing IT departments to leverage the technology for a range of objectives, including those related to sustainability and waste reduction.
A bright future
One of the reasons why big data is consistently rising in value involves the release of new technologies and trends that generate more valuable information in a timely fashion, including the Internet of Things. Gartner Research Vice President Bettina Tratz-Ryan recently explained some of the ways in which the IoT will likely impact the environmental friendliness of the public and private sectors, and argued that the combination of sensors with advanced analytics will make a big difference in the near future.
"The IoT unlocks the potential of analyzing real-time data from different business processes and visualizes resource inefficiencies," Tratz-Ryan stated in a question and answer session. "In addition, the increasing availability of data sources from the IoT will bring more information on the context in which the sensor is monitoring an environmental event or state. That context provides insight into an assessment of the dependencies between user or operator behavior, machine-technology-process operations or external influences that could lead to environmental inefficiencies."
She noted that while this is especially progressive for private sector organizations, new initiatives in government such as the introduction of smart cities are sure to be fueled by a combination of the IoT and analytics, driving down waste and improving overall sustainability around the globe. So long as companies are going about their big data deployments and management intelligently, the opportunities to lower overhead and increase profit margins will be endless.
Why go green?
As a note, eco-conscious businesses have been found to be more desirable in the eyes of consumers than those firms that do not put any effort into reducing their carbon footprints. Back in 2012, Nielsen reported that as much as two-thirds of the consumer population will lean in favor of environmentally friendly businesses when making purchasing decisions, and this rate only continues to rise as time goes on.
Leveraging analytics can quickly provide decision-makers with the insights and intelligence necessary to dramatically reduce their waste and bolster sustainable initiatives. Additionally, as the IoT spreads, analytics will be critical to get the most out of novel sensors and gadgets for every type of objective.