The Effects of Big Data & Being a Data Driven Company
You could say that the business world, from the perspective of those who run it, is about facts and figures, or in other words, big data. Perhaps more specifically, efficient businesses gather information from many sources to provide an overview of process and manufacturer health.
When you collate data from your customers, from your staff, from your machinery, from your supervisors etc.— all to gather a lucid perspective of how things are – you gather lots of information. Also, your data might be more than text documentation – it could also include video and audio.
Welcome to big data.
According to Watford Technologies 2.7 Zetabytes of data exist in the digital universe today.
Huge data sets are useless unless there’s a way of analyzing it for trends, patterns and associations – most importantly, in relation to human interactions and behaviors that affect your business efficacy for the positive and for the negative.
Storing all of this information is one problem, but making sense of it requires a dedicated solution.
The Future of Big Data
The fact of the matter is that the data mass is growing exponentially. The volume, variety, and velocity of data stored globally is literally inconceivable.
This seemingly insurmountable problem, however, offers up a wealth of opportunity. If logically organized, analyzed and managed, big data provides invaluable insight into our customers and our business operations. The bottom line is that it’s not how much data you collate – it’s about what you do with it.
With the savvy application of your data, you can identify where cost savings are possible and how you can organize your employee resource more effectively. You can even identify which data sources are the most valuable and relevant to your practice.
Data collated can be used to help develop new products, optimize your existing ones and help you make business-critical decisions that are right for your business need and based on real-time revelation.
What is a Data-Driven Company?
A data-driven company doesn’t just collate data – they refine it into actionable insights that drive business-critical decisions. A CEO may make a decision based on gut instinct and that, of course, is a valuable resource if the decision turns out to be correct. In the past, they may have made decisions and looked for evidence to support it afterward – that’s a risky strategy.
Data analytic engines can help reinforce that gut-instinct with immediate access to the facts so that decisions can be fortified by evidence before changes are implemented.
A data-driven company makes summative information available to everyone who makes value-added decisions – not by inundating with confusing and potentially contradictory information; or by providing canned reports that are out-of-date as soon as they’ve slipped out of the printer – but by providing access to analytics that are relevant now; monitoring the pulse of the business and nursing it back to health.
How Machine Monitoring Can Help
Machine monitoring is just more data, of course. However, FreePoint Technologies don’t just create the data – they offer solutions that make sense of it, in a meaningful way that helps organizations improve productivity and employee engagement.
Industry 4.0 (or the “smart factory”) is all about machine-to-machine communication, producing data that provides fact-based real-time clarity of your bottom line, whilst allowing employees to measure their own activity.
In 2015, there were about 15.4 billion connected devices
Our Shiftworx service translates actionable information from the data that our machine monitoring hardware provides. It shares it with the people that can make a difference, right there and then. It allows you to store and organize your data, making it easily accessible via real-time reports that can even be used to create your own apps; engaging your people by sharing meaningful and actionable real-time information about the things that affect them.
If information means something – we can help you make it do something.
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