Joseph-harmon – You need to know the basic and also general about what is called data. Data is a collection of information consisting of several facts which can be in the form of numbers, words, or certain symbols. Data is obtained using methods and search processes that are quite selective and also use several different methods according to the needs and target data types.
Big data is known as a collection of data with a very large volume and size according to its name, and some data belongs to the structured type, then there is semi-structured, and some is unstructured and can still develop according to the passage of time.
Big Data Function
After you know what big data is and you also know the characteristics of big data itself, now let’s get into the function of big data. Known big data functions include:
Big data will be used as a tool to predict or conduct an analysis of why a problem could exist in the system. Big data also has the benefit of minimizing the failure rate. The results obtained from the analysis series can be used and then displayed directly or in real-time.
Big data is used as a reference to develop products that are made. Very useful information will be stored in big data storage and then the results of the analysis will be made as a basis for making the most appropriate decision to be able to grow the business significantly.
Big data can reduce time and costs. Costs can be reduced because we take advantage of big data. The process of sending and receiving data will be done more quickly.
So big data is a collection of data that has a very large size, the data consists of structured, semi-structured, and unstructured data. During the data collection process, there will be a development in the amount of data as well. Maybe if there were no big data in todays sophisticated era, we would have difficulty making a choice. Mistakes in making these choices can have fatal consequences for the field being occupied.
Utilization of Technology and Big Data for Companies
In today’s technological era, almost all activities require and utilize technology. Human life cannot be separated from the presence of technology. Technology can also be called the most important aspect of human life today. With the rapid development of technology and followed by the industrial revolution 4.0, companies must be able to take advantage of this as an opportunity to advance their business capabilities, especially in terms of decision-making.
One of the developing and very important technologies used by companies today is Big Data technology. In a sense, Big Data is a very large collection of data consisting of structured data or unstructured data. Sources of Big Data usually emerge from the daily operational activities of companies, for example, operational data, transaction data, customer data, goods data, price data, and many more.
Then, Big Data is famous for its four main characteristics, namely, Volume is about a large amount of data, Velocity is about the speed of processing data, Variety is about the capability of storing many types of data, and also Value is about the producing value or information based on the verification.
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The Importance of Big Data for Companies
Then, why is Big Data important and needed by companies? As we know, Big Data is capable of storing large amounts of various types of data. Data has been considered an important raw material for companies, especially because data is capable of producing important and valuable information for the company itself. The greater the amount of data owned, the company gets more and more accurate information. From this, the company or management can use it in the decision-making process.
Usually, to get maximum results from the information received as a result of Big Data, companies will utilize Big Data Analytics to make information analysis easier. Big Data Analytics itself is information mining process that is used to find patterns (such as customer behavior patterns) or trends (for example, market trends) based on the data obtained. Then, data can also be visualized in the form of graphs, numbers, or charts to make information easier to understand.
In advancing their business, companies, especially Top Level Management, must make important decisions that certainly cannot be taken blindly or without supporting arguments/evidence. In addition, nowadays, changes occur very quickly, both in terms of business operations and consumer interest. Big Data with the implementation of Big Data Analytics will help companies to make the right decisions.
For example, if a company wants to launch a new product, then the company will need various types of data as a guide. Then, there will be lots of questions that arise, for example how is the customer’s interest in this type of product, how much burden will the company incur in making or developing this new product, how is the quality of competing companies’ products, what price do they use or whether this product can last long on the market. These questions will be able to be answered by Big Data as a company decision-making assistant. Of course, it would take a very large amount of data with high quality to produce quality information as well.
If you want to determine customer interest, you can take it from Big Data in the form of sales data for various types of products and compare it with sales data for products that are similar to new products that will be launched. From the sales data, it can be seen how the level of interest in these products is compared to other types of products. The company can then determine whether to launch a new product or develop the product into something new.
In conclusion, in today’s technological era, companies cannot be separated from Big Data. In addition to simplifying the process of storing data, it also greatly facilitates the process of extracting data. Data that has been processed with Big Data Analytics will provide useful information for the Company which is then used as a guide for decision-making. The source and quality of data are also keys to providing the right information so that companies can make the right decisions.
Decision Making Process in the Company
Decision-making is the process of selecting an alternative to ensure the sustainability of the company. In this process, companies must consider internal and external factors that influence decision-making. Internal factors, for example, are the resources needed by the company to make good decisions, while external factors include environmental situations and conditions outside the company that will have an impact on decision-making.
How to make decisions logically and systematically by considering these two factors? Here are the stages:
- Making decisions: Before you start, you should make sure that the decisions you make are realistic, measurable, and implemented promptly.
- Gather information: You should start gathering information by doing primary and secondary research. For example, you can distribute questionnaires, conduct interviews, or collect external data related to your industry to support decision-making.
- Weigh all factors: Take time to weigh all the internal and external factors that influence decision-making based on the information gathered in the previous stage. To help you break down information related to decision-making, you can apply specific tools to specific situations:
- Cost-Benefit Analysis: involves an analysis of costs incurred and benefits obtained related to decision making. This analysis will help guide companies to choose decisions that provide maximum benefits and minimize costs.
- T-Chart: comparative analysis to weigh all external advantages and disadvantages regarding decision making.
- SWOT Analysis: analysis that considers the company’s strengths and weaknesses, as well as opportunities and threats that will be faced when making decisions.
- Carry out decision-making: You have to choose the best decision after weighing internal and external factors. The decisions taken must be following the company’s goals and help solve some of the challenges faced by the company. Next, take action on these decisions and make sure you also prepare a backup plan if a problem occurs.
- Evaluate each decision: Review all decisions to check whether the goals have been achieved. Also, consider what can be improved for future decision-making by gathering input from other members of your company.
That is the explanation from Joseph-harmon.com in sequence and detail starting from the explanation of the data and big data. After that, they also discussed the role of technology in making big data which in the end was used for consideration in making decisions that determine the development of the company. After that, you can also see the process to be able to make decisions sequentially within the company.
The importance of analysis concerning large amounts of data that have been collected collectively with various variables and data collection methods over the years will be very useful in determining the next steps when carrying out development maneuvers or preventive steps when there is a risk of problems that threaten the stability of the company.
A good company that can last a long time is a company that knows what needs to be done and forms a team of researchers and a team of strategy formulae supported by supporting facilities. Hopefully, the above reviews can be useful for you.
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