When you’re growing your business, you’ll need data to lead you in the right direction. Companies who don’t immediately see the importance of Big Data often lead to misusing resources, spending too much time and money on one or a few business improvements and ignoring other key innovations, and slowing down overall business operations, leaving your competitors to get ahead of you.
Your business might be experiencing these situations. But it’s time to innovate and embrace Big Data. One energy company took the step forward to use electrical data to grow their business and continue to satisfy their customers.
Electricity as Big Data
An energy manufacturer based in New York, USA offers electric and thermal energy solutions to the healthcare, hospitality, and educational industries throughout the United States. In order to maintain the quality service to their consumers, they rely on data to ensure that each facility can generate enough electricity to sustain their respective businesses.
But this isn’t ordinary data. They study electrical data and fault analyses to ensure their clients receive electricity and are properly billed for their consumption. With both company growth and the consumer in mind, the company decided to create a partnership with Infinit-O and built a team of research analysts and monitoring specialists for data tracking tasks.
The partnership yielded excellent results. Year on year, the highly-trained team maintains 98% service efficiency and quality accuracy, while resolving issues 90% of the time. They are able to capture one hour’s worth of interval data to create an annual analysis of a customer’s kilowatt usage, while also interpreting monthly downtime and analyzing real-time data for accurate billing. The team also creates a summary of all consumer usage, both produced and consumed, for electric, thermal, and gas energy types.
With the team interpreting the numbers at the back end, engineers and operators help their prospective customers use their power generation solutions and maintain successful relationships with current customers. This then helps the company grow and innovate as their market starts to evolve.
Big Data worked for them in the end, but will it for you? Here are 5 reasons why you need to embrace Big Data today.
1. Helps in Cost Reduction
If you want to reduce costs efficiently, use Big Data to help you. These valuable insights can identify possibilities where your company is needlessly spending money. For instance, the energy company employs billing data analysis to ensure that they are not over or undercharging their services to their customers.
2. Enables Leaders to Speed Up Decision-Making
Businesses can analyze information immediately with Big Data. Analytics software is available to all kinds of company sizes and helps leaders understand trends and make the right decisions for their company.
3. Develop a Deeper Understanding of Consumers
Big Data is important when it comes to understanding your market, simply because each data gathered helps you move with them in the way they prefer. When in traditional marketing strategies, customers were segmented into age, gender, and location, Big Data now allows companies to study more factors, such as income, behavioral traits, and brand loyalty. This impacts a company’s product development strategy.
4. Inspires Product Innovation
With Big Data, it is possible to supply what customers demand and consequentially grow your business. From simple online feedback to observing your market’s behavior on a certain event, you can create products or improve your current product line to match their needs. For example, the energy company knows that many of its customers are moving towards eco-friendly solutions in their operations, so they offer solar energy as one of their services for these types of companies.
5. Increases Sales & Revenue
According to a Forbes Insights/Cisco research in 2018, companies with analytics strategies see revenue growth greater than 7%, as compared to those who still do not employ Big Data. This only proves that data is an integral part of businesses now, and will continue to be an important sales driver.
Outsource Data Specialists, Make Sense of Big Data
Making sense of all the data can be difficult, and without experts to turn raw data into valuable and actionable insights, these numbers may not help you at all. Part of embracing Big Data is also teaming up with a research, data, and back office solutions partner that can help you build a team of research and data experts who can capture data and interpret it to help your business grow. The energy company made a good decision of seeking a partner. Through Big Data, they can improve all their strategies to ensure their customers that they will never be in the dark.
Infinit-O is a trusted research, data, and back office solutions partner that can help you build and operate a dedicated team of research professionals of every level including data scientists designed specifically for your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent talent who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your company and client data are safe with us.