Big Data In Intercompany Competition

The new buzzword in the business world today is big data. Everyone is trying to figure out what big data is, how big is it, how it is processed and how it is collected. In essence, there is an effort to understand this important concept and turn it into an advantage. In this competitive economy, we are in, each and every development is already used to increase profits and to strengthen the hands of companies in competition. Keeping that in mind, how can big data be used in intercompany competition? How can it be an advantage for companies to understand and manipulate large data? These are the questions that we are seeking an answer for.

Three Keys of Big Data

intercompany big data

Big data gives companies three different keys. With these three keys, which doors to open, and where these doors will go depends on how companies use big data. First, companies need to get to know these keys and then it can be used in the advantage of them in the inter-company competition.

Key 1: Volume

The first of the three most important features of big data is volume. As the name suggests, the big data is quite big. We are talking about a large volume of data collected from different sources. Many different interactions, such as business relationships, social media, and inter-machine communication, leave traces of data behind; and the data is the data set that os collected from these different sources and merged together. In short, the volume of big data available to any company will vary according to the field of activity.

Key 2: Velocity

Velocity is a word that describes all kinds of interactions in today’s world. The world is changing so quickly that all companies have to work to keep up with it, regardless of their size. These rapid exchanges in each area lead to big data growth. As the velocity increases in different areas, the growth rate of big data is increasing. Therefore, companies that want to turn big data into an advantage should have a quick response.

 

3. Key: Variety

In fact, this is the case when we talk about the first two keys. Big data is a data group fed from a variety of sources. Each movement of each unit of a company or communication between each part of an industry feeds into the big data. Those who want to turn big data into an advantage in the inter-company competition should be able to make sense of this diversity.

What are the Advantages of Big Data for Companies?

intercompany big data

There are many advantages to deriving meanings from big data in inter-company competition. Knowing the big data and using it well means that you can benefit from these advantages.
– Cost Analysis: Consider that all transactions of a company are kept in a big data pool. Which data group do you prefer to look at first? Many people will be the first to wonder, and will first touch to optimize the cost analysis. We can see a company’s profit and loss analysis without big data. But big data gives us more than that. Operating expenses lost in details, unexpected results during production, periods of increase and decrease of costs over time… Each of them may be analyzed through big data.
– Time Management: It is time as important as money for a company, maybe even more important, Sometimes a number of problems cannot be avoided over time, no matter how well an operation is planned. In such cases, in order to manage the time in the best way, big data can be used. Because big data will reveal time spending in all areas where a company operates, it will bring many advantages to that company.
– Product Development: Research and development activities are the most important features of the companies that pave the way for competition. Therefore, it is very important to use the data in the field of product development. New products can be developed through big data and industry trends and customer trends. Predicting the market performance of these products will also be possible with the insights from big data.
– The image of the company: Big data became popular the first and most prominent in the field of social media. Because every expression we left on the photos and each commentary, when we scroll down without thinking in our home page, were preparing a big data beyond the estimates. Based on this, it is possible to talk about another area where companies can turn big data into a competitive advantage. Since a company’s online image affects many areas from brand reliability to marketing, it is important to analyze the data in this area well and take advantage of it in the competition.



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