Outsourcing refers to the contracting with another company for business purpose. It includes both international and domestic contracts. Sometimes outsourcing also refers to exchange or transfer of employee and assets between different firms. It helps the firms in reduction of cost and improvement in quality.
Today, retail is driven by data and technology. Big data is becoming really important to retailers. Retailers must adopt big data and digital skills to get succeed in a sector. According to a survey from “101Data”, 96% of retailers reported that big data was important to them and 48% of retailers reported that big data best fit with their marketing department.
Defining, articulating and representing business problems is a crucial initial step in any Big Data initiative. To deliver quick results from big data, it is good to have powerful and well organized analytic capability. And, if not? Nothing to worry. Reach out to a right big data partner who can deliver quick results – this could be a Proof Of Concept (POC). Once recognize the POC is successful and could generate business value – yes, go ahead to the next level.
Master Data Management (MDM) is a method to define and manage all critical data of an organization to one file i.e. master file to provide a single point of reference. To define and manage those critical data, MDM includes the processes, governance, policies, standards and tools. The benefits of MDM increases by increasing number of department, resources and related data. So, Master data is a subset of Big data and while analysis MDM provide a starting point. Applying MDM gives many benefits while leveraging Big Data.
Today, massive amount of data is uploaded in web-world creating huge new and exhilarating business opportunities to small and medium size companies. However, collecting all of the required data is only one part of the storyline. Mining and converting these data into actionable is where real business value lies. The overall goal of web data mining process is extract information from various web sources and transform it into an understandable structure for further processing. The task of Data mining is to mine or analyse a large quantity of data using automatic, semi-automatic or manual ways.
Data monetization means generating more and more profit from Big Data. Today, every business owner is trying to focus on Big Data to get values from it. These values help them out to make business strategies and increase ROI. By the analysis of the data, organizations come to know more about their customers, vendors, and their behaviour, pattern, etc. This information helps them to make their strategy according to the needs and demands of the customer – effectively serve the entire stakeholders better.
Anything and everything we do in this connected digital world – be it online shopping, Facebook liking, responding to social events, adding new friends in social media, blogging, tweeting, sharing product review, etc. leave a trace of data about us as consumers. Extracting the huge volume of data, identify business value from the data and use them for decision making is all about the intent of Big data analytics.
We wanted to make our world a better place to live – always. It is big data – one among, that is changing the way the world is today – business runs and social delivery. Effectively, it helps to improve social well-being.