Big data strategies could make companies ‘more competitive’

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Taking time to collate and organise big data could boost a company’s potential for competition and growth

From collating information to storing, processing and handling it efficiently, the modern world of virtual files can be particularly challenging for many companies as they try to cope with the ever growing reams of data that flow through the web.

But according to Waqas Hashemi, programme director of the Big Data Analytics 2012 event at whitehallmedia.co.uk/bda, there are plenty of opportunities for businesses to benefit from what is referred to as big data as they attempt to become more competitive and boost their prospects for growth.

"What businesses are trying to do and are hoping to get, is an edge on their competition by being able to use their data more intelligently and creating a more intelligent enterprise," said the expert.

"If you want to promote competition and growth in the sector, you need to know what your strengths and weaknesses are in your organisation. So, having a big data strategy in place will enable you to do that."

Whether it’s using computer-based records management systems to organise customer records or a document scanning service to electronically store files, there are plenty of ways that companies can take advantage of modern technology as they aim to reap the rewards of big data.

However, if they struggle to stay with the times and fall behind their competitors due to an inability to effectively coordinate the extensive volumes of information that they have obtained, the risk is that some firms will find themselves at a real disadvantage in terms of challenging more advanced rivals.

So given the opportunity to boost growth and improve a business’s competitive credentials, many managers may be more inclined to look at the most efficient ways to put the world of big data to appropriate use rather than rely on older working practices.

Whatever it is they choose, it is also vital that companies take time to ensure any information they store electronically is properly protected and not exposed to criminals.

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