How Big Data is changing the business world. In less than a decade, Big Data has turned into a multi-billion-dollar industry. And it cannot be ignored how innovative technology and big data have transformed and will continue to transform the business world. These positive changes include:
- Improved business intelligence;
- Understanding, targeting and serving customers;
- The introduction of customer responsive products;
- Improvements in efficiency;
- Reduced costs.
Using data to increase your revenue
For CFOs, this bombardment of data may seem overwhelming. But with the right tools and resources the finance function can find meaning amid the noise. And because it is often the finance function that is tasked with capturing and analyzing data and sharing it throughout the financial enterprise, as a CFO you can increase your influence within the enterprise by working with big data and:
- Making data-driven decisions to better evaluate opportunities for cost reduction and revenue growth;
- Discovering new business opportunities, supporting the C-suite in strategic and investment decisions;
- Managing risk and regulatory concerns by leveraging data to support reporting demands, among other requirements;
- Enhancing productivity and efficiency companywide.
So, not only do successful businesses use big data to analyze consumer habits, they are also using data from their own employees to improve internal operations and company efficiency. IT departments for example, reigned supreme in former decades as the forefront of productivity and business growth. Now, businesses are developing separate data departments and appointing Chief Data Officers to handle the influx of big data. In turn, we see companies elevating data to a higher priority level. Below you’ll find some great examples of companies who manage to use their data to their benefit and help increase their revenue:
- DELTA: With over 130 million bags checked per year, Delta has a lot of tracking data about bags and became the first major airline to allow customers to track their bags from mobile devices. To date, the app has been downloaded over 11 million times and gives customers much greater peace of mind.
- GOOGLE: Working with the U.S. Centers for Disease Control, tracks when users are inputting search terms related to flu topics, to help predict which regions may experience outbreaks.
- NETFLIX: Having drawn in millions of users with its high-quality original programming, is now using its trove of data and analytics about international viewing habits to create and buy programming that it knows will be embraced by large, ready-made audiences.
- UBER: Is cutting the number of cars on the roads of London by a third through UberPool that caters to users who are interested in lowering their carbon footprint and fuel costs. Uber’s business is built on big data, with user data on both drivers and passengers fed into algorithms to find suitable and cost-effective matches and set fare rates.
Retrieving valuable insights in your data with Rydoo
If you want to help your business achieve more, then embracing big data is a must. And the use of technological tools, such as Rydoo’s T&E solution, has become a necessity when it comes to helping you access and analyze your data.
One of the companies who has adopted and implemented Rydoo’s software successfully is Lineas (formerly known as B Logistics), where innovation is at the core of this leading logistics and transportation provider. CFO of Lineas, Christine Darquenne, tells us how Rydoo has helped her with streamlining operations and boosting productivity by transforming the outdated expense reporting process: “It is quite an advantage for us in finance.” On top of saving their finance team’s time by reducing the margin for human error, another significant benefit is that Lineas can now access, monitor and analyze its financial data, real-time. Not only does this enable Lineas’ employees to work ‘better and faster’ which is in line with Lineas’ core values, it also frees up their schedule which helps them focus on innovation more. Christine adds: “Everything is visible. It is transparent. We have access to all the data for the entire company, for the department, for the manager and the user. We have full control. It is a huge benefit