New applications of big data are emerging in the corporate world.
In the corporate world, the hiring process can be quite a mission when reviewing resumes and applications for hundreds or thousands of candidates. Big data becomes useful in the human resources department as it allows companies to implement surveys or online assessments to better screen those who are best suited for the position. These assessments allow recruiters to be able to measure and compare candidates, rather than relying only on their own instinct and judgment. Areas such as product development can thrive through the use of big data. For example, companies can enhance certain products or build on preexisting features through utilizing big data to find out what consumers may or may not have liked about preexisting products or services.
The operations of an organization can be improved and adjusted where necessary based on the big data that is compiled and analyzed. For example, I worked in an environmental lab and we had to compile our own way to track the way results were reported and how our clients prefer to receive these reports. The traditional system we used, called “Star LIMS”, was the more common format used until the development of a newer system called “Element”. After implementing the Element report formats for newer clients, we began to offer this same format for preexisting clientele on a trial basis and left them with option of deciding how they preferred their reports to be handled.
After some time, it was recognized and determined that many clients preferred the newer format over the old and we shifted to use Element for over 90% of our analysis result reports, while only 10% of clients prefer the old/traditional way. This left the company with the decision of abolishing the old Star LIMS format, as they considered using Element as the only report format in order to maintain consistency as opposed to going back and forth between clients and varying formats.
Big data also impacts the marketing strategies of an organization, which is one of the most crucial (in your opinion) in regards to customer acquisition and satisfaction. For example, the modern day use of big data allows big brands like Lays to market new potato chip flavors to certain audiences before its big release to figure out which flavors should be kept or dropped. By offering sample packs of newer flavors and conducting surveys to determine consumer preferences, Lays was able to determine then identify which flavors would be successful before mass production ensued. In retrospect, this allowed Lays to save money by avoiding putting out/mass producing a product that the majority of consumers would not like as opposed the more accepted flavors, like their Garlic Bread flavored potato chips.