Step 3 of the KIROI strategy: practical examples of "big data and smart data"

The third step of the KIROI strategy focuses on the utilisation of big data and the transformation of this data into smart data. While big data is already recognised as a valuable resource, the real challenge lies in effectively analysing and using this data to create business value. Smart data refers to the targeted use and analysis of data that enables companies to make informed decisions and optimise processes.

What are big data and smart data?

• Big Data: Refers to large amounts of data that are collected through the use of modern technologies. This data comes from various sources such as social media, transaction data, sensors and devices. The challenge with big data is to filter out the relevant information from a huge amount of unstructured data.
• Smart Data: Refers to the targeted use and analysis of data geared towards specific business objectives. Smart data is of higher quality and enables companies to make data-driven decisions. By transforming big data into smart data, companies can gain relevant patterns and insights.

Why is the transformation of big data into smart data important?

The transformation of big data into smart data is crucial for the competitiveness of companies. Here are some of the benefits:

• Efficient decision-making: Smart data offers companies the opportunity to make well-founded decisions based on precise data analyses.
• Optimisation of business processes: By identifying patterns and trends, companies can design and optimise their processes more efficiently.
• Personalisation: Smart data makes it possible to tailor products and services specifically to the needs and preferences of customers.
• Risk management: Companies can better assess risks and respond proactively by using forecasts based on smart data.

Practical examples from various industries

Mechanical engineering and KIROI

In mechanical engineering, ABC Manufacturing (name changed due to NDA contracts) used big data to improve the efficiency of its production processes. By implementing sensors in the machines, they were able to collect large amounts of operational data. This data was converted into smart data to recognise patterns in machine performance. Analysing this data led to a reduction in downtime of 20 % and an increase in production speed of 15 %.

Financial services and KIROI

The financial company ABC Finance (name changed due to NDA contracts) has taken on the challenge of transforming big data into smart data in order to prevent fraud. By analysing transaction data and detecting unusual patterns, the company was able to identify and prevent fraudulent activity at an early stage. Turning big data into smart data has helped reduce fraud by 30 % and increased customer confidence.

Retail and KIROI

ABC Retail (name changed due to NDA contracts) uses big data to personalise the shopping experience. By analysing customer behaviour and purchase histories, they can generate smart data to make personalised product recommendations. This has led to a 25 % increase in customer satisfaction and an increase in sales through targeted marketing campaigns.

Healthcare and KIROI

In the healthcare sector, ABC Health Solutions (name changed due to NDA contracts) used big data to optimise patient care. By analysing patient data and medical reports, they were able to generate smart data to develop personalised treatment plans. Turning big data into smart data has led to a 15 % improvement in patient outcomes and a reduction in treatment costs.

How can companies transform big data into smart data?

1. Data integration: Collect and integrate data from different sources to get a complete picture.
2. Data analysis tools: Use modern analysis tools to recognise patterns and trends in the data. Tools such as machine learning and artificial intelligence can be helpful here.
3. Improve data quality: Ensure that the data collected is of high quality to enable precise analyses.
4. Targeted analysis: Focus on analysing data that is relevant to achieving specific business goals.
5. Real-time analyses: Use real-time data analyses to react quickly to changes in the market.

Challenges and solutions

Challenge: data overload

Many companies face the challenge of being overwhelmed by the amount of data, which makes it difficult to analyse.

KIROI solution: Rely on specialised tools and techniques to filter data and focus on relevant information that brings the most business value.

Challenge: data protection and security

Handling large volumes of data harbours risks in terms of data protection and data security.

KIROI solution: Implement strict data protection policies and utilise encryption technologies to ensure that data is handled securely and in accordance with legal requirements.

KIROI takes you further

Transforming big data into smart data is an essential step towards maximising business potential. By analysing and using data in a targeted manner, companies can make informed decisions, promote innovation and remain competitive. The successful implementation of smart data requires a strategic approach and the use of modern analytical tools to achieve the desired results.

Simply take contact me now without obligation - and we will arrange a free initial consultation to get to know your needs and then develop a customised strategy for you and your team.