This paper looks at what is ‘big data’ and the important of Budnet in business players. With the availability of information in plenty, there is a need to have ways in which data information can be discovered. People are trying hard to get new knowledge from the information and the data they get access to. This is the new trend that is being seen with the use of enormous data sources.
What big data is
Big data is the collection of the organization data over a long period of time. This data is collected from different sources over time and stored in a centralized storage in the organization. Big data for instance is the information from purchase transactions, social media and videos, data from mobile devices. Big data can be used by an organization to make informed decisions. Organizations can extract information stored information and use it for its own advantage.
How Budnet works
Budnet is an online platform that enables many businesses to analyze data that enables them to make informed decision. Budnet is an online software platform which provides employees with an opportunity to increase business performance. This software platform enables employees deliver quality business reports, sale forecast, offer administrative tools to wholesalers. Budnet gives wholesalers to monitor orders, schedule returns and automate allowance payments. Employees do not need the information system or data analysts from the IT department to be able to create meaning presentations out of the data stored in the database.
Develop customer profiles
Budnet offers a platform where customer profile is created. Through the system employees are able to see customer information as they make orders. Customers of an organization can be profiled based on the information gathered in the system. There are different tools used to extract data from large amount data. Customers can be profiled according to the region or according to the mode of which they engage with the origination. In the sample data sales, the customers are profiled based on the regions. There are those from North America, Europe and other regions.
The organization is able to understand where their sales are coming from which region. Budnet also enables employees to look at the reasons why buyers buy given products. This information can be used to come up with targeted promotions based on the customer profile. The platform offers an opportunity to know which products are not doing well within given regions. This will give the top management a better opportunity to know how to address the problem. The key index performance KIPs is also important for the organization.
Identify new product opportunities
Budnet offers the operators to come up with new product opportunities. This can be accomplished by plant performance in given regions. The dashboard offers the company an opportunity to extract information and patterns that will enable the company to come up with new product opportunity.
Predictions and forecasts can be used to determine how products will sale in new regions. There is real time information from the field which can be used together with the information stored in the database to discover important patterns.
Improve business operations
Business operations are improved because Budnet offers users an opportunity to monitor business performance. This system enables the company to see the performance of each sales. The performance of the employees is also captured in the system.
This is the method where text are changed to numeric vectors. The whole process of discovering new knowledge is made possible with the use of machine language or data mining tools.
Analyze trends
In the current business set up, information is characterized by time sensitivity, short length and abundant of information. This means that an organization can make use of these characteristics to analyze the trends and make informed decision. Time sensitivity of the ‘big data’ is very important. Data mining tools can be used to extra meaning from different data based on the time they were created. Currently many organizations are including social media data in its analysis of the trends. The nature of social media data is time sensitive. The bloggers are also becoming an important source of information that enables the organization to make decisions. The information that comes from social media platforms like Facebook takes very short time. There is also the ability to comment other people’s comments in social media. Users of social media also get timely information which is real-time in nature. They are able to get informed about what is happening around the globe in a timely manner (Feldman & Sanger, 2007). With the large volumes of data, there is the possibility and the ability to recognize patterns. Text mining can be used to extra information and feedback of the customers. This is information can be used to generate trend lines of the business performance.
The trends of business sale or employee performance can be analyzed based on the previous performances. This can be used to predict the performance of the organization.
Conclusion
It can be concluded that there is a lot of information being generated each day. This information is stored in the organizational storage devices. However, making use of the stored data is what keeps a company ahead of its competitors. An organization can profile its customers based on stored information. There are many data mining tools such as query and reporting, dimensional analysis that are used to extract knowledge from information. Clustering of information and discovering important patterns using data mining tools. Business operations can also be improved because of Budnet tools that offers best business reporting tools.
Works Cited
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Asif, Zaheeruddin, and Munir Mandviwalla. "Integrating the supply chain with RFID: a technical and business analysis." Communications of the Association for Information Systems 15.24 (2005): 393-426.
