As per the International Data Corporation, the big data market is going to be worth $46.34 billion this year. Also, within India, the share of this pie is likely to be valued at $16–18 billion by 2025. As the volume of data increases, the demand for big data analytics is increasing too. Offering data-driven solutions can help you boost your engineering business, whereas using big data can help you improve your business if you are a mechanical engineering firm, for example. By leveraging big data, you can distinguish your firm from other businesses too. Take a look at 3 ways in which it can help your business.
Gives you the opportunity to earn more
It is worth your while to consider diversifying your engineering firm to provide big data analytics support. Today, most companies rely on big data analytics to set their business apart, including e-commerce shopping websites and healthcare providers. Diversifying your business with big data will boost your chances of acquiring more clients in industries like banking, security, communication, media, advertising, healthcare and e-commerce. This will also lead to higher revenue for your firm.
You can either set up a big data practice in your operations by hiring new big data analysts or data engineers or train your best employees in big data analytics by signing them up for a course. Use funds from an Engineer Loan from Bajaj Finserv to facilitate this. This loan offers you up to Rs.15 lakh at a nominal rate of interest, with a flexible tenor. So, whether it is a Hadoop training course or a crash course in Java and UNIX, you can build a strong foundation with this loan.
It improves the quality of your services
As an engineering firm using data analytics, you can use the technology and wealth of information to ascertain how efficient your hardware and equipment is, understand flaws in machinery and make necessary changes and upgrades, identify breakdown patterns and also store machine behaviour patterns and use it to predict its lifespan. As a result, you can streamline your business’ processes, make changes where necessary, and use information from big data to automate processes, boost efficiencies and save on working capital.
Apart from providing big data analytics to other organisations, you can also use it to improve the quality of your engineering firm. As an IT engineering firm, for example, your enterprise can use data analytics when creating a library book management software. Data analytics can be used to find out how many people still use libraries and what it is that they seek from library software. Your company can then customise the software to meet the intricate requirements of the users to generate the highest level of satisfaction.
Helps you cater to a range of needs
The beauty of big data analytics is that not only is it used by various industries, it also helps you cater to a range of needs. You can provide data mining solutions, information to drive marketing exercises, talent acquisition, data aggregation, evaluating customer needs and providing cloud data security solutions.
For example, a survey from the Thales Group reveals that 70% of India’s organisations transfer sensitive data to the cloud, both encrypted and unencrypted. This rate is higher than that of any other country in the survey, and exceeds the global average by almost 20%. But more importantly, the study found that 95% Indian companies valued scalability of encryption solutions, which is a staggering number, especially when compared to the global average of 29%. This further shows that companies have only managed to scratch the surface of big data analytics and there is a lot more territory for you to charter.
So, make the most of big data to bolster your engineering firm. From using big data solutions in your firm to offering enhanced IT services to clients, specialising in big data is sure to be a profitable move.
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