Big Data analysis can help business to increase profit by 20% per year

2017-10-31 10:53:58

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As Anatoli Colicev, the professor of the Graduate School of Business of Nazarbayev University, is sure, Kazakhstan has accumulated enough volume of the Big Data to become a real tool for business development.

The “Big Data” term means huge volumes of text, digital, audio and video information that are somehow accumulated by the company. This includes information on citizens from the state bodies, banking reports, analysts of local and foreign experts, and even profiles of Kazakhstanis in social media.  Due to the analysis of these Data, it is possible to predict behavior of the whole groups of people, their preferences and habits.

Implementation of the Big Data analysis will be especially effective in such areas as retail, oil and gas, public sector, healthcare, banks, telecommunications, audit, education, finance, energy, aviation, manufacturing, metallurgy, insurance.

– If we talk about the retail area, then on the basis of an analysis of some customer habits, you can identify key products, a discount for which or their competent location on the shelf of the store will help increase sales in general. In the banking sector, the Big Data will help predict how big the probability is that a client will repay loan payments on time, and so on. How is it done? A person comes to the bank and when filling out an application indicates his wealth, marital status … The system is based on, say, thousands of credit histories, similar to the history of a potential client, determines how this person will fulfill his obligations. Operating with this information, the bank can reduce or increase the loan interest, make some other decisions, – Anatoli Colicev, the professor of the Graduate School of Business of Nazarbayev University, explained.

In the industry, the Big Data, including numerous reports on the equipment status at a particular enterprise, reports at similar facilities from all over the world, can become a reliable source of forecasting. And, as Anatoli Colicev points out, based on these forecasts it is possible to prevent both minor and major accidents.

The expert stated that Kazakhstan has accumulated a big volume of the Big Data. The issue is only in their structuring and competent application. And this is a basic trick: according to the data of Anatoli Colicev, in 90% of cases the Big Data are used inefficiently. First of all, this is due to the lack of specialists of relevant qualifications.  But, as the expert noted, there are already such pros in Kazakhstan. And they cost several times cheaper than their counterparts from the USA or Europe

– The company costs for implementing the Big Data analysis technology first of all depend on what it already has. If the company has a good computer and the analyst who learned the Big Data work technology, the costs are minimal and equal only to the purchase of the necessary software. But, at the same time, as I can argue, the cost of the Big Data analyst services in Kazakhstan is lower than, for example, in the USA. This means that the costs will be lower, – Anatoli Colicev said.  

Anatoli Colicev received his Ph.D. in Decision Sciences from the ESSEC Business School and also holds Masters Degrees in Advanced Business Research (ESSEC Business School) and Economic Sciences (University of Cagliari). Anatoli’s research interests lie in the area of marketing-finance interface, social media marketing, Big Data analytics and supply chain management. The professor is now working with the US companies, helping them to optimize their marketing expenses, improve data analytics and create modern monitoring tools, and participating in scientific and practical projects with YouGov Group (Silicon Valley) and Metro Group AG.

According to the world statistics, in the first year of implementing the relevant analytics, the company’s profit increases by an average of 20%. There are firms to which Big Data analysis provides double or triple growth.

For everyone who wants to know more about what the Big Data is and how to learn to effectively apply it in business, Anatoli Colicev will conduct the “Big Data Demystification” training at the Graduate School of Business of the NU on November 3-4.

The participants in the training will learn how to work with the Big Data and understand how to use it to take effective decisions. During the training Anatoli will tell you how to collect and structure the data, and how to prepare the company for its use. You will understand what advantages your company can receive from the correct processing of the Big Data. It is interesting that, often, to work with the Big Data, you do not need to purchase and install special software – you can do it in the Excel software installed on almost each computer. At the training, Anatoli will give you templates for working with data in this program.

After the training, the participants will be able to answer a whole series of challenging questions, for example, how to estimate the company value on the basis of social media data, how to measure the impact of brand recognition on sales, how to personalize products and shares for customers, or how to automatically process reports, even if they come in text format? As of today, this is the first specialized program for practical work with the Big Data in Kazakhstan.

Registration for the training is available through the link.

Consultations by phones: +7 (7172) 70 91 83, +7 (7172) 69 45 74, +7 (7172) 70 93 43

Full article is available on forbes.kz