The significance of big data analysis in exceptional and unpredictable market situations

The significance of big data analysis in exceptional and unpredictable market situations

2 min read Jan 28, 2020

Company owners and managers pursue business objectives of an economic nature. These goals, which can be short term, medium term or long term, are guided by a company’s vision, mission statement and corporate culture. To survive on the market for any length of time, however, forward-looking targets are dependent on the successful maximising of profits using revenue generated.

Businesses of today make use of sector-specific methods, technologies, tools and data to develop strategies and take decisions. Thanks to modern and professional analysis and reporting solutions, managers and business leaders are ideally equipped to oversee their operational business on the basis of data and meet performance targets.

Typical areas of application for business intelligence, business process analytics and data analytics would be finance, accounting, production, sales, purchasing and logistics. Corporate areas with improvement potential and systemic weak points are highlighted and appropriate measures are enacted to counter these effectively and efficiently.

That said, years of development was required to adapt the analytics solutions deployed to company-specific requirements, circumstances and processes. In exceptional market situations that unexpectedly challenge social and economic structures and mechanisms, the existing technical options for analysis prove insufficient and inflexible.

By means of unstructured data storage devices and decoupled processing, fully flexible and high performance ad-hoc analyses can be adapted to current challenges accordingly. Moreover, the existing data basis can be simply and directly augmented with external open-source data. This directly expands the spectrum of information, enabling decision-makers to respond proactively and with agility to forthcoming challenges.

In future, such state-of-the-art data architecture will underpin data-based business processes as outlined above in the form of modern data warehousing, even in market situations that are not exceptional and unpredictable.

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