Over the last couple of years, the amount of data that companies collect have immensely increased. This is because companies have various sources of data collection. Also, companies are concentrating on ensuring that they have adequate amounts of data in their systems. Companies have realized the great potential that data has in ensuring that their business processes have improved and their overall productivity. Thus, data has become one of the most crucial assets that companies have. However, managing big data is very challenging. This is because it needs sophisticated infrastructure for storing it and for extracting information from the data. Big data is not important if a company does not use it to make decisions. The major difference between successful companies and the ones that fall out of business is that successful companies are able to use their data to improve their processes properly. One of the technologies that form the stem of big data analytics is business intelligence. Walmart is among the 1000 fortune companies that have been able to integrate their big data analytics with business intelligence.
Walmart is the largest retailer worldwide. The estimated number of stores that Walmart owns is 20,000, and has been able to go global in over 28 countries worldwide. Considering that it is the largest retailer in the world, it collects a lot of data closely to 2.5 petabytes per hour. This data contains information about their customer behavior, customer preferences, locations, and various transactions during the day. In order to make sense of this data, Walmart implemented various technologies that would help to achieve that. One of the technologies is big data analytics. Walmart took the initiative of creating what they call Data Café where they carry out their big data analytics tasks. In order to make better use of big data analytics, Walmart went ahead and integrated business intelligence.
What they are doing right
One way Walmart is doing right is that they are using big data analytics and business intelligence to improve their supply chain processes. In any retail company, the supply chain is one of the most important business processes. By using big data analytics, Walmart can build simulations that can track the number of steps taken away from their store. With this, they can easily estimate the shortest possible route that their drivers should use in order to deliver products to their customers. This strategy also helps to ensure that they can track the number of times a certain product is touched before it reaches the customer. Therefore, this strategy helps Walmart to reduce transportation costs as well as assign drivers the correct routes at the right time.
Secondly, it has been able to personalize the shopping experience of their customers. The data that matters the most to Walmart executives is the customer data. This is because the customer data contains more information about their customers, and they can use it to understand their customers more. The customer data contains the preferences of their customers. Thus, they are able to understand what various customers need. In addition, Walmart is able to analyze the preference of its customers, which helps them to create a personalized shopping experience for their customers.
The third way Walmart is doing right with its big data analytics and business intelligence is that they can use the technologies to gain a competitive advantage in the market. The big data technologies that Walmart implemented allow it to combine large amounts of data with speed to analyze it quickly. Being able to analyze customer data quickly, Walmart is able to identify the needs of the customers. Thus, they can identify new opportunities and gaps in the market, which helps it have a competitive edge. The other thing that helps Walmart has an advantage in the market is that being the largest retailer can control prices in the market. This means that they can easily control customers. Customers are the biggest asset that any company can have.
What Walmart is doing wrong
One of Walmart’s mistakes in big data analytics and business intelligence is that they majorly rely on the insights of their analytics to make decisions. The major reasons why companies have implemented big data analytics and business intelligence is getting useful insights that will help them make decisions. However, decisions that the executives of an organization make should not rely on data entirely. This is where Walmart is making a mistake, relying on insights from data only to make decisions. Several factors have to be considered before making decisions. One of the factors is experience. Only human beings are able to know and relate well with the paste experiences of their business. In addition, not all experiences are captured as data. Thus, only humans can relate to that, which is a very important aspect of decision making.
Ways in which they can be successful.
One of the ways in which Walmart can be successful in the implementation and maintenance of big data analytics with business intelligence is by creating a big data analytics and business intelligence culture. Studies have shown that companies that have succeeded in implementing both big data analytics and business intelligence are that they have been able to create a culture that fully embraces the technologies. In addition, if the two are incorporated into an organization’s culture, employees are able to understand that these technologies have a great impact on the success of their organization.
The second way Walmart can be successful in implementing and maintaining big data analytics is by identifying datasets that highly affect decision making. In any company, there are those specific datasets that greatly impact the decisions that executives will make regarding the core business of their organization. It is also important for an organization to choose the analytical methods that best suit their data. Using the wrong analytical methods will not give appropriate insights. In any analytical tasks, the goal is to get useful insights that will help in making decisions.
To conclude, a lot of companies have integrated their big data analytics with business intelligence. This is due to their quest to get information from data. In addition, companies have realized the potential that data has in improving their productivity. One of the companies that have successfully integrated their big data analytics with business intelligence is Walmart. Whenever a company is introducing new technology, certain things will fall in place, and there are certain things that the company will not. However, the readiness of a company determines how successful the technologies will be in improving their processes.
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