Impact of Big Data on Process Optimization
Recent advances is the technology to gather, transmit and analyze huge amount of data, referred to as Big Data, in real time has impacted the way business is conducted across domains. Big data promises to disrupt the competitive landscape and is deeply impacting various functions within an organization. This article explores the impact of ‘Big data’ on the process optimization discipline. Internet of Things The 21 st century concept of “Internet of Things” promises to connect the big data with the processes. As per a recent McKinsey & Co report, Internet of things can have an impact of $2.7 to $ 6.2 trillion by 2025. This presents a huge revenue potential for organizations involved in optimizing processes based on the big data. Onset of big data Advances in social media, sensors etc., has made it possible to continuously gather information about people, machines, processes and to transmit the information in real time. It’s astonishing to note that 90% of all the da...