Bullhorn Live 2014: The Value of Big Data
With the staffing and recruiting industry raving about Big Data being the new currency of the digital world, JP Isson’s presentation highlighted the “sexiness” of Big Data. He defines Big Data with the four Vs: Volume, Variety, Velocity, and Value. By 2020, data production will be 44 times greater than in 2009! This translates to massive volume and velocity. The real importance of this data, though, lies in its value. With increased processing power, companies now have the ability to convert their vast amounts of data into actionable intelligence. This actionable intelligence is what leads to increased sales for your company!
JP explained that identification of the business challenge was the primary solution for companies struggling to understand Big Data’s value. He concluded that you can’t find a solution until you know the problem. Because there is so much data out there, it is easy to get bogged down in granularity. By identifying your company’s specific business challenge, you can more easily identify the data that will help you solve this problem and stay on track.
This session really allowed attendees to learn how to apply advanced business analytics to the staffing and recruiting industry. By pinpointing data’s reduced cost of storage, explaining the surge in data volume through Internet-active devices, and recognizing the ability of solutions, like Bullhorn, to process and manage data more efficiently, JP Isson emphasized utilization of Big Data as a competitive advantage for businesses in the staffing and recruiting industry.
This Bullhorn Blog post was written by Samantha McPhall.