Big Data and the Future of the Hourly Workforce
BIG DATA
AND THE FUTURE OF THE HOURLY WORKFORCE
Companies are pouring tens of billions of dollars into Big Data to find patterns they can use to predict the future.
How Big Data is Changing the way Operating Executives Manage their Hourly Workforce
T
Does Big Data Matter? hose who wonder whether Big Data is really as big of a deal as the press is making it out to be should take note of Target. To better understand how to market new products to their customers, analysts at the retailer studied years and years of customer purchase data. They were looking for patterns that would enable them to predict the future.
What they found was a way to spot a pregnancy in the first trimester, based on changes in a woman’s buying behavior. A key indicator is the switch to unscented lotion.1 It is amazing what can be found when you delve into data. The Center for Disease Control looks for what people search for on Google in order to spot outbreaks of diseases. People are using Twitter to accurately predict the opening box office revenue for movies. Political campaigns do house-by-house studies to determine where to target their messaging. Companies are pouring tens of billions of dollars into Big Data to find patterns they can use to predict the future. The reason for this is clear. The amount of money that can be made or saved through better data targeting is immense. Small changes on the margin, sales or productivity increases of just a few percent are worth tremendous amounts of money. And often, they’re as easy to find as looking at what kind of lotion a woman purchases.
1
“how companies learn your Secrets”, the new york times, February 16, 2012. http://www.nytimes.com/2012/02/19/magazine/ shopping-habits.html
B i g Data a n D t h e F u t u r e o F t h e h o u r ly Wo r k F o r c e
1
Reducing Overspend in the Hourly Workforce: Better Measures, Better Analytics, Huge Improvements
One area where the use of data analytics can be used to drive
AND THE FUTURE OF THE HOURLY WORKFORCE
Companies are pouring tens of billions of dollars into Big Data to find patterns they can use to predict the future.
How Big Data is Changing the way Operating Executives Manage their Hourly Workforce
T
Does Big Data Matter? hose who wonder whether Big Data is really as big of a deal as the press is making it out to be should take note of Target. To better understand how to market new products to their customers, analysts at the retailer studied years and years of customer purchase data. They were looking for patterns that would enable them to predict the future.
What they found was a way to spot a pregnancy in the first trimester, based on changes in a woman’s buying behavior. A key indicator is the switch to unscented lotion.1 It is amazing what can be found when you delve into data. The Center for Disease Control looks for what people search for on Google in order to spot outbreaks of diseases. People are using Twitter to accurately predict the opening box office revenue for movies. Political campaigns do house-by-house studies to determine where to target their messaging. Companies are pouring tens of billions of dollars into Big Data to find patterns they can use to predict the future. The reason for this is clear. The amount of money that can be made or saved through better data targeting is immense. Small changes on the margin, sales or productivity increases of just a few percent are worth tremendous amounts of money. And often, they’re as easy to find as looking at what kind of lotion a woman purchases.
1
“how companies learn your Secrets”, the new york times, February 16, 2012. http://www.nytimes.com/2012/02/19/magazine/ shopping-habits.html
B i g Data a n D t h e F u t u r e o F t h e h o u r ly Wo r k F o r c e
1
Reducing Overspend in the Hourly Workforce: Better Measures, Better Analytics, Huge Improvements
One area where the use of data analytics can be used to drive