Data is The New World Currency. Have You Encashed Yours?

Rapid growth in internet connectivity and the number of connected devices has led to data explosion in recent years. More than 4 billion people use the internet across the world as of June 2019, which means that about 51% of the world’s population is online. The amount of connected devices globally stands at 26.6 billion in 2019, and is projected to grow to 75.44 billion by 2025.

We share huge amounts of data each day, on various platforms, right from ticket booking apps to social media platforms. Search engine giant Google alone processes 40K searches each second, as of 2019. This humungous amount of data produced each day is commonly referred to as “Big Data.” If used effectively, it can offer multiple benefits for businesses.

Unravelling the Multi-Faceted Big Data

In 1999, researchers at UC Berkeley had estimated that the world had produced about 1.5 billion gigabytes of information that year. When the study was repeated in 2003, the figure had increased almost three-fold! By 2001, industry analysts had already coined the 3Vs – volume, variety and velocity – as the key challenges in data management, which companies worldwide have been facing since then.

It is estimated that by 2025, we will be producing 463 exabytes of data worldwide each day. But what is the purpose of such data, if companies cannot structure and analyze it to their advantage?

The fact is that if enterprises are able to leverage user data properly, it can deliver them key insights into customer patterns, correlations, cause-effect relationships and much more. Various organizational roadblocks can be taken care of in real-time, which would take days for traditional business intelligence services to solve. It can help in better decision making and improved operational efficiencies. Proper understanding of customer behavior can lead to better pricing strategies, innovative marketing campaigns and endless other possibilities, including cost reduction and employee satisfaction.

Challenges Faced by Companies in Managing Data

It is true that companies have access to vast amounts of data, not only from emails and social media, but also from suppliers, buyers, retail partners and many more. But, they struggle to structure all this data, in order to gain credible information from it.

According to a recent survey, approximately 20% of businesses have reported losing customers due to non-availability of accurate data about them, 17% businesses have reported offering credit based on improper information and 22% have confessed to making inaccurate financial forecasts. These are all significant risks for a company’s bottom line.

Some of the complex data-related challenges faced by companies can be summed up as:

  • Volume: High volume of data that is overwhelming for employees to analyze without proper training, storage and analytical tools.
  • Velocity: The sheer speed at which data is produced makes it difficult to gather useful insights from it.
  • Variety: Synchronizing data from multiple platforms and systems, so that it can be efficiently analyzed is a herculean task.

The Veris Solution

Taking into account the various challenges faced by companies in dealing with huge amounts of data, Veris has designed in-built data analytics into its smart visitor management software. Data gathered from different systems that are synced or integrated with the visitor management system is brought together on to a single dashboard.

What is even better is that companies can receive regular, automated reports, based on this data. The reports can be customized according to various parameters and data filters, based on who receives the reports and for what purpose. The result is real-time insights, informed decision making and an overall improvement in productivity and operational efficiency.

Here’s a look at some examples of how the Veris visitor check-in solution can help enterprises through data analytics.

Companies with High Visitor Flow

Large enterprises or multi-tenant buildings that see massive footfall every day need to provide quick and seamless visitor check-ins, while ensuring the highest levels of security. The Veris system does all this and more. It helps companies capture valuable, verified visitor data to generate customized reports. Analytics can help companies see patterns in visitor flow, such as peak and lean periods through the day or week, and plan their personnel allocation to the reception area accordingly.

Tackling Security Issues

With custom analytics and reports sent to security and admin teams, each and every individual on the premises can be easily tracked. A real-time dashboard helps security personnel keep track who is entering, leaving or overstaying their permitted time. Plus, the real-time data can help in emergency evacuation procedures, by allowing the creation of firelists for emergency responders. The system can also generate blacklists, so that unwanted persons can be barred from entering the premises in future.

Data analytics is indeed a boon for companies, but not all forms of data are as valuable for decision making. This is why it is important to be able to select the specific parameters, based on who the recipient of the report is, such as the admin, security, front desk executives or the HR department. The reports are available in Microsoft Excel/CSV format, automatically delivered to the concerned person via email.

Businesses are already using key analytics to recognize opportunities for cost reduction, resource optimization, growth and expansion. Can you afford not to put the data that gets generated each day at your organization to good use?

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