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Big data a must for key sectors – FNB

FNB head of business analytics Yudhvire Seetharam

FNB head of business analytics Yudhvire Seetharam

7th March 2016

By: Anine Kilian

Contributing Editor Online

  

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Global business challenges and developments are putting more pressure on key sectors that are sensitive to economic cycles.

Insight gathered from big data could help solve some of the biggest challenges facing businesses, FNB head of analytics Yudhvir Seetharam said in a statement on Monday, pointing out that South Africa should consider incorporating big data analytics into agricultural, financial services, healthcare, retail and franchising operations. 
 
The agriculture industry could use big data predominantly to increase operational efficiency. Faced with drought conditions, South Africa required the agriculture sector to improve what it had with the assistance of big data.
 
Seetharam noted that it was not complicated to implement a system that could inform large-scale farmers when their equipment needed repairs or fuel.
 
“Besides supply-side efficiency, farmers can use big data to forecast demand for their crops, yield on their crops, as well as potential land size and use of the land. This data will significantly help individual farmers when aggregated across geographical regions,” he added.

He further pointed out that financial institutions had a lot of data accessible to them through their customers.

“This can intelligently lead to better sales and service strategies, within the constraints of responsible use,” he noted.
 
Seetharam added that banks, insurance providers and asset managers could use analytics to increase their revenue, decrease costs and increase customer satisfaction and retention.
 
Meanwhile, with the emergence of day hospitals, Seetharam cited that the healthcare sector was looking at ways to increase accessibility and affordability while maintaining costs.

“Once again, big data can be used to determine the best geographic location to place these hospitals, along with insight into trends and potential solutions in medical research.”
 
He said the prediction of epidemics, assistance in finding a cure for diseases and an overall increase in the quality of living could be extracted using big data.
 
 When it came to retailers, he noted that consumers were attracted either to the brand of a retailer, the price of a product or the necessity of that product.

“Retailers can take advantage of big data to increase their branding in the minds of consumers with smart marketing strategies, along with the positioning of products within their stores,” he pointed out.
 
The surfacing of multinational franchises in the fast food and restaurants sector had intensified competition, putting local franchises under pressure.

Seetharam noted that franchises had been using big data analytics for some time and capitalised on the insights when expanding to emerging economies.
 
Many local franchises were already visible online and could easily use software to gather actionable insights.

He stated that big data could also be useful for franchises expanding into new locations, as they could find out where competitors were located, helping them to identify the best location for a new store. 
 
“Businesses that want to remain relevant and stay ahead of competitors should be using big data. It is no longer a matter of if, but rather when,” concluded Seetharam.   
 
 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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