Deriving all the Gain and None of the Pain from Big Data
Big data means big opportunities for customer insights and strategic decision making. But is can also spell big problems if you are not ready for it.
Most people have heard about all the benefits big data can bring to their business. More detailed information about customer behaviour means the ability to create a targeted digital marketing campaign that will derive an improved return on investment. The insights from all that data will also guide your product and service development strategy, allowing you to anticipate the needs of your customers before they even know themselves, and to drive your business to success and glory.
All that sounds absolutely wonderful, but the truth is not always quite so rosy. In reality, the majority of companies already have more data than they know what to do with, never mind the additional information that will become available over the coming months and years, as big data continues to get bigger.
How this data is received, processed and managed is fundamental to whether your company benefits or flounders in the face of big data, which is where professional database services can have such an impact on success. Are you ready to face the challenges of big data?
The rise of big data
Every mouse click, web search, social media like, retweet or app download creates its very own data stream, and each of those data streams can provide valuable information to marketers and business leaders, if they know what to do with it.
Simultaneously, we have seen a rise in the technology to make better and deeper insights on the basis of this data, through the emerging technology in data analytics and machine learning.
These two factors come together to create one of the biggest opportunities the business world has ever seen for those who are ready to take advantage of it – and one of the biggest risks for those who are slow off the mark.
A fit for purpose database
If you are struggling to handle the data that is out there now, you will be in an even worse position in the coming years. Data analytics experts predict an increase in data production of an astonishing 4,300 percent by 2020.
Having the right tool in place to manage your data is the first step towards deriving all the benefits that the big data age can bring. Many organisations have diverse data sets residing in different places, with functions such as finance, marketing and operations all having their own systems. This puts them on the back foot from the word go, with inefficiencies and duplication hindering growth.
A single customer view brings all your customer data into one place, and is the first step towards organising what you have, deriving the best insights and being prepared for what is to come.
If data is all held on one place, it reduces inefficiencies, as there is no need for people to search on multiple systems for a piece of information. It also means that your data is cleaner and leaner, with everything is in the same format, improving the effectiveness of your marketing insights.
But most fundamentally for the matter at hand, it means you are prepared to actually make use of big data, by having a system at your disposal that can handle it and provide you with those all important insights to drive your business forward and improve your bottom line.