“Even if the term “big data” is overused to encompass more about the digital world than it should, there is no denying its relevance to today’s enterprises.”
Big data has seen a massive growth in interest in recent times, as more and more companies are investing in various facets of this technology. While this year, businesses’ understanding and willingness to explore big data opportunities have matured from the previous years. Companies have been forced to re-examine their data management strategies to make the most of the vast troves of data – both structured and unstructured – at their disposal. This approach is necessary as it is clear that within these vast troves of data from connected digital devices are invaluable insights to drive marketing, pricing and other key business decisions.
According to Vineet Vashishta, Data Scientist, “There’s an elephant in the big data room; human/data systems interaction. We’re starting to study how people interact with data systems and how their behaviors change in the presence of all that data. We’re asking questions about the best way to present data. How do customers’ expectations change in the era of big data? What’s the future of work and how do we use data to maximize an employee’s value to the business? How do we use data to drive the “best decisions” in the enterprise and for individuals? It’s an exciting field and one you’ll be hearing a lot about this year.”
We are receiving some strong signals around a few trends and strategies w.r.t big data, here they are:
- The importance to digitize: the core of business data architecture today is digitization. Companies that have been seeking to go completely digital when it comes to their processes will be more motivated than ever to go after this goal.
- Focusing extensively on data solutions: Without the right contextual considerations of data analysis may result in flawed numbers or insights. Companies must rely on experienced analysts and workers to expose potential issues with resulting data.
- Visualization: Data visualization is gaining ground within enterprises that seek to broaden consumption of analytics and assist users with making insights relevant to their roles.
- ROI from analytics: Analytics platforms for marketing can help a company reduce strain on IT and improve ROI from its analytics tools because they don’t need to be pushed out through IT, and line-of-business workers and managers can begin working with information to improve ROI in every department, including marketing and sales.
- Scaling internal and external resources: Since data from these sources comes in variable formats – text, numerical, graphical – companies have to have a flexible and versatile framework to accommodate and process these. An effective data management strategy needs to blend internal data with those from external sources such as social media and syndicated channels
Data analytics is relevant for any company with a strong digital footprint and keen customer focus. Financial firms and banks can leverage it to tighten their risk management and fraud prevention measures, while utility companies can use their vast quantities of meter usage data to develop variable pricing plans, among other things.
In the B2C space, data analytics enables marketers to enhance brand perception and customer loyalty in a number of ways. It allows them to more clearly understand the attitudes, motivation and challenges of consumers in order to craft better shopping experiences for them.
Similarly, on the B2B front, data analytics is a means to improved customer retention. By segmenting their customer base, these businesses can develop distinct strategies for high value customers.
The possibilities are endless for enterprises seeking to transform themselves digitally and take charge of their data. At the outset, this is a process that involves investment in the right data infrastructure and technology as well as a partner who can provide the analytical capabilities and tools to cut across a multivariate data framework spanning internal systems, social media, mobile platforms and more. What do you think? Let us know your thoughts or share articles that you want us to publish at firstname.lastname@example.org
ABOUT AUTHOR: Lubhawna Soni is a Digital Marketing Expert with a total experience of more than 2 years. Working as an Online Community Manager with dotConverse and associate editor at HPC-Asia . Her responsibilities are to manage the social media and to create content for various clients.
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