Emphasis on Big Data for Business: Are we Up for the Challenge?

“With too little data, you won’t be able to make any conclusions that you trust. With loads of data you will find relationships that aren’t real… Big data isn’t about bits, it’s about talent”–Douglas Merrill

Introduction to Big Data

Big data is a collection of big data. Dumb right? But that’s the simplest definition there is. Big data combined with through predictive analytics, scoring, structured and unstructured figures will be able to predict the future. This benefits business, which is a fact.
Big data sifted, scanned, integrated and correlated will be able to put insights for the company and organizations about future business trends.

How Does Big Data Helps in Business Marketing

1. Focuses on consumers’ behavior measurable though analysis of buying, spending and search patterns as well as habits of consumers.
This analysis can create digital profiles for the company to consider on how to improve more the products and the service. This analytics further includes profiles on clicked links, webinars, visits as well as the time spent on the site. This data can give the company insights about consumer behaviors.

2. It helps in tracking down the three V’s which are volume, variety and velocity.
Analysis of the volume of leads as well as the volume of products bought and services asked will be recorded in big data to be analyzed side by side together with the variety. There is no limit to the volume.

Variety would include the variations, combinations and other factors that compose a profile of a certain consumer: preferences and the number of visits as well as all sources of data i.e. streams, logs, click, and social media. Varieties are subheadings for analysis. Velocity is the space of time or the speed that a behavior has happened. It is the frequency of all data that is being collected with which the system then will try to analyze and be passed on for meaningful description.

3. It helps in customized consumers profiling.
And it helps. From 1 I mentioned profiling. In here let’s have personalized profiling. Each company or business has its own set of goals, objectives as well as data stream. Having big data analytics, a company can know the specific type of consumers that frequent them. And I guess that says it all.

4. You track down your consumer sales as well as loses or detect and prevent financial problems.
And you will know the way it has been channeled to you or how they landed on your page. You will be updated of your loses or you can stop its possibility. You can get insights about products or things that aren’t working too well too.

5. Big data can give future insights about risks and improve not working pitches.
Analytics can do all that in your data. So with large portfolios, you will gain insight about possible risks that you will be taking. This way contingency measures are being prepared beforehand. And not working pitches can be remedied too.

Now that big data will go mainstream, are we up for the challenge?

Image Credit: Kevin