Big Data Transforms Business
The Challenges of Big data are big. Its Opportunities are bigger. Discover the meaning of Big Data and what this technology shift can mean for your business.
Expands Customer Intelligence:
For an Enterprise of hundreds to millions of customers, Recognition of customer does not always happen. That is changing now. Every Enterprise is using Big Data to identify the most Valuable Customers today. All this is done without penalizing customers who are not a frequent renters.
Big Data examines a wide range of sources which includes structured information like CRM(Customer Relationship Management) Data, Purchase histories, intelligence from industry partners. Big data also examines unstructured information like Social Media.
Big Data analytics also brings a unstructured data into a fold. The data gathered form Social Media, Blogs, Feeds and other various sources. Sorting through these types of unstructured data would have helped many enterprises answer a big picture that companies struggling form decades.
Expanding Customer Intelligence is only one trend. As technology grows, Using big data will accelerate three other trends.
Improves Operational Efficiencies:
Big Data helps Companies to drive more Operational Efficiencies from existing Investments.
A feedback loop is created by data generated in the field, and it is growing at a pace that’s hard to comprehend.
Big Data is moving from a kingdom of data scientists to everyday business transactions and encounters. Analytics-infused CRM systems can can review multiple data sources in real time to suggest offers to a representative can give to a customer. At a medical source analytics integrated into a health maintenance app improves outcomes by giving physician with suggestions and steps to consider in treating a patient.
Insurance Companies with a huge data will be benefited on introduction of big data. Analytics will help them to claims processing to reduce costs and spot frauds by using analytics-backed solutions that can determine whether it can be processed automatically or should be flagged for review.
Big Data + Mobile means:
Mobility will accentuate the impact of big data on both Customer Intelligence and operational efficiencies.by making everything immediately actionable. You will be able to implement new business processes that will change how business is done just by adding immediate decision making capability an intelligence on your mobile phone.
Adding mobility to Big Data means enabling employees in real time insights, where and when they need them. Mobility enables real time data collection from the field, By adding proof of Knowledge that will drive insights from other part of system.
Let us Consider an Example of a delivery company with trucks can anticipate traffic conditions along particular route on particular by using smart tools as routing tools. A new route can be created in response to information about the traffic just occurred or information received by input of the driver.
No time to lose - Big Data and Analytics go as a service:
Building an internal big data department with Large amount of data storage, Lots of blade servers and a team of data scientists is not in reach to many of the enterprises. In Earlier days spread sheets were the best tool for marketing managers to collect data from campaigns and digesting it into rough but variable insights.
The inputs form Social media and other unstructured format of information that is characteristic of big data does not fit to spreadsheets model any more. The volume, Variety and Velocity of data made it too complex to analyze the data using old tools.
That’s where big data and analytics offered as a service comes into picture. Companies of any size can employ big data by sharing a team of data scientists and resources
Author : Lisa Findlay