According to a new study by Accenture, almost nine out of ten business leaders now believe big data will have a similarly positive impact on business operations as the internet did. Harvesting big data is now seen as an essential practice for large corporations and SMEs alike, with 79% of those surveyed admitting that companies could even face extinction from the market if they do not make sense of the mass of data available to them. Business leaders expect big data to have the greatest impact on customer relationships by 2020 with 37% revealing that CRM tech and Cloud solutions will transform customer services and marketing.
Businesses are eager to make faster and better decisions and big data and analytics enables them to analyse huge blocks of data from a variety of resources at a greater velocity, while reducing costs and improving productivity. However, many will face challenges when developing IT systems – namely, dovetailing a strategy focused on business intelligence and big data with a lack of skilled employees and implementing a scalable technology infrastructure among them. Firms are also under more pressure to filter the data to ensure they only use what is relevant. Deciding what to use and how to use it is set to be a key differentiator as more and more organisations embrace big data before the end of the decade.
Fortunately, the Cloud has made it easier for everyone to capture, analyse and exploit big data without considerable in-house investment. Leveraging data is technically and financially viable but firms must adopt a strategy that enables them to take full advantage of the innovative tracking and analysis tools available to them. It is important to remember that online data has a short shelf life so real-time information must be used immediately to empower marketers. This can ensure they refine and adjust campaign strategies on the fly, so they are never behind the curve and are always maximising their digital investments.
Online marketing is more complex than ever before, so firms need to know exactly where they should be investing. Big data and analytics and the latest technology enables advertisers to use advanced data visualisation capabilities allowing them to build informative and immediate tracking solutions from data. This innovative activity provides important decision makers with priceless information on Key Performance Indicators, which drives business value.
Big data will not only revolutionise marketing but also supply chain visibility during the next few years as organisations streamline customer order management and other initiatives.
This article has been written by Colin McGill - Permanent Consultant - BI, Data & Analytics, if you have any questions or would like a detailed discussion about your BI, Data & Analytics recruitment requirements, please contact Colin McGill on: +44 (0)20 7014 0230 or send an email to firstname.lastname@example.org
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