Speed, Context Critical in Big Data Landscape
Although the Big Data movement is highlighted for its abilities to improve operations, augment customer relationships, and even reduce unnecessary costs, the fact is that the phenomenon is disruptive. In other words, many smaller departments within organizations aren't yet backing the projects because they are often perceived as introducing new complications to a process that has already been highly refined.
In many sales and marketing teams, decision-makers and employees are unsure how their use of "Big Data" will augment the way they do business. This trend was highlighted in a recent 1to1 Media report, which noted that many of the concerns executives have the with abundance of new information at their fingertips are associated with having the power to acquire the most appropriate context for that data.
Although marketing teams often equate Big Data to finding a needle in a haystack, the truth is that needle can introduce significant benefits and opportunities to gain competitive advantages over rival firms, 1to1 Media stated. By gathering and analyzing the right information in real time, companies around the world can understand how their prospective and existing clients will react to certain situations, allowing decision-makers to adjust strategies on-the-fly to keep every customer engaged.
The importance of speed
Because the consumer landscape is changing all the time, businesses must learn to gather the most relevant information possible and convert it to useful insight in real time. This need is driving the use of predictive analytics, which is forecast to gain momentum in the future. In fact, a report by MarketsandMarkets stated that the predictive analytics landscape is expected to generate more than $5.2 billion in revenue by 2018, up from $1.7 billion in 2013. This represents a compound annual growth rate of roughly 25 percent, indicating massive adoption rates every year.
Marketing teams will be a major driver behind the use of Big Data and next-generation evaluation solutions because using the appropriate technology will give firms of all sizes unique opportunities to improve operations without impairing their ability to meet the needs of prospective and existing customers. In the coming years, building a Big Data strategy will require organizations to eliminate any silos that would otherwise prevent comprehensive collaborative programs. Decision-makers also need to be on the lookout for new tools that will optimize performance on multiple levels.
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