Let me incept this blog with the very words of Geoffrey Moore who said, “Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.”
Sure thing, consumers in this day and age are savvier, smarter, empowered and more demanding than ever before. Hence, to attract their interest and earn the trust of targeted audiences, companies must connect with customers in an engaging, innovative and more importantly, personalized way.
It’s estimated that by the end of this year, 1.7 megabytes of data will be generated each passing second, for every single soul on planet earth.
Currently, more than 2.5 quintillion bytes of data are created each day, and the figure is expected to grow further. As if that’s not enough, the global big data technology market value is also poised to reach a whopping US$ 104.3 billion by the end of 2026.
With such a mind-boggling wealth of data readily available, if used to full potential, big data can help a business to gain priceless insights on their customers and as such sharpen their marketing efforts to enhance engagement and boost conversions.
As possibilities of the web continue to evolve, more and more big data metrics continue to be produced from an ever-growing range of data sources, meaning any company that taps into this huge potential can gain a deeper understanding of their customers—both on an individual and mass basis.
So what exactly is big data and what does it do?
Basically, big data refers to enormous sets of data that can either be structured or unstructured in nature. Generally, big data helps companies to develop new growth opportunities and unique categories of businesses that can merge and analyze the entire industry data.
With big data, businesses have access to vast information about buyers and suppliers, products and services, consumer groups and their preferences—all of which can be captured and examined.
To paint a clearer picture of what big data analytics entails, we can say it examines huge amounts of data in the quest to unearth hidden correlations, patterns and many more insights.
With today’s advanced technology, it’s possible to examine your data and find solutions from it almost instantly—a process that is usually slower, inconveniencing and less effective than the conventional business intelligence solutions.
So why should a company consider investing in big data?
For commercialized markets, big data means big business. Keep in mind that information is power and with big data, a business can become more powerful than ever before.
Big data analytics enable a company to harness its data and utilize it to recognize new opportunities. This, in turn, leads to smarter decision making, higher profits, happier customers and more efficient operations.
With a myriad of amazing insights available on the web at the click of a button, companies and brands that choose to make the most of big data are bound to thrive into the future. Failure to integrate big data into a company’s systems could only spell disaster for any business—don’t be left behind.