Big Data is transforming operations across the spectrum of industries and functions, including logistics, manufacturing, accounting, and even legal services. One key area often identified is marketing, specifically data-driven marketing. By tracking and analyzing customer interactions, the theory goes, a marketer can provide a higher level of relevance in marketing, including social media, email, real-time messaging, and mobile apps. While Big Data is described in many ways (unstructured, real-time, etc.), the key for marketers is to make sure there is a plan and tools to utilize Big Data to meet marketing objectives. For these purposes, Big Data will be described broadly, in terms of customer interactions regardless of channel. There are four factors that brands must assess to get the most of out their Big Data for CRM:
In the second half of 2016, big data will push further into the enterprise with even more use cases. The increasing volume and detail of information captured by companies, along with the rise of multimedia, social media and e-commerce / internet data capture are driving exponential growth in data for the foreseeable future.
Companies are collecting information, but aren’t always sure what to do with it. As a matter of fact, Forrester Research revealed that big data-capable businesses aren’t even harnessing the data and associated technology to its full extent. More specifically, most companies estimate they’re analyzing just 12 percent of the data they already have, leaving 88 percent of untapped potential sitting on the cutting board.