"Big Data" a big business buzz word that changes the way businesses benefit from influx amount of data available today from multiple sources. Businesses now have the privileges to better understand their customers and prospects before they establish any communication with them. Massive amount of data is collected everywhere by man-made programs, applications, machines, etc. with or without user's knowledge and businesses now, can leverage on these data to better understand their customers. Big Data allows narrower customer segmentation, resulting in more precisely tailored products and services.
Traditional marketing has evolved since it started. Companies are able to study and predict their future customers without spending too much of their marketing dollars with traditional marketing research programs. Feedbacks of customers are immediate and it affects revenue instantaneously too. In the near future, Big Data Analytics will offer businesses a powerful tool and capability of identifying sales opportunities or analysing customers’ responses to products or services by combining internal data as well as the information shared and published in external media.
Nevertheless, data quality and data validity play a big role in Big Data Analytics. If companies do not focus on the fundamentals of data quality, they may not be able to scale up for any Big Data initiatives. Valid data is the key to making the right decisions. Big Data clearly deals with issues beyond its primary characteristic of volume, variety and velocity.
Big Data Analysis is conducted by multiple industries for various purposes and integrating the analysis with CRM has the potential to deliver a greater business value for companies. The sooner companies spearhead this, the more successful their organisations will be.
Big Data Analysis could represent a significant step toward providing organizations with increased productivity, finely targeted marketing programs and a growth in profit by optimizing and integrating the analysis with their CRM solutions.
In this presentation, Raj will cover the Importance of Understanding Fundamentals of Big Data Analysis, Common Terminologies Used and Benefits of Integrating Big Data Analytics for better Customer Relationship Management.