So far in this series, we have talked about what Big Data is, and how to identify a good vendor, and today I’d like to take a moment of your time to talk about what it all means for you. No matter what industry you work in, Big Data has the potential to give you new insights about your customers and operations in just about any way you can imagine.
Our Big Data clients have benefited from a wide range of improvements which have been identified through new analytics capabilities provided through systems like Hadoop and Spark. Clever organisations are exploiting these capabilities to answer new questions and revenue streams to outflank and outgrow the competition.
On one of our most interesting projects, we ran a real time analysis platform for a loyalty card provider which handled 2 billion transactional data records across the Black Friday discount period, which was the largest volume of transactions ever handled by the organisation and which identified new shopping patterns and revenue opportunities for our client with 0% downtime.
Another big selling point for Big Data analytics is its ability to deliver better business decisions in a fraction of time. In the loyalty program project the real time aspect of the analysis enabled a whole range of target communications to users of the program, at the point of sale, rather than several weeks later.
This information could then be used across multiple platforms, which allowed multiple touch points with the same customer in a complete co-ordinated manner. As someone in the Marketing field, this is a really exciting prospect, as it allows one to develop and enhance a relationship in a much more personalised way by linking the messages with their requirements. The potential for enterprise organisations is even more enticing, as they are able to deal with a far greater variety of leads and handle a much more complex marketing mix than without the technological assistance provided by Big Data insights.
Of course, all of this means that your organisation can capitalise on a far greater array of new data sources, capture data in real time, analyse all of the data instead of a subset and apply far more sophisticate analytics to it; allowing you to get insights in minutes rather than days or weeks. Big Data technologies can help identify where your customers are now, what they’re looking at or buying, and help you to develop that relationship in ways never previously imagined.
The more able your organisation is to communicate with your market in a personalised manner, the more loyal and ‘sticky’ you will become. The insights you generate can be shared with partners to enhance business relationships.
Big Data analytics allows marketeers and enterprise organisations to move away from the impersonal “I’ll make do” model – where everyone gets the same thing regardless of their exact requirements – towards creating a personal value proposition, which is relevant and compelling to their audience. With the collapse of national and historic brands like BHS and Austin Reed; these technologies might just be the edge that retailers need to survive against the likes of Amazon and Ebay.
If you would like to find out more about how Big Data could help you make the most out of your current infrastructure while enabling you to open your digital horizons, do give us a call at +44 (0)203 475 7980 or email us at firstname.lastname@example.org.
Other useful links: