before, coming up with Big Data road-
maps aimed at addressing 2 key success
factors for increasing revenue: First,
Creating a 360-degree view of their
data to provide better customer service
secondly, obtaining near real-time/real-
time analytics combined with current data
to better understand customer-centric
objectives.
Businesses have more data about their
customers available to them than
ever before. They have data about the
demographics of their customers, they
have data about the marketplace, they
are competing in and they have plenty of
other data available to them.
It’s not only big businesses that are taking
advantage of these tools anymore. Medium and
small businesses can have access to the systems
and the tools that allow them to utilize all that big
data analytics has to offer. It is starting to level the
field and give small businesses the chance to take
on the big businesses.
The problem that businesses have is
not that they do not have enough data
to improve the customer service they
provide, but that they almost have too
much information available. If they try to
look at all of the data they have available
to them, it can become confusing. Trying
to use the data in raw form requires more
time and effort than a business has and
may not provide them with the crystalized
information they need.
The idea is to take all of the information
that is available for a business, record it,
collate in and put into a format that is
something the business can use. Instead of
seeing a bunch of numbers, the business
can see the data in a format that relates to
their business. It can give them specifics
about the people that are utilizing what
the business has to offer, or it can tell
them what markets are the right ones for
the business.
It’s not only big businesses that are taking
advantage of these tools anymore. Medium
and small businesses can have access to
the systems and the tools that allow them
to utilize all that big data analytics has to
offer. It is starting to level the field and
give small businesses the chance to take
on the big businesses.
Timothy Oriedo is a Certified Big Data
Scientist (MIT), Executive Coach, a CIM
Instructor Digital Marketing, and Adjunct
Business Coach at Strathmore Business
School. You can indulge him on this or
related matters via mail at: Timothy.
[email protected].
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