Demystifying big data is something which we feel is necessary as organizations are apprehensive of trying their hands at Big Data because of the darkness hovering all around it.Either organizations are skeptical of the investment involved in leveraging Big Data or the right way of using the enormous repository and make business sense out of it.
To address these set of questions we attempt to make our customers and prospects aware of a few basic facts which will help in their decision process.
Firstly, accessing Big Data is not as difficult as perceived. An existing CRM system can be plugged to Big Data database like Cassandra and multiple additional attributes can be captured to get a holistic view of customers and their requirements. This will not only help an organization leverage a Big Table with unlimited storage capacity (existing CRM data sets can be archived thus increasing scalability ) but also avail the extra set of information with which business decisions can be emboldened. The amount of investment an organization will incur in setting up this infrastructure will be rewarded in multiple ways in marketing,customer retention, IT infrastructure scalability and several other business processes.
Secondly, coming to the point how organizations should use Big Data to fulfill business goals depends on the nature and size of the business. B2C players can leverage Big Data in a very robust way to generate a lot of customer insights and behaviour thus enhancing their marketing initiatives and increasing customer lifetime value. Companies selling in the B2B space can leverage Big Data sets to enhance sales by understanding business challenges their customers are facing thus addressing specific problems through customization.
Apart from this, organizations irrespective of their nature of business can leverage Big Data to optimize their business processes like supply chain, human resource management, finance,employee satisfaction and several others.
A few more highlighting features which organizations irrespective of their nature of business and size need to study about to understand Big Data and start acting on are :
1. The amount of Data getting generated in the world is enormous and so it brings enormous possibilities along with it. Important is how to make use of it.
2. Data getting generated through non-conventional channels like social media, click stream, digital pictures/videos etc is becoming more and more impactful as customers are in total control of their buying cycles.
3. Big Data is making things possible which was beyond thought a few years back. It works as a guideline to help businesses align in a better way keeping in view the analytical forecasts that can be achieved quite easily.
4. Big Data gives the option of immense scalability with minimum IT infrastructure thus helping organizations to focus more on core strategies and less on IT.
5. Lastly, Big Data is all set to improve your ROI in a remarkable way if used correctly and insights thus drawn are put to execution.
Hope these insights help and trigger you to take a plunge and explore the vast opportunities which are still submerged.