In the future, Big Data analysis is to become a pillar of marketing strategies in companies striving to achieve measurable competitive advantage. No wonder - thanks to processing information about customer behavior, it is possible to adjust the offer to their real needs, forecast demand for specific products and services or optimize production costs. Data storage and analysis, however, pose some challenges for companies. What's that?
Selection of stored data
Large data sets known as 'Big Data' come from a variety of sources and contain a variety of information in a variety of formats. The huge diversity of stored data - including behavioural and transactional data - makes it necessary to select them skillfully. Only true and useful information brings profits associated with the implementation of marketing based on data storage. Effective marketing is based on the collection and analysis of a variety of data that must meet the conditions of reliability and truthfulness. At the same time, they reduce the risk of making erroneous and costly business decisions.
Analysis of sets of information
The huge amounts of stored data also require efficient analysis. Implementation of Big Data analytics is connected with the need to use innovative analytical tools, thanks to which it is possible to effectively use the collected resources and integrate large data. The use of tools such as cluster work, in-database analysis or in-memory analysis allows to successfully reach information unavailable using traditional methods.
Needs for analysts
However, effective tools for analyzing stored data are not everything. An essential element in the Big Data chain are specialized analysts, called data scientists. According to Hal Varian, Google's chief economist, data scientist is the most desirable profession of the decade. These analysts can make optimal use of the information flowing from the data, drawing valuable conclusions from it.
Skilful use of data
In order to make the most of the opportunities offered by the analysis of stored data, it is necessary to have both specialized tools and high analytical skills of persons involved in their processing. Companies and companies that base their marketing on Big Data also face the challenge of reassessing their individual business objectives, such as increasing profits, gaining new customers or reducing operating costs. Their knowledge is crucial for effective determination of the scope and type of stored data.
Good news for marketers
Despite the undoubted benefits offered by Big Data tools, Polish companies still reluctantly decide to implement them. Intel's research shows that only 18% of Polish companies store and analyse data. Fear of excessive costs and the risk of failure means that we are lagging behind Central Europe when it comes to using the Big Data analysis. Fortunately, the constant development of technology is lowering its costs, so that not only huge, but also medium and smaller enterprises can store and analyze data now. This is good news for marketers, as the 18th Global CEO Survey conducted by PwC shows that 80% of CEOs reported measurable benefits in their Big Data based marketing companies.