In order to remain competitive, today’s businesses, whether small, medium or large, must seize the best that the data revolution has to offer. Known as digital black gold, grey gold or the new oil, it’s important to understand why this kind of massive data-rich information can be profitable. However, you need to know how to use big data and how to fully exploit its potential to integrate it into your digital strategy.
What is big data?
Megadata refers to data sets that are too large and complex for traditional data processing and management applications. The term has become popular due to the rise of mobile technologies, IoT (Internet of Things) and artificial intelligence.
Indeed, these devices and services, such as geographic positioning, social networks, mobile applications or web browsing history management, will generate more and more information, which needs to be managed and processed efficiently.
Therefore, the term “big data” refers to the process of collecting and analysing large amounts of digital information. In business, this is part of what is known as business intelligence (BI), a process that uses data and digital ecosystems to support teams, sales and marketing. As datasets continue to grow and applications generate and use more data in real time, organisations must turn to cloud solutions to store, manage and analyse their large datasets. For more information, visit toucantoco.com.
Big data for business
After all, it is very easy to identify Big Data opportunities for businesses.
With the vast amount of data generated, Big Data can :
- Improve the customer experience
- Understand the expectations and behaviours of customers and potential customers
- Optimise its digital marketing strategy
The company now has a wealth of data to optimise the objectives of its marketing campaigns, optimise its advertising campaigns and understand the customer’s buying journey.
This data allows the company to send the right information to the right people at the right time and place.
The benefits of big data for marketing
The analytical tools developed in the context of big data enable predictive solutions to be defined, trends to be monitored in real time and potential risks to business and customer relationships to be better predicted. As a result, business managers can store and analyse the data retrieved to improve their understanding of customers and their operating environment.
To this end, many so-called “big data” technologies are being developed to enable businesses to pursue two main objectives:
Improve the use and utilisation of all data
To ensure that this data is used in marketing strategies
In particular, these analysis tools make it possible to concentrate and analyse different types of data, which are themselves stored on different types of media (machines, local servers, clusters, cloud, etc.).
Considering big data can bring many benefits to a company and contribute to improving its competitiveness, notably by :
- Better understanding of customers
- More effective marketing campaigns
- Personalised user experience
- Improved loyalty
- Predictive trends
- Different levels of intervention