Big data may seem like a buzzword that has been used so much that it is now almost meaningless, but to those in marketing and customer analysis, it is a vital tool. On the surface, big data is simply a very, very large amount of information. This information can be structured into data sets, or it can be unstructured and unsorted or unfiltered. Big data includes all of the information that a business takes in on a daily basis, including information about customers.
The Uses of Big Data
Collecting big data is not important—it is how organizations use this information. The unstructured data is usually not very helpful, but once it has been analyzed, big data can be used in a number of ways:
- It can help reduce the cost of procuring and sourcing anything from vehicles to iPads to commercial electrical wiring.
- It can show areas that can be made more efficient, thus saving time.
- Big data reveals customer trends and shopping patterns, allowing businesses to improve their marketing campaigns and product launch schedules.
- It shows what products customers are interested in and which they are not.
- Big data helps in decision making, letting organization leaders see information based on historical data and live, real-time data.
Is It Right for You?
Not all businesses and organizations are making use of big data yet, although more and more are seeing the advantage of using huge information sets to assist in business decisions. You may not necessarily see how it applies to your business. If you are in the video tech services industry, for example, you may assume your customers are a unique set of individuals. However, if you collected and analyzed the data on these customers, you may be surprised to find that they have needs you are not meeting.
Want to know more about how MelroseTEC can assist you with the procurement and sourcing of applications related to big data? Call us today at 323.937.4600 or email us at firstname.lastname@example.org for more information.