Big data is expanding, and by next year almost a majority of businesses will be attracted towards the brighter prospect of this cutting edge technology. Even this year saw an enormous increase in volume, variety, velocity of data, which assures that the next year will witness more data, more numbers.
Data science pundits have predicted some of the leading trends that would be in the forefront in the big data revolution 2018. Come, let’s take a look:
In marketing, the analysis of data is a highly established one but the marketers nowadays have a massive amount of public and proprietary data about the preferences, usage, and behavior of a customer. The term ‘big data’ points out to this data explosion and the capability to use the data insights to make informed decisions. Understanding the potential of big data presents various technical challenges but it also needs executive talent devoted to applying the solutions of big data. Today, the marketers are widely embracing big data and are confident in their use of analytics tools and techniques. Let us learn about the ways in which Big data and analytics can improve the marketing efforts of various businesses around the around.
Previously, marketers had to frequently make guesses as to which sector of population comes under their ideal market segment but this is no longer the scenario today. The companies can exactly see who is buying and even extract more details about them with the help of big data. The other details include which buttons they generally click while on a website, which websites they visit frequently, and which social media channels they utilize.
Many retailers have introduced loyalty card systems that track the purchases of a customer, but these systems can also track which promotions and incentives are most effective in encouraging a group of customers or a single customer to make another purchase.
Because big data allows companies to optimize and monitor their marketing campaigns for performance, this implies they can allocate their budget for marketing for the highest return-on-investment (ROI).
Marketers can personalize their offers to customers in real time with the combination of big data and machine learning algorithms. Think about the Amazon’s “customers also bought” section or the recommended list of TV shows and movies from Netflix. The organizations can personalize what promotions and products a particular customer views, even down to sending personalized offers and coupons to the mobile phone of a customer when he walks into a physical location. The role of Personalized Merchandising in the ecommerce industry will continue to increase in the years to come.
Companies can conduct quantitative and qualitative market research much more inexpensively and quickly than ever before. The tools for online survey mean that customer feedback and focus groups are inexpensive and easy to implement, and data analytics make the results easier to take action.
For the past several years, sales teams, in order to rate their hottest leads, have made use of lead scoring. But, with the help of predictive analytics, a model can be generated and it can successfully predict sales and buyer behavior.
Previously, the return-on-investment for a blog post used to be highly difficult to measure. But, with the help of big data and analytics, the marketers can effortlessly analyze which pieces of content are highly effective at moving leads via a sales and marketing funnel. Even a small firm can afford to use tools for implementing content scoring which can highlight the content pieces that are highly responsible for closing sales.
Data can provide more information about your customers which includes who they are, what they want, where they are, how often they purchase on your site, and how, when they prefer to be contacted, and various other major factors. The organizations can also examine how users interact not only with their website, but also their physical store to enhance the experience of the user.
New tools for social monitoring have made it easy to gather and examine data about the competitors and their efforts regarding marketing as well. The organizations that can utilize this data will have a distinct competitive advantage.
With the help of big data, organizations can monitor their brand mentions very easily across different social channels and websites to locate unfiltered testimonials, reviews, and opinions about their company and products. The savviest can also utilize social media to offer service to the customers and create a trustworthy brand presence.
It is quite difficult to track direct ROI and impact with traditional advertising. But, big data can help organizations to make optimal marketing buys across various channels and to optimize their marketing efforts continuously through analysis, measurement, and testing.
At this point, talent and leadership are the major things that big data needs. In most of the companies, the marketing teams don’t have the right talent in place to leverage analytics and data. Apart from people who possess analytical skills to understand the capability of big data and where to use it, companies require data scientists who can extract meaningful insights from data and the technologists who can develop include new technologies. Due to this, there is a high demand for experienced analytics talent today.
In spite of all the promise, there exist certain limits to the usefulness of big data analytics in its present state. Among them, the major one is the major one is the analytics tools’ and techniques’ complex “black box” nature which makes it hard to trust and interpret the output of the approaches of big data and to assure others of the accuracy and value of the insights generated by the tools. The difficulty of gathering and understanding data also limits the capability of marketing companies to more fully leverage big data. Beyond this, the marketers are identifying many hurdles to expanding their utilization of big data tools and they include lack of sufficient technology investment, the inability of senior team members to leverage big data tools for decision-making, and the lack of credible tools for measuring effectiveness.
Cloud computing is also playing a major role in marketing with the Cloud Marketing process. Cloud Marketing is a process that outlines the efforts of a company to market their services and goods online via integrated digital experiences. Once the data analytics tools become available and accessible to even the smallest businesses, there will be a much higher impact of big data on the marketing sector as there will be much broader utilization of data analytics. This can only be a boon as organizations enhance their marketing and reach their customers in innovative and new ways.
This article was produced by Savaram Ravindra, a content contributor at Mindmajix and not by the editorial team of DexLab Analytics, a leading Hadoop training institute in Gurgaon.
Author’s Bio: Savaram Ravindra was born and raised in Hyderabad, popularly known as the ‘City of Pearls’. He is presently working at Mindmajix.com. His previous professional experience includes Programmer Analyst at Cognizant Technology Solutions. He holds a Masters degree in Nanotechnology from VIT University. He can be contacted at savaramravindra4@gmail.com. Connect with him also on LinkedIn and Twitter.
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Big data and business analytics are like two sides of the same coin. Here, though the coin represents digital transformation – but reports from consulting and services firm HCL Technologies are pointing that many companies are not being able to harness these new-age technologies to their fullest capacities resulting in a loss of digital transformation efforts.
When asked Anand Birje, the corporate vice president and head of HCL’s digital and analytics domain, he has this to say, “Over the past four or five years, enterprises were pushed hard to do anything in the field of analytics, big data and digital transformation. They were being pushed because there was this fear about what their competitors might be doing, so there was this feeling that they had to do something digital.”
Continue reading “For Long-term Digital Transformation Plan, Big Data is the Key”
According to a market research report, Global Hadoop market – industry analysis, share, size, growth, trends and forecast, which was once estimated at a value worth USD 1.5 billion in 2012, is now expected to hit $13.95 Billion mark this year, 2017 with a CAGR of 54.9%.
The advent of Hadoop platform stemmed out from the growing urge to manage problems that resulted owing to a lot of data – mostly a concoction of structured and unstructured data – that failed to fit properly in the traditional data storage and management systems, like tables. The play of analytics got intense, more complicated – both computationally and logically – hence the need for Hadoop is more than ever. This is similar to what Google was doing while it was on an endeavor to examine its user behaviors and index web pages, with a view to enhance its own performance algorithms.
Continue reading “Here’s ALL About Global Hadoop Market and Investment Report 2017”
The term Big Data stands for data that is humongous. Large volumes of data are being churned out every day to meet business needs.
Business analytics is the bedrock of an organization. It uses data for proper analysis of business objectives, later on which helps in making better decisions and future profit generation. Also, it aids in determining the actual reasons of failures, re-evaluating risk portfolios, and detecting undergoing fraudulent activities before they swell up to affect business operations.
Continue reading “How to Secure Big data While Harnessing Its Big Power”
Big data is a very powerful term nowadays. It seems to be a large amount of data. Big data means large amount of structured, unstructured, semi-structured data. We get data continuously from various data sources.
Just have a look on how we get data.
Nowadays we are living in a techno era in which we need to use technology so that’s why we are generating data. If you are doing any type of activity like – driving car, having some shakes in CCD, surfing internet, playing games, emails, social media, electronic media, everything plays a crucial role to develop big data. Continue reading “Revising the Basics of Big Data Hadoop”
It’s time to move beyond Artificial Intelligence frameworks. Recently, a joined effort from the Digital giants Microsoft and Facebook has paved the pathway for developers to move beyond traditional AI frameworks. The Open Neural Network Exchange (ONNX) format announced the other day that Facebook and Microsoft are on a lookout to boost AI interoperability and innovation. This piece of information was published in their own blog posts, and from there it got viral.
In Facebook’s blog post, the Social Media behemoth clearly defined its new effort is “toward an open ecosystem where AI developers can easily move between state-of-the-art tools and choose the combination that is best for them.”
The past decade saw some impressive changes brought into the aorta of risk management. And the change is showing no signs of slowing down, now.
In order to keep pace with the changing times, you need to get to the crux of these five trends that are shaping the role of risk management in banking sector: Continue reading “What the Future Holds for Risk Management in Banking”
While waiting to board your plane, the last thing you would want to hear is – we regret to inform, your flight has been delayed or worse cancelled, leaving you exasperated at the very hour. Even though your flight takes off on time, while waiting in front of the baggage carousel, you may face some moments of anxiety before your bag arrives on time. Luckily, these distresses are now becoming a thing from the past.
Things are changing, and technology world is evolving drastically. By leveraging Big Data and technology upgrades, aircraft industry has been able to improve their operations and work more smoothly and accurately. In addition, the air travel industry is witnessing several benefits, in terms of revenue and consumer satisfaction.
Here are the ways in which airlines have been using data to derive maximum operational gains everyday:
Wear and tear is common, even the most advanced airplane models equipped with superior technology require time to time maintenance. Owing to this, travelers may experience delays – as per 2014 survey data, mechanical glitches were the second most reason for the majority of flight cancellations and delays. Maintenance takes its toll on airlines potential as the planes need to be grounded for repairing.
With Big Data, airlines can easily track their planes, predict crucial repairs to be done, and provide advice about which parts need to be bought ahead of time and which to keep in reserve on hand for last minute technical issues.
It is impossible to predict how much fuel is used onboard for any given route, historically. But Big Data analytics and cloud data storage has made the impossible possible – you can now track how much fuel is being consumed by each airplane, while taking all the factors into consideration. This paves the way for airlines to draw predictions about the amount of fuel required for a trip to how many number of passengers can board at once.
Remember, airlines lose if they fly with empty seats, so it’s in their best interest to get everyone onboard. With the help of real-time data, airlines can now easily decide whether to wait for a passenger or leave on time so as not to harass other passengers who might catch connecting flights. Smart boarding is now the key, gone are the days when decisions used to be based on instincts. It’s time to enhance efficiency and performance.
Travelers who travelled before had to be hopeful about their luggage making it back to them. But now, Big Data revolution and tracking technology has changed a lot of things. Nowadays, airlines ensure its travelers the peace of mind that they will surely receive their luggage as promised. Delta is the first airline that offered tracking data facility for its passengers, using an app format. Customers can easily monitor their bag, reducing the uncertainty revolving luggage arrival.
Flight operations, crew operations, marketing and air cargo are some areas in airlines industry that boast of rich opportunities for Big Data solutions implementation. In our modern economy, competition is at its peak. To make your airfare rates cheaper and save big on jet fuel, shaking hands with Big Data technology is imperative.
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