Five years ago, companies generally kept a database made up of their daily transactions and used the data to keep track of operations and forecast needs.
Today, the number of sources, as well as the volume of data collected, has increased dramatically. Big data is big business. We’re generating and capturing data at an unprecedented rate through websites and apps. You can collect click-stream data on customer interactions with your website. Marketers can gather information from online conversations people are having about their brand.
These pools of data can be used to gain insights into products, services and customers. Big data leads to the extraction of value from large volumes of data from multiple sources. However, to capitalise on it requires investment in technologies, processes and governance.
Data analytics is made up of distinct and separate processes. First is the collection of data from a single or combination of multiple sources.
Next is the analysis and assembly of the data. Analytics continues to grow propelled by the Internet of Things creating large pools of data. Soon, every app will need to be an analytic app.
Organisations need to filter the vast amounts of data coming from the IoT, social media and wearable devices. Only then can they deliver the right information to the right person, at the right time. Analytics will soon become invisibly embedded everywhere.
The Internet of Things (IoT)
The Internet of Things will continue to grow along with user-oriented computing and is likely to be the focus of digital business products and processes in industrial and operational settings.
The IoT is built on cloud computing and networks of data-gathering sensors. It involves increased machine-to-machine communication. The IoT needs cloud-based applications to interpret and transmit all the data coming from these sensors. The cloud enables these apps to work at anytime from anywhere.
Why you should integrate big data into your CRM solution
All this information gathering doesn’t have much value unless you have the infrastructure to analyse it in real time.
Big data together with CRM can change the way companies do business by giving them powerful tools to identify sales opportunities and analyse customer reactions to products by combining internal data with conversations on social media.
By integrating big data into a CRM solution, companies can move toward data-driven decision-making, predict customer behaviour, improve customer service, and accurately calculate their ROI.