Trend: Big Data
We are now in the era of ‘Big Data. As businesses clamour for more information about their customers, a crisis will occur when the resultant data develops into what is called ‘Big Data’. Big data is the term used for data so large and complex, that it becomes difficult to process using current database management tools and methodologies.
Combine this with the inexorable shift now demanded by consumers for a more personalised, location based and real time marketing ‘Customer Value Proposition’ from all brands with which they interact. Failure to adapt will leave little space for businesses that are not supported by their customers.
As our colleague Sean Kelly stated, “Industry is about to hit the iceberg of data driven and customer segmented business efficiencies that will sink it like the Titanic.”
The challenge for businesses gathering customer information is more about ‘how to use it’ rather than the ‘why should we collect it’ or ‘what we should collected’. It is clear that with more data, businesses can turn it into valuable insights their current and future customers.