How Big Data is Driving Modern Business

By CIOReview | Wednesday, November 22, 2017

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Data us being piled up from every nuke and corner today, from various traditional as well as digital sources. However, data has become a goldmine for some sectors especially for marketing and sales teams of an organization. Marketing teams analyze the piled up data for insights about the existing trends as well as the future. Big data can only prove to be valuable after realizing the potential of ‘big-data driven marketing‘. This specific form of marketing can work wonders for every business. Big data not only helps in creating a data-driven marketing strategy but also plays a key role in understanding the customers. Big data can be a supplement for marketing strategy by adopting the data-driven techniques in marketing. A research report by Teradata says that many enterprises are focusing on big data to create more strategic marketing for increased revenue.

Big data also plays a vital role in understanding the customer, as well as evaluating the product. Various research reports say that big data analysis in sales can improve it by over 60 percent. Understanding the customer with big data analysis not only reassures the customer that they are being taken seriously but will also help the business to design the sales pitch according to the interests of the buyer. Moreover, offers and promotional discounts can be streamlined according to the customer's nature. Better pricing decisions are a prominent part of a business, and it can be made better by leveraging the potential of big data.