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The new black gold?
Wednesday 20 September 2017
We’ve reached a point where the amount of data companies are collecting on us is going exponential. And so for many businesses over the next few years, it will really be about how to unlock real value from this data. How to derive meaningful insights from customer transactions on CRM systems like Salesforce, to direct consumer engagement on social network feeds like Twitter and Facebook.
But while you’re trying to master that, you also need to consider the small matter of what data to store and how to store it cost-effectively. And then you need to decide if you keep it in house or on the cloud?
From the likes of Google to consumer brand giants like Unilever, many enterprises are collecting torrents of data. The sources are varied. Anything from operational and machine-generated data, to customers’ personal data and social network feeds.
So once you’ve collected the data, what’s next?
You need to make sense of the data. This is easier said than done. Many companies are crying out for the data analytical and insight expertise to extract the immense value of this data, which some call ‘black gold’. This expertise is in short supply.
Specifically they need insights that helps organisations convert their data into valuable business insight. By doing this, they can adopt a data-driven approach to business decision making.
But the hard facts are that data scientists really need to earn their corn. It’s a tough gig. They possess a unique combination of hard mathematical skills allied to a ‘softer’ but equally important skill set of commercial savvy and gut instinct. This enables proper valuable actionable insights to be made that enhances customer engagement and sales.
Big data is everywhere, but very few organisations are maximising its value in terms of managing the customer journey and maximising sales.
To find out which companies are ahead of the game, register and visit IP EXPO Europe.