Big Data in Business, you need to have it in your company !!!

If you are wondering why should I use “Big Data” in my company, here are some facts:         

1.     Revenue: By increasing the usability of data by just 10%, the average Fortune 100 company could expect an increase in revenues of $2 billion dollars (source: Fathom)

2.     Marketing: 91% marketing leaders believe successful brands use customer data to drive business decisions (source: BRITE/NYAMA)

3.     Competitive Advantage: 27% of organizations have a partial understanding of what Big Data is (source: CIO)

4.     Consumer Behavior: $600 billion potential annual consumer surplus from using personal location data globally (source: McKinsey)

In other words, you increase your revenues, increase your understanding/knowledge about customers, and most important gain a competitive advantage because 1 out of 3 organizations don’t understand big data. Here are some examples how you gain financial value:

And also, depending on which industry you are focused you can have greater gains, greater productivity, as the following charter shows:

After analyzing these charts, you realized it’s important for your business, but how exactly creates values? Here are 3 illustrations:

1.     Time to experiment: as the company collect more and more data, they can analyze it in different ways, approach to situations from different perspectives, and have the information in real time while the experiments are happening.

2.     Customization: After analyzing data you realize that you have a big universe to segment and target your customers. Then you can decide how do you want to approach to these customers, which marketing campaigns, promotions and advertisements work better.

3.     Innovation: when customers use the products/services, the people responsible for the designing and manufacturing of it can obtain more information to improve the product

If you want to see more about creating value, I recommend you to watch this video

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In conclusion big data is key to your business, adds value through different uses and approaches and gives you competitive advantage.

ºDon’t miss the next posts where we will show another industry example and also go deeply into the technical area of Big Data