Today’s economic model is based on complex systems. These models are more complex than ever. They require an intuitive understanding of the underlying technologies that support robustness. That’s why most companies today are seeking expert Big Data training and consultation to get a handle on this rapidly changing field.
There are many ways to categorize the big data challenge. One is the old “software vs. hardware” dilemma. At its core, software can collect, process, analyze, and control information faster than physical hardware. It takes less maintenance. But as the “old saying” goes, “maids help the chef cooks the food”. Companies need skilled IT professionals who understand how to program big data technologies while keeping hardware costs low.
Another big data challenge is in social media. Companies like Facebook and Twitter have created a new gold rush for marketers. Marketers must be able to build and maintain massive social networks to spread the word about their offerings. This demands talented developers with both technical skills and marketing skills. Those who do bring value to the team will be rewarded with tremendous equity and visibility.
How does big data impact your organization? Today, customer relationships are more important than ever. Customers will choose vendors based largely on how they perceive value from your brand. A recent survey found that almost 80% of customers expect your brand to be at the top of search results for the services or products they need. Only 14% of customers say they look beyond sponsored links when shopping. All of these challenges present opportunities for organizations that embrace the concept of big data analytics.
Organizations that don’t embrace this emerging trend run the risk of being left behind. In order to capture, analyze, and communicate the big data, it must be integrated with all other data. That includes customer relationships. If big data is not properly shared, you can miss opportunities that can put a significant damper on your business’s growth.
When setting out to tackle big data analytics, you have two primary options: to outsource the work or to build your own. Companies that outsource to outside companies are taking a big risk. Even if your provider has the talent and experience in big data analytics, the quality of the data you receive may be inconsistent. Furthermore, external companies may not have the appropriate expertise to properly integrate your data with that of your competitors.
On the flip side, building your own platform can provide unparalleled customization and real-time access to your data. It also allows for rapid deployment across multiple platforms and data types, and allows for the capture and interpretation of complex, action-oriented data. Additionally, most of the big data platforms today come pre-built. They also offer robust reporting and analysis capabilities. Building your own platform can also minimize the risks inherent in big data analytics, since marketing managers can easily define and manage features to mitigate risks such as churn, miss Representation, and ID generation.
Despite the challenges presented by big data, there are many advantages as well. One such advantage is the ability to deliver more value to customers. Marketing managers can use the data to identify customer behavior trends, preferences, and interests. This information then provides insight into how to best serve customers. Big data analytics also offers insights into the best marketing practices to foster long-term sustainability. Finally, big data provides marketing managers with the ability to generate and analyze critical information quickly and efficiently, increasing company profitability.
Although many challenges must be overcome in implementing big data analytics, the benefits it offers are undeniable. Once implemented, it allows for improved decision making regarding product strategies and product development, and better targeting of ads and content. Furthermore, analytics allows for faster discovery of product trends, helping marketers take an appropriate course of action. With the proper big data analytics training, most companies can integrate big data analytics into their existing marketing campaigns in a matter of days.
Beyond the technical challenges, big data is not only a challenge; it’s a reality. As data becomes more available and useful to consumers, businesses have become more aware of the value it represents. Marketers realize that people want more choice, more insights, and more customization. As a result, they are willing to pay more for solutions that meet these desires. Similarly, organizations face tremendous legal pressures to prove compliance with HIPAA regulations. Because big data offers endless opportunities, it is essential to address these issues before they hamper progress.
Although some obstacles still remain, big data analytics will continue to prove invaluable. The advances made so far in this arena have created a world where companies can mine data from all sorts of sources and derive relevant insight. No longer must organizations rely on difficult-to-predict factors such as demand, taste, or price. Big data analytics makes predicting consumer behavior accessible at every turn, allowing marketers to target precisely those groups most likely to purchase their products or services.