Value in Big Data for Marketing

At the top of the Big Data pyramid is ‘Value’ from the five V’s. That refers to the ability to transform a data tsunami into business. The primary reason Big Data has grown exponentially over the past few years is because it offers long-term value for the company. Both in terms of immediate social or monetary gain and in the sense of a strategic competitive advantage, interest is caught.

Big data can provide substantial value like better understanding of your clients, approaching them appropriately, enhancing procedures and increasing system or company efficiency. Until embarking on a big data project you need to understand the potential, along with the more daunting characteristics.

There are different ways to collect value across Big Data, and how companies can exploit to promote development or become more productive. Each of these fuels companies ' increasingly digital transition and has a long-term impact on how they will have to plan, coordinate and operate the businesses.

Herencia gave an explanation which is MetLife's foundation of client pride: ”We now know within a two-month period when it is highly likely that a customer will cancel his or her policy or purchase a new one”

Enterprises can extract Big Data Value in one of five ways:

1.     Ensuring transparency: Using an organization's data to make future decisions improves the accountability of a company and breaks down the silos within different departments. Big data is processed across different boundaries, and a number of inefficiencies can be found.

2.     Discovery of data driven: While corporations generate and retain more and more transactional data in digital ways, more data becomes accessible on efficiency. Big Data can provide many new insights that could not have been previously identified through finding patterns or developments in the data sets.

3.     Customisation and segmentation: Big Data research presents an enhanced ability to customize product-market deals to specific customer groups in order to increase sales. Customer or customer activity data allow you to create different customer profiles which can be targeted accordingly.

4.     The Automation Power: The underlying algorithms which analyse Big Data sets can be used by automated decisions to replace manual decisions and labor intensive calculations. Automation may simplify business processes, and improve performance or response times.

5.     Innovations and new products: Big data can unravel patterns identifying the need for new products or enhancing the design of current products or services. By analysing buying data or search volumes, organizations will be able to identify demand for products that the organization may not know about.

In addition to the five approaches mentioned above, there are many other potential business benefits or strategies of extracting information for Big Data. There are already many examples and business cases in this field, and more are planned almost daily.

New technologies that can offer competitive advantages to the sophisticated analysis of vast amounts of data, Big Data. A growing group of entrepreneurs are making market breakthroughs. Most companies are in the early stages of activities related to big data.

References:NEWS BBVA. (2020). The five V’s of big data | BBVA. [online] Available at: https://www.bbva.com/en/five-vs-big-data/ [Accessed 16 Feb. 2020].

Forbes.com. (2020). Council Post: Where's The Value In Big Data?. [online] Available at: https://www.forbes.com/sites/forbestechcouncil/2017/04/14/wheres-the-value-in-big-data/#7f13adc330da [Accessed 16 Feb. 2020].

i-SCOOP. (2020). Big data in action: definition, value, evolutions, benefits and context. [online] Available at: https://www.i-scoop.eu/big-data-action-value-context/ [Accessed 16 Feb. 2020].

Rossi, B. (2020). How to measure the value of big data - Information Age. [online] Information Age. Available at: https://www.information-age.com/how-measure-value-big-data-123460041/ [Accessed 16 Feb. 2020].