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Monthly Archives: May 2013

Marketers' data collection must not disturb consumers' privacy

Paul Newman Archive
In recent years, marketers have come to greatly appreciate the value of mining big data to collect information on their customers that will help shape future sales strategies. Their data collection processes help in another way, too - they can help prevent fraud. By monitoring consumers’ spending habits and looking for abnormalities in purchases, companies can easily detect when their customers’ financial information has been stolen and abused.

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Banks improve service quality by mining consumer data

Paul Newman Archive
By collecting data on consumers and performing due diligence to verify its accuracy, companies across all sectors can find meaningful statistical trends to help them predict future activity. Perhaps the most notable area where data quality can make a difference is finance, where banks can collect information from social media and use it to find valuable insights about how people allocate their money.

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Companies can improve use of data with artificial intelligence

Richard Jones Archive
Companies can improve their operations by taking appropriate measures to improve data quality, ensuring that the information on their customers is accurate and up-to-date. After that step, another question arises - what's the best strategy for turning raw information into actionable lessons on providing customer service?

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Big data can help schools improve retention rates

Paul Newman Archive
When it comes to for-profit companies, the benefits of data quality are unmistakable. By compiling accurate information on potential customers, corporations can find better ways to market their products and target advertising toward specific demographics who will respond to it best. But big data has plenty of non-profit uses as well, most notably in the education system, where schools can gather information that will help them boost retention rates.

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Big data has the power to transform the financial industry

Richard Jones Archive
There is certainly a place for data quality in the financial sector. Banks, investment firms and other financial institutions can reap the benefits of compiling accurate information about their clients and the economy at large. The more data they have, the better equipped they are to predict market trends and make sound financial decisions that will positively impact their futures.

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How much influence should data have in government?

Rachel Wheeler Archive
There’s a general consensus that data quality can play a pivotal role in shaping the future of the federal government. By gathering as much demographic and financial information as possible on the American people, some say, the government can glean valuable lessons that will help with everything from city planning to revamping social programs such as Social Security and Medicare.

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Marketers should expand their use of big data

Paul Newman Archive
There are many questions that marketers must ask before they can leverage big data to achieve the best results. Here are a few issues that remain unresolved.

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Big data can help improve education system

Rachel Wheeler Archive
There are many examples of big data’s ability to have a positive impact on education. Here are just a couple.

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Companies must stick to honest means of collecting data

Rachel Wheeler Archive
It’s universally agreed that big data holds the keys to business innovation in the years ahead. By compiling as much information as possible on their customers, their demographic information and the trends that influence their spending decisions, corporate leaders can make educated decisions about their futures. Arguably the most significant element of competition in the business world going forward will be for data, as a 21st-century arms race will ensue between corporations looking to compile more information and outsmart their competitors.

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Element of surprise can assist big data in marketing campaigns

Richard Jones Archive
Big data is universally respected as a key element in marketing. The more you have, the more analysis you can perform on your industry, and the more influence you can gain with potential customers. But according to Harvard Business Review, there’s another important element that must work in conjunction with big data - the element of surprise.

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