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Big data is important for retailers

Rachel Wheeler Archive
There has been a lot of buzz recently about the advent of big data and how harnessing the information can bring significant benefits to companies. While some industry analysts believe the concept is solely a buzz word, it doesn't mean that implementing technologies associated with it won't improve data quality and enhance business operations, according to a PC Magazine report by Michael Miller.

"Instead of just talking about 'big data' as if it was one thing, it might be more useful to think of a variety of changes in how organizations deal with data," Miller said.

The large volumes of information can come from a variety of sources, including tracking consumer behavior on the web and analyzing social network trends, Miller noted. Businesses can then use the data to change operations, offer new products, develop promotional strategies or create new ways of communicating with clients.

By utilizing big data quality tools, retailers can also improve customer loyalty, as consumer satisfaction rises, according to a report by Retail Customer Experience. This is especially important in today's economy, as it will likely generate more sales.