As companies look to stay at the cutting edge of their fields, they are considering big data projects that can help them innovate current processes, introduce new ones that can increase profitability, and uphold data quality
Big data correlates various types of information so, for instance, content captured during transactions at point-of-sale terminals can be paired with information about weather patterns, The Boston Globe reports. That way, coffee shop owners can see that customers who are already in the establishment when a rainstorm starts tend to spend 20 percent more than they otherwise would have, but the inclement weather also causes slower foot traffic.
This information can be used to help decision makers develop strategies to capitalize on these trends. In the same scenario, the coffee shop might bake additional cookies to lure hungry customers to the register, or send out a mobile message to nearby customers about a limited-time discount on the lunch menu.
Big data presents new possibilities like this to marketing teams, financial institutions, insurance providers, healthcare practitioners and retail companies. Because of the vast potential, big data is drawing more marketing investments than ever before, according to a study by BMO Capital Markets. The $50 billion businesses spend every year on data and intelligence analytics is expected to be focused more frequently on automating processes that were previously performed manually.