In a recent article for Forbes, Andy MacMillan, senior vice president of product at Data.com, compared the potential of Big Data to a central problem from the movie Jurassic Park. MacMillan explains that simply because Big Data can be created, doesn't mean it intrinsically holds value for a company. Like the scientists in the film, some marketers and business executives are caught up in the potential of the discovery rather than the implications once it exists.
Many businesses don't realize until it's too late that they have problems with their data quality
. This can cause significant difficulties within their enterprises and ultimately require them to do more work to control the damage and restore the system to a positive condition.
When they do implement the proper tools, however, they can make more informed decisions with up-to-date information, increase revenue by developing improved campaigns and delivering better customer service, and also enhance operational efficiency by breaking down information silos, Julie Hunt writes for the Data Integration Blog.
Kellogg's recently adopted a new data strategy that to improve the effectiveness of its marketing efforts, as Marketing Week explains.
"The future of brand marketing lies in data-driven precision marketing," Matthew Pritchard, Kellogg's European planning director, told the source. "We're putting as much value on data as financial companies do."