Companies are quickly turning to big data in order to gain a competitive advantage over others in their industries, according to eWeek. These tactics enable them to capitalize on what seems like random information from content that's already stored in their databases and the billions of social media posts generated every month by verifying data quality
and turning it into profit-boosting insight.
"Industries furthest ahead in big data are web/internet, financial services, retail, some manufacturing and marketing departments across all industries," said Andrew Brust, a big data expert, analyst and consultant, as quoted by the source. He explains that these companies "are analyzing weblog and social media data to determine browsing and buying patterns and sentiment."
This explains why one in three businesses perceives big data as a boon for its marketing strategies, as do another 40 percent that perceive the benefits, but also believe big data can be a threat to consumers' privacy, according to a recent Supermarket News survey.
However, many have wondered whether big data mining is actually problematic for consumers, given that it enables companies to personalize products and services for an enhanced customer experience.