Retailers using big data to gain competitive edge

The definition of big data changes from industry to industry, and even varies among individuals at a single company, according to Enterprise Irregulars. While the exact meaning is highly contingent upon the way in which the information is being used, there is a consensus across markets that big data holds vast potential.

As enterprises look to capitalize on the opportunities big data presents, more firms are launching strategies and investing in the tools to achieve their goals. A survey published by the O'Reilly Strata Conference shows that 18 percent already have a solution in place to tackle big data, while 22 percent say they will acquire one within six months and another 17 percent plan to put one in place within a year.

This could become especially advantageous in the retail industry as a way to improve customer service, according to the Retail Times. While using data analytics to better serve customers and anticipate their needs can give businesses a leg up, failing to do so could be detrimental to customer loyalty. In fact, the source suggests brands could even lose customers if they aren't providing the same experiences as competitors.

As retailers collect more data from a variety of sources, it will become increasingly important to ensure the information is organized and accurate if they want to uphold data quality standards.