We'll soon be entering the big data era. Last year, 32 percent of companies reporting investment in big data projects were now off the cliff. This figure is expected to double in 2014.
The data management needs to be a core competency for successful companies. There's now a consensus in the marketing industry with the growing on these initiatives. The new marketers are acting on collecting, synthesizing and high-value data. Despite this growing emphasis on big data's importance, there's still a lack of consensus about what companies need to do to profit from it.
Especially in the last year, companies have invested in new and technologically advanced ways to gather information on their core customers. So, how 2014 will be the year to big data? In 2014, the question is not "of big data," but "how big data?" That is: how can your company be a high performer in the big data era? There are three areas to focus on:
- First is the time gap. Big data projects can take up to 18 months to fully implement. You need to manage correctly to this time. Time is become perfect to data management.
- Next is the people gap. The exponential growth of data can overwhelm a company's resources. Especially if a clear plan on how to capitalize on from experiences does not exist. In 2014, the increase in supply of data scientists and the introduction of new data mining tools will help bridge the productivity gap.
- Last is the knowledge gap. Bridging this gap is the most complex. It starts with setting clear targets. Because, more data may lead to more accurate analyses. More accurate analyses will lead to more confident decision making.
Why Spending on Big Data Isn't a Waste
The knowledge that is gained from big data means very little without an actionable plan to use it. Collecting data from consumers has value only if it translates to improved business results. In the coming year, high-performing businesses need to refine their data management systems to better serve their marketing teams.
A few years ago, the data generated by social media and mobile devices either wasn't accessible. Now, the depth of mobile and social media data is overwhelming. In 2014, these data will sources become increasingly available to improve every stage of the customer lifecycle. Companies can create more data in a digital format. They can more accurate and detailed about product inventories, collect orders information. This is gives you the possibility to provide products or services that much more special to narrow segmentation customers. Therefore, the data spending is not a cost for companies. It is profitability way.