Big data mining an increasingly critical capability
Enterprises unable to handle the ever-increasing volume of big data will struggle to remain competitive in 2013.
As a result, experts predict that businesses will increase IT budgets for big data mining in order to advance. A recent survey by Neolane and The Direct Marketing Association (DMA) revealed that the majority of executive marketers are unable to extract meaning from customer data. In fact, sixty percent of respondents either didn’t have a strategy in place for managing big data,or were not aware of one. However, more than half of executives surveyed did plan to invest in database administration services and technologies that could assist marketers in creating structure for continual data collection. Stephen Dietrich, president of Neolane, commented on the survey’s indications.
“Regardless of resources, all organizations need to consider a marketing technology platform that can both manage and analyze critical data,” he said. “While having the right people and processes in place is essential, with the right technology, marketers can independently derive value from Big Data to drive successful campaigns and immediate ROI.”
Higher ROI with database support
As the worth of big data analytics increases, marketers who seek technological support will see the most return on IT investment.
In an interview with Forbes contributor Bruce Rogers, expert Rory Finlay of Egon Zehnder explained that the marketing landscape has changed from assumptions based on anonymous consumers to hyper-targeted decisions based on concrete customer data. Because the number of channels for data capture is increasing, analysts are faced with an overwhelming challenge of filtering useful information from noise, knowing what marketing messages to send to customers and at what time these efforts will be most effective. Dick Patton supported these claims, asserting that most enterprises still aren’t using database experts for deeper analysis.
“Marketers who can plug holes in the company’s mastery of Big Data, Digital Marketing and social media may lack experience and proficiency in building brands, in crafting marketing strategies to drive growth in traditional companies, or in leading big teams,” he stated.
Businesses empowered by data analytics have the opportunity for substantial progression, making IT investments in big data this year a worthy investment.
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