Corporate budgets rise this year for big data exploration
Enterprises are dedicating more resources to mining big data for dynamic discoveries that fuel marketing success.
According to a recent survey by Infogroup Targeting Solutions, 68 percent of marketers plan to increase data-related spending in 2013, and 56 percent plan to hire database experts to handle management and analysis. The firm explained that is imperative for businesses to fine-tune data strategies in order to gain a more thorough understanding of consumers from these real-time analytics. Michael Fisher, President of Infogroup company Yesmail Interactive, asserted that enterprises need to be more proactive in big data management.
“When it comes to big data, hope is not a strategy,” he stated. “In 2013, brands should be taking a disciplined approach to building out their data operations. Data collection has almost been the easy part; the new challenge will be connecting the dots between different types of data across multiple channels.”
Business process acceleration
Investments in big data have a multitude of potential benefits, but the main enterprise priority for analytic technologies is to achieve insights that improve both decision-making and the customer experience. CIO reported that by destroying the barrier between IT and business, corporations are no longer burdened by time spent sourcing, normalizing and integrating data. This frees executives to react to changes more quickly, whether in consumer behavior or market demands.
Paul Barth, founder and managing partner of NewVantage Partners, told CIO that big data technologies allow organizations to find answers in a matter of seconds as opposed to months. This empowers executives to automate complicated workflows, and marketers to more quickly adapt strategies based on learned trends. Barth explained to CIO the significance of big data in assisting corporations in identifying unknown needs.
“The art part of Big Data is associated with discovery and explanation,” he said, “You’re looking for something you can’t quite articulate … In my view, traditional BI tends to be really far down the road after you understand the underlying analytics and correlations that relate to an issue you’re seeing. The phase in which you don’t understand it, the discovery phase, is where Big Data is useful.”
As businesses seek to respond more quickly to continually changing consumer desires, values and behaviors, investments in big data exploration provide insight that will make decisions more intelligent and strategies more socially relevant.
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