Big data projects fuel better decision-making
Executives in all industries are increasingly making big data initiatives a top priority this year in an effort to gain a better understanding of audiences, members and clients.
John Linwood, chief technology officer at the BBC, told Computing Magazine that the network is leveraging big data technologies to deepen audience insight, which is crucial to increased viewer satisfaction. He explained to the news source that big data has allowed producers and executives to make smarter decisions about the network's programming.
"The challenge is that historically the BBC has not had this richness of data, so very often the inbuilt systems at the BBC don't take account of the information we now have available," he told Computing.
Now that the network is mining big data for enhanced analytics, Linwood told the news source that the focus is on making that information valuable and actionable for the marketing department. According to Linwood, big data can be just as relevant to financial matters as it is to marketing and programming decisions. He proposed that eventually, big data analytics will allow programmers to measure audience reactions in real-time. This can be a challenge, he explained, with social media, because it is impossible to have someone continually monitoring every interaction on these channels. As a result, Linwood asserted that companies need to have a system for collecting social data and effectively automating the analytic process.
Big data strengthens relations
The New York Times reported that Netflix is another company that has capitalized on big data command. Jonathan Friedland, chief communications officer for the company, explained to the source that knowing what customers like to watch has directly improved client relationships by allowing the site to better predict which shows will be in high demand. Additionally, because movies and TV shows have hundreds of tags attached based on specific characteristics, the service has been able to make more targeted suggestions to subscribers based on the individual user preferences.
In an interview with Business 2 Community, Steve McKee, president of the marketing agency McKee Wallwork, was optimistic about the promise of big data for improved decision-making.
"I am fascinated with the rapid escalation of 'big data' and the tools available to analyze it," he told the source. "More and better-understood data will give the analysts more influence, but since data, by definition, can provide only a view of the past (even if it's the immediate past), we'll need forward-thinking creative capabilities more than ever."
Utilizing DBA services to mine big data can provide organizations with endless possibilities for insight into clients' needs and desires. Armed with this intelligence, firms can gain a competitive advantage in the rapidly evolving marketplace.
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