In the recent economic downturn, many American businesses needed to cut back. But fortunately for retailers, nothing is forever, and a recovery is beginning to take hold, allowing them to allocate more funds to initiatives that can help them grow their operations. One important factor in expansion today is IT, and it's no surprise that when many companies consider spending on improvements, they look to emerging technologies. Harnessing cutting edge solutions along with support with remote database experts, organizations can make the most of healthier economic conditions.
The big data advantage
According to the 2013 Retail Outlook Survey by KPMG LLP, retail executives have big plans in terms of IT-related spending. While a large portion of enterprises hope to make better use of social media and mobility, big data was shown to be on leaders' minds as well. In fact, the source noted that businesses hoping to leverage these tools have clear ideas of how they want to use analytics to their advantage, with 72 percent citing gaining customer insight as a primary goal. Additionally, respondents hope to use big data analytics to better their brand and product management (67 percent), as well as inform their pricing decisions (56 percent).
The Ivey Business Journal explained that big data is fast becoming the best way for companies to set themselves apart for competitors and gain critical advantages. The source recommended that in pursuit of results, firms consider the benefits that they might be able to get from their analytics technologies. Outlining goals is crucial for any company to receive a return on investment (ROI) with big data.
One example, the news provider said, is that big data can be used to create truly innovative products and services. The source pointed out that in some cases, manufacturers are even embedding sensors in their offerings to gather more accurate and insightful data about how to improve after-sales offerings. Additionally, big data programs can help organizations streamline processes by getting all the business' information converted to digital forms, saving time for employees down the line.
With remote database experts at their sides, companies can achieve strong results from their big data analytics investments.
RDX's business intelligence and big data experts assist customers in leveraging data contained in large data stores. For more information, please visit our Business Intelligence and Predictive Analytics pages or contact us.