Using Big Data to Create Value Instead of Just Targeting Groups

Big data has been accepted as a key tool for decision-making. Now business leaders are realizing that big data can do more than target customers to develop more effective marketing campaigns. It can create value when effectively leveraged in analytics.
By Valerie Gomez

The concept of creating business value by leveraging big data and big data analytics has been around a while now. The challenge now has become one of harnessing the massive amounts of available data, identifying the data relevant to the business, and converting it into analytics that produce new value.

Many companies collect big data already and use it to target customers to improve marketing. Though important, stopping at marketing improvements leaves a lot of potential value on the table. These analytics are also mostly backward looking, rather than looking ahead to anticipate new competitive opportunities.

There is plenty of data, but it is a challenge to turn that data...

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