Study Identifies Link Between Big Data, Financial Profit
The study, sponsored by SAS, set out to identify the ways companies use massive amounts of data they collect.
The business must put a well-defined strategy in place before it starts collecting and processing information in order for data to "work its magic," according to the study of more than 700 companies.
Some 66% of companies surveyed collect Web data about their customers. And while the ability to use big data to create a better customer experience shows a strong connection with company performance, only 22% said social media and Web data influence customer experience. When used effectively, customer data can lead to dramatic improvements in loyalty, as well as more effective methods for enticing customers from rivals. The number rises to 33% among companies that significantly outperform their peers.
When asked to list the challenges in processing data more rapidly, 41% of respondents cited a lack of the right skills in their organization. This reason is more often cited by executives working in sectors where technical skills are essential, such as IT and financial services.
Companies will need data scientists and data stewards to gain insight, according to the survey. TruEffect Martin Smith also wrote a whitepaper titled "Big Measurement," which posits the need for the C-suite to add a Chief Measurement Officer to tackle big data challenges.
Marketers simply need to look outside of marketing and advertising toward industries and companies like IBM or Intel to see how data-driven thinking changes business and reshapes industries.
Recent Data and Targeting Insider Articles
-
How IBM Commercializes Watson Post-'Jeopardy' May 21, 9:50 p.m.
Remember Watson, the artificial intelligence software IBM created to compete on the "Jeopardy" game show? IBM ...
-
Twitter Acquires Data-Focused Companies For Real-Time Analytics May 15, 10:05 a.m.
Twitter's focus continues to turn toward real-time marketing and the data that backs the transition. The ...
-
Data Mining 'Pee-Pee:' Selling Mastery In The Age Of Personal Analytics May 13, 12:23 p.m.
As major corporations scramble either to put big data plans in place or to appear to ...
-
The High Price of Bad Targeting And Data Complacency May 10, 12:35 a.m.
How many times have you walked out of a retail store in a huff simply because ...
-
'Always Above The Fold': Audio Joins The RTB Ranks May 6, 3:33 p.m.
As programmatic media buying extends its reach beyond display and into video and perhaps eventually to ...
-
The Doggy Dog World Of Data, Coupons May 2, 1:16 a.m.
I take my soft-coated wheaten terrier to a veterinarian that provides a percentage off one service ...
-
Back To Basics: MobiGirl Media's Simple, Transparent Tween-Targeting April 29, 12:12 p.m.
If you are fed up with the obtuse nomenclature of tech-driven digital ad targeting, tired of ...
-
Facebook To Open Tech-Advanced Data Center April 24, 3:58 p.m.
Microsoft and Google recently announced clean energy plans for their respective data centers -- and now ...
-
Is 'Do Not Track' And Opt-Out Already Impacting Audience Value And Pricing? April 19, 4:32 p.m.
As advertising bought via real-time bidding platforms sees its volume accelerate, the rich audience data attached ...
-
Study: Most Shared Ads In Entertainment Vertical April 17, 5:11 p.m.
Ad campaigns produced by consumer product goods (CPG) companies attracted nearly as many online video shares ...
1 comment on "Study Identifies Link Between Big Data, Financial Profit".
Leave a Comment