Big data, Analytics and BI are terms that excite the C-suite executives. Leaders of Fortune 1000 companies make efficient use of big data to do their jobs effectively. The following stats prove why big data is indeed BIG and cannot be ignored.
- The quantum of data created in 2014 and 2015 is more than the entire previous history of human race1
- Data growth is moving at an unimaginable pace. By the year 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet2
- Every second we perform 40,000 search queries on google alone, which makes it 3.5 searches per day and 1.2 trillion searches per year. We create BIG data3
- In Aug 2015, over 1 billion people used Facebook in a single day4
- Within five years there will be over 50 billion smart connected devices, all developed to collect, analyse and share data5
Big data helps the business leaders in
- Having a Hawk eye on the Industry: Analysing unstructured social media comments with analytics tools helps managers to have a better picture of customers and the industry. This helps enterprises to have clarity in segmentation, targeting and positioning their products and services.
- Efficient sales enablement: Unstructured social media content can also be used to enable sales personnel to upsell, cross sell and generate leads. Big data analysis helps managers to understand what the customer is looking for and decrease sales cycle time.
- Improving customer experience: Customer experience is what enterprises have started to focus on. Organisations have started to explore online vibes about them and created processes to resolve customer complaints about them in social media. Some organisations use this data to resolve customer complaints faster. Faster the issue resolution, better is the customer experience. Predictive modelling of data helps business leaders in identifying "at-risk" customers and efficient customer service to those customers lowers customer attrition rates. Thus big data also plays a vital role in retention strategy.
There are many more uses of big data which helps the C-suite executives in streamlining processes, managing supply chain, financial modelling and so on. If you are a business leader, what does BIG DATA mean to you?