Big Data has been said by some to be over-hyped. Not the case though, Big Data is starting to deliver major solutions for businesses and I have seen the investment payoff for several clients.
For a quick example, one of the Fortune 100 clients we work with started a pilot project that proved providing customers their specific information on the website as well as in email communications could increase sales by 20%. In addition, customer satisfaction increased by giving customers solutions that were relevant to them as individuals – instead of just a number. This helped reduce costs associated with churn and customer dissatisfaction.
A handy report from Gartner showcases all of the practical uses big data can be used for. The number one area companies are addressing is a no-brainer: Improved Customer Experience. If your customers are not happy, then you run the potential of being left with no customers at all.
Utilizing Big Data to treat your customers as individuals and communicating, even anticipating, their specific needs can naturally lead to higher sales and less costs due to customer dissatisfaction. Big Data is starting to provide big ROI and be a large competitive advantage for those that use it.