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Big Data: Businesses Clamor For Big Data Tools to Improve their Customer Experience
Big companies are adopting Big Data, or at least checking it out to see whether or not there’s something that they can gain from it. A study by NewVantage Partners surveyed some of the largest American companies and found that 85 percent of them are using or have plans to try to use Big Data. Some of the organizations in the New Vantage survey include American Express, Bank of America, CitiGroup, General Electric (GE), and the U.S. Department of Defense.
Consider some of the main findings of New Vantage Partners report:
- The top reason why these organizations say that they are interested in Big Data is to be able to get better insight into their customers and to be able to improve the customer experience.
- Big Data initiatives are typically now running across more than a single line of business and that is making the management of data projects more difficult
- Organizations say it’s not so much that there are large volumes of data, but data analysis is complicated by the growing variety, the increasing number of data sources and different data types
- Most organizations say that they lack individuals with the right skill sets to be able to manage their data and analytics initiatives. 70 percent want to hire data scientists but are not able to locate the talent.
The Edgell Knowledge Network also ran a survey on Big Data, but one that focused on the apparel industry. The report echoes many of the same findings:
- 80 percent of businesses are aware of Big Data. 60 percent said that they had a strategy in place for dealing with Big Data
- A key advantage of Big Data in retail is the ability for retailers to better personalize their products, advertising and customer service
- Organizations expect that Big Data can most positively affect their marketing, merchandising and multi-channel groups
- 46 percent said that the data volumes involved with Big Data is what makes it challenging, while 34 percent said the data variety is the challenging part. 20 percent said the frequency that data changes is the most challenging.
- Only 47 percent said that they had the right skills to understand how to apply Big Data to their business
