Big Data has been called many things: interesting, compelling, workable, complex, nuanced, overwhelming, helpful … many things. But, no matter what it’s called, the most important description of Big Data comes from how it is being used. Businesses who have implemented Big Data analysis correctly and simply, call it a great creative advantage.
Quite simply, Big Data is allowing businesses across several different industries to remarkably outperform their competition. Both established companies and those fighting for market share have been able to leverage Big Data and achieve great success through increased innovation, better competition, and across-the-board increases in efficiency.
Prime examples include the healthcare industry, where Big Data scientists are able to analyze treatment outcomes for service providers, and even deduce benefits and risks of certain pharmaceuticals prescribed in countless, nuanced situations. Researchers have long known that clinical trials could not give them all the information they wanted, just what they needed to go to market. Now they can get that information and much, much more.
Manufacturers are using Big Data analysis to determine exactly how their products and services are being used by consumers. They can break down and aggregate information in ways never before possible. Information that was once considered extraneous is now revealing tremendous quantities of previously unknowable data.
These advances are being achieved faster than ever before, some even in real time. Changing sales approaches, and cultivating “smart” approaches to customers based on the crunching of data they never see. This gives them a more customized experience, and gives the brand a better understanding of how to achieve and promote customer loyalty.
Not only that, but Big Data is also creating entirely new industries. Data storage, analysis, distribution, aggregation – every step of the way the marketplace needs new professionals to manage this exploding industry. There is no doubt that Big Data is here to stay. The benefits are simply far too great for companies to ignore. The only question you need to ask, though, is how Big Data can help your brand get better.