CRM & Big Data Analytics
The Importance of Big Data:
“There were 5 exabytes (1 Exabyte= 1 billion gigabytes) of information created between the dawn of civilization through 2003, but that much information is now created every 2 days.” – Eric Schmidt, of Google, said in 2010.
“How you gather, manage and use information will determine whether you win or lose.”-Bill Gates
What is this Big Data everyone is talking about these days?
Big Data can be defined as the huge volumes of data being generated everyday that can be mined for information. The data can be structured or unstructured and is often characterized by the 3 Vs: extreme volume of data, wide variety of data types and the velocity at which the data must be processed.
Where does this data come from?
The data is generated from multiple sources such as social media platforms, server logs, web click stream, mobile apps, database stores, business records etc. Interestingly, limitless data will be generated with real-time sensors embedded in devices that will be connected to the internet in what is know as “Internet of Things”.
But this data is insignificant without the tools that can process and analyze it.
How can CRM leverage Big Data?
The possibilities that Big Data offers are endless but you need to have the right tools to derive detailed insights from heaps of data. If companies want to reap the full benefits of big data, they first need to invest in Customer Relationship Management software. A CRM can keep track of the data trail that customers leave on various online platforms and present the data in a rational and coherent way.
Why integrate Big Data with your CRM?
The tastes and preferences of today’s digitally empowered customers are constantly evolving. Big Data empowers businesses to predict how customers are going to respond in the future based on their past buying behaviour.
The better the recommendations, the higher the conversion rate.