How Big Data and Predictive Analytics improve marketing
Predictive Analysis research and 'Big Data' is helping companies to improve their marketing, through accessing multiple sources of data and employing specialist staff to 'understand the data', providing actionable data which Marketers and Decision-makers can use to improve performance.
This IBM and the Aberdeen Group 'Big Data for Marketing' research set out to identify the ‘Best in Class’ practices for companies providing accurate information in an efficient way, to support key Decision-makers and their planning processes.
The Infographic below summarises the top strategies, results and capabilities:
It highlights that it has helped companies to become more efficient, improve their decision-making and overall performance, through actionable high quality data analysis. The detailed report draws out the technologies and business capabilities of those being used by 'Best in Class'.
Aberdeen Analyst, Nathaniel Rowe says that 'customer analytics has become the driving force behind big data developments,' so it’s of little surprise that many of the “best-in-class” enterprises in the report came from the fields of retail and telecommunications. Rowe also said specific use cases are popping up as having big, quick returns, like fraud detection in financial services or the analysis of sensor data in utilities.
They surveyed 125 organisations across the globe, with an on-line survey to identify:
- Data collection sources
- Efficiency to manipulate and analyse data
- Accuracy and quality of data.
- Tools and resources to support this.
Some of the findings concluded:
- 93% relied on their data quality
- 35% realised a year on year increase in ‘accessible data’
- successful companies up-skilled staff in analytics with training and external Analysts to support them
- those ‘Best in class’ were 5x more likely to have a ‘Data Scientist’
- companies experienced improved data agility through analytical exploration and drill-down tools.
To read more about the survey findings, you can access the Big Data for Marketing Report from Aberdeen's group website.