Information amounts to the most fundamental basis for commerce, extending back over the 10 millennia that humans have been exchanging goods and services. Humanity is in the midst of taking their first tentative steps into the uncharted world of big data.
In this contemporary age -- which is increasingly being defined by advances in data collection, storage and analysis -- business leaders and innovators are faced with a problem of plenty. While the implications of big data are far-reaching and potentially on a scale that outmatches the import of the Industrial Revolution, the tools for effectively utilizing and harnessing the tremendous streams of data flowing in from an increasing number of channels are only now slowly coming into focus. To turn this problem of "too much data" into useful and actionable insights, tools -– ranging from leading-edge solutions like machine learning to AI-enabled analysis –- will be needed.
The information in this post pertains to three current such tools that business leaders can use to gain profound understandings that would be otherwise unavailable.
CRM Tools
Experian Data Quality, in a recent report, drew a rhetorical line in the sand between those in the business world who could be defined as the stragglers versus the innovators. The future leaders in their respective fields will know exactly what their clients and customers want through the effective analysis of collected and collated data.CRM
has received headlines in recent years -– especially as these kinds of Software as a Service (SaaS) applications have flooded the small to medium-sized enterprise market -- because these tools provide innumerable ways to help turn leads into customers and customers into loyal customers. But in this developing age of big data, some older CRM SaaS applications can resemble hugely useful, digital address books. While this isn't a bad thing, to achieve long-term success in business, it is becoming necessary for organizations to turn to the next generation of CRM software. Effective CRM applications going forward must allow users to put to work the reported data for their business by integrating and analyzing all the customer data businesses are being flooded with. A selection of the benefits of the next-generation CRM application you should be demanding from your CRM vendor include:
The ability to enable better, more specific targeting of customers based on their anticipated needs and desires.
Enabling increases in efficiencies and the effectiveness of your sales funnel by identifying weak points and bottlenecks in the sales pipeline that could either be patched up and improved or discarded altogether as unnecessary.
Allowing you to acquire clients and customers, retain them and turn them into loyal customers of your brand.
Predictive Analytics Applications for Business
This type of data harnessing tool is software in the business intelligence category. Predictive analysis essentially enables a business to utilize their reams and reams of data by gaining insights into what tomorrow's customers or clients will want. This software can be used by a large range of industries, including manufacturing, finance, retail, insurance and in marketing departments everywhere.The market for this type of software is rapidly expanding and for good reason. It aids a business in detecting and preventing fraud; in building out specific risk-assessment profiles; receiving aid in pinpointing trends in customer wants and needs, and much more.
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Tools to Aid Businesses in Search and Knowledge Discovery Efforts
More data will lead to new ways of using data, that is a surety. But before this can happen, unstructured and unorganized repositories of data must be tidied up quite a bit. This is where business tools to better facilitate an organization's in-house efforts at extracting information from multiple platforms-- such as streams, APIs, databases and other applications -- becomes a vital way to gain extremely specific new knowledge and insights.
Google BigQuery can greatly aid a business' efforts here as -- being a part of the RESTful web service platform -- it provides extensive interoperability between web-based data storage and computer systems. This can aid in extrapolating and analyzing information found on the web for usable discernment.
Forward thinkers are trying to tamp down the idea –- popular among some currently -- that the epochal development referred to as big data is a mere issue of more. In other words, a quantitative issue as opposed to being both that as well as a qualitative change. Big-data will qualitatively alter nearly every facet of life on Earth in the years to come, and businesses will need to arm themselves with data to thrive in these challenging times.
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Author Bio - Lindsey is a freelance writer specializing in business and consumer technology. | |
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