Big data analytic strategies are becoming critical to forecasting consumer and client behavior as well as marketing campaign success in a variety of sectors.
According to Smart Data Collective, while big data has been available for some time, organizations are just recently deploying remote database services and tools for predictive analytics. These technologies allow firms to more closely observe patterns in existing data to make more informed predictions and decisions.
A recent study by IDMI revealed that many businesses and nonprofits are still struggling to comprehend how the explosion of big data can improve behavioral analysis and fundraising or sales strategies. However, according to IDMI's research, nonprofits can capitalize on new opportunities for social media interactions and other technologies that are integrated with campaigns. The firm asserted that with the assistance of database experts to interpret large stores of information, mining big data can unlock new insight based in historical behavior, which then informs future strategies. The real value of big data, however, lies not in past histories, but in real-time analytics. The ability to measure response and sentiment as it is happening can aid organizations in understanding what, when and how methods are most effective.
Paul Noonan, president of IDMI, commented on the firm's research.
"Big data is a strategic wave that nonprofits must choose to ride, as delivery mechanism and response opportunities continue to grow and expand along with technology," he said. "Organizations need to remember that just a few years ago social media and email wasn't even a part of their campaign strategy, and there's no foreseeing what new appeal and response avenues might unfold in the coming years."
Analytics fuel algorithms
Nonprofits are not the only sector that can capitalize on these strategies. IDMI explained that retailers have been able to use big data to analyze sales against customer demographics and economic factors, while other industries have been able to benefit from these initiatives in other respects. Shipping companies can fine-tune routing by mining data surrounding delivery times and traffic patterns, while police departments have been able to analyze historical trends in arrests to predict crime and deploy officers for adequate response to potential situations. Dating sites have been able to gain deeper understanding of member interactions with big data analytics and improve match algorithms.
Big data solutions can empower organizations with the tools to organize, filter and identify valuable information that can revolutionize the decision-making process, regardless of business objectives.
RDX's business intelligence and big data experts assist customers in leveraging data contained in large data stores. For more information, please visit our Business Intelligence and Predictive Analytics pages or contact us.