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Big Data refers to the massive quantity of structured and unstructured data that can be collected, sorted and analyzed to reveal patterns, trends and associations. The goal is to arrive at conclusions that help craft strategic business decisions. Sources of big data include customer call data, social media, sales visits, e-mails, product research and the like.
A few important characteristics of Big Data:
Due to the above characteristics, even though companies understand and accept the benefits that big data analysis can bring, they still find it quite challenging to handle and interpret the data. While 70% of businesses see big data as critical to optimize business efficiency, 61% believe it will be a real challenge to implement. For those who utilize it, 69% see added value for the innovation process.
Big Data & CRM – More Power To you!
Big Data integrated into CRM is a powerful tool that businesses can use to their strategic advantage. CRM helps in sorting and analyzing the vast pool of data and enables a business to quickly react to market forces. Reports generated based on big data can provide accurate insights into customer behavior which can be used to achieve greater customer satisfaction and loyalty.
Let’s take a look at the benefits that big data-CRM integration can bring to businesses:
1. Higher Customer Satisfaction
2. Retain loyal customers
3. Increase sales
4. Improve customer service
5. Measure and Track ROI
6. Predictive modeling and strategic decisions
7. Improving Brand Image
In spite of the above benefits, companies find it difficult to collect and assimilate big data. Some of the key challenges that companies face in this area are:
The big data market is predicted to be valued at $100bn by 2020 . Big data can generate massive opportunities for businesses – 15-30% improvement in marketing and 10-15% improvement in customer portfolio. The only constraint is the time it takes to pay off. Integrating big data with CRM can bring in faster and more accurate results and give a company huge competitive advantage against its rivals.
If you wish to unleash the power of big data but are overwhelmed by the sheer size of it, our team at Suyati can help you. Contact us today at firstname.lastname@example.org.