The Devil Is In The Data, But Machine Learning Can Unlock Its Potential
To one extent or another, every organisation in today’s world recognises that big data is key to its future. That hasn’t always been the case, of course. Only in the last decade or so has there been a big focus on big data — or data in general. Prior to that, ‘data warehousing’ was the prerogative of organisations that had to deal with vast quantities of data as part of day to day operations, such as banks, insurance firms and pharmaceuticals. Now with the dawn of increasing digital capabilities and the appearance of the Internet of Things (IoT), organisations from every sector are eager to explore how they, too, can generate business intelligence from the information they collect from customers.
If you look at the internet pioneers — Google, Facebook, Ocado, Netflix, Amazon, etcetera — they have loads of data and, with the exception of the ‘odd’ data breach, they tend to use it well for marketing purposes, to access and engage customers, and to sell value to clients. This has led B2C and B2B organisations to realise that if they understand their customer base – their needs, wants, desires, and buying behaviours – they can influence purchasing decisions and win loyalty. READ MORE ON: INFORMATION AGE