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Big Data and Its Role in Real-time Decision Making

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Technological innovations, globalized business world and the affordability of digital devices have today increased the flow of information in digital format. Further, with business environment been technologically oriented, the corporate boardrooms and CEO's chambers are all buzzing with the effect of how “big data” can help them unleash the potential of organizational capabilities and values.

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									                           Big Data and Its Role in Real-time Decision Making



Technological innovations, globalized business world and the affordability of digital devices have today
increased the flow of information in digital format. Further, with business environment been
technologically oriented, the corporate boardrooms and CEO's chambers are all buzzing with the effect
of how “big data” can help them unleash the potential of organizational capabilities and values. The
evolution of social networking sites, new media and sales channels further challenges the enterprises
with new customer expectations and increased competition.


However, to make the most of big data and its insights, the enterprise management first needs to
understand what makes up the “big data”. Referred to as the big data, this is an umbrella term used for
the explosion in the quantity and diversity of high frequency digital data. To be successful in the face of
competition, enterprises need to focus on the fast and diverse set of information that can come from
any source- either the online customer behavior via social media, click streams across your company’s
Web sites, audio files or data which is automatically generated with the use of sensors and other
machines. Such data collected from various sources and analyzed, produce information insights that
can help the enterprise in real-time decision solutions. Its actually a race to convert the volume, velocity,
and variety of big data into information insights for the benefit of the organization to stand ahead of
the competition.


The new age enterprises with vast amounts of digital data stored and transferred through their wide
corporate networks make use of the big data analytics to be proactive. By deploying predictive models
on event streams enterprises are able to spot the unexpected events in real time. This further helps in
improving the business intelligence and speed of response to customer behavior, any threats or
business disruptions. Moreover the incorporation of analysis based on predictive chat and intuitive
customer experience captured by the customer relationship management systems, helps in providing
the needed insight for the marketers but fail to provide the additional information that will enable the
enterprises to completely understand the individual customer’s needs. By incorporating real-time
decisioning software, along with predictive analytics, into the existing customer relationship
management system will work out as the game changer.


Further, with the help of such intelligent analytics the marketing professionals are able to determine a
customer’s tendency to respond to various sales offers. The real-time decisioning software, guides the
  marketing professionals to adapt their dialogue and response as per interactions. Though predicted by
  Forrester Research to be the faster growing marketing segment, with uncertainty still looming on how
  best to integrate, big data and real-time decisioning tools are no modern cure for age-old development
  challenges.


Related links: smart chat, customer experience solutions

								
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