3 Important "Big Data" Trends To Pay Attention To
Big data has made its way into the marketing scene over the past year and is expected to become an even bigger deal in the latter half of 2014. This means that small and large businesses alike will have to invest more in the use of their data and use the technology available to become more competitive in their industries.
As consumers demand for brands to offer a more personal and relevant experience, merchants have to use their incoming customer data more efficiently to accommodate their buyers. The upcoming year will bring about many new trends and practices regarding the use of big data for the benefit of many businesses.
Running a company well means being flexible and having the insight to try new ideas without compromising the integrity or success of the brand. Marketing teams will need to keep that in mind as they adapt to the changes of the market and competitive business world. Doing so requires smart business owners and a team that is open to new marketing ideas and willing to work hard analyzing and applying insights to their upcoming promotional strategies. Here are three important big data trends to pay attention to moving forward:
1. Comprehending the meaning of "big data"
Right now the idea of "big data" is scary and overwhelming for many businesses. The phrase is thought to mean more, complex and confusing information on consumer spending habits. While this may be true, it is a very vague definition that does not do the term justice. This year, marketers will start to really understand the entirety of big data and subsequently be able to use it more effectively.
2. Big data collection will be more refined
Previous big data collection involved massive amounts of information that marketing and information technology teams had to sift through to find any insight. While there is still going to be a lot of data to go over, the collection process is going to become more refined and give marketers what they are looking for with less information.
3. Data acts as money
While still two separate entities, data and money are becoming equal in the business world. Data is basically capital, offering the example of Google making billions with their search engine - which has become so successful because of the data it collects and utilizes to make searches more relevant for users. Big data could essentially lead to more sales.
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This article is for informational purposes only and it is not intended to provide you with any personalized financial, marketing, accounting or tax advice. Neither Moneris Solutions Corporation (Moneris) nor any of its affiliates shall be liable for any direct, indirect, incidental, consequential or punitive damages arising out of use of any of the information contained in this article. Neither Moneris nor any of its affiliates warrant or make any representation regarding the use or the results of the use of the information, content and materials contained in this article in terms of their correctness, accuracy, reliability or otherwise.
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Moneris processes more than 3 billion credit and debit card transactions a year, for over 350,000 merchant locations across North America. We have over 1,300 dedicated employees who understand transaction processing and know how to make it work for you.Follow on Twitter More Content by Moneris