Big Data: The Fuel Behind Successful Businesses
Gediminas Rickevičius, VP of global partnerships at Oxylabs, says with the help of modern technologies today, businesses can get the most out of public data.
What is the role of big data in business growth?
Big data serves as a significant source of value that businesses can leverage to gain a competitive edge and enhance corporate performance. With advancements in technologies like machine learning and artificial intelligence, companies are increasingly investing in big data projects. In a survey conducted at the end of 2021, 91.7% of IT and business executives reported increasing their investments in big data and AI initiatives, with 92.1% achieving quantifiable business results from these efforts.
How can companies better understand their customers using big data?
Organizations can utilize alternative data to gain a deeper understanding of their customers. For instance, by collecting external data from competitors, such as product information and pricing, businesses can uncover consumer buying behavior trends. Additionally, clickstream analysis can reveal how consumers navigate a company's website, helping businesses identify potential barriers in the purchasing process and optimize their offerings accordingly.
What challenges do companies face in utilizing big data?
Despite the potential benefits, many companies struggle to realize the economic value of their big data environments. A survey from January 2022 indicated that only 39.7% of respondents managed data as a corporate asset, and just 26.5% had transitioned into data-driven organizations. This highlights the challenges in effectively integrating big data analytics into business operations and decision-making processes.
Big Data: The Fuel Behind Successful Businesses
published by Montra
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