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The Big Data-Driven Business: How to Use Big Data to Win Customers, Beat Competitors, and Boost Profits
| Content Provider | Semantic Scholar |
|---|---|
| Author | Deevi, Sathish |
| Copyright Year | 2015 |
| Abstract | Reviews The Big Data-Driven Business: How to Use Big Data to Win Customers, Beat Competitors, and Boost Profits Russell Glass and Sean Callahan (Hoboken, NJ: John Wiley & Sons, 2014)Although big data has become a pervasive buzzword, few businesses fully understand what exactly big data is or how it can be leveraged to support growth and innovation. Russell Glass and Sean Callahan attempt to address these issues and deconstruct the dauntingly complex notion of harnessing big data for business applications. Glass and Callahan are pioneers in this field, having deployed big data strategies to grow Bizo, a business-to-business marketing company, until its acquisition by LinkedIn for $175 million. Both are now at LinkedIn; Glass is the head of marketing products and Callahan is a senior manager of content marketing. The authors give readers an insider's look at how big data can be used by laying out the available technologies and their implementation and showing how a newcomer can deploy big data tools for business goals.Beginning with a simple idea-that "the companies that most effectively use big data to gain insight into their customers and act on that data will win"-the authors conclude that modern businesses should "be data-driven and customer focused." The notion that a business should be customer focused is hardly novel, but historically it has been difficult and expensive merely to collect and store the data needed to glean transformative insights-let alone perform the analyses that lead to these insights. The advent of inexpensive large-scale data storage and advanced analytics capabilities is quickly eroding this barrier, making it possible for businesses to implement a data-driven approach across the organization. Big data analytics can provide new insights in the form of more focused information about what customers like and what makes them buy-leading to moreinformed decisions about, for instance, what could be optimized in the pipeline. Coupled with existing data and resources, big data can be used to generate and score new leads for sales, inform product development, and provide a hyper-focus on customers-potentially all in real time.These benefits are not restricted to business-to-consumer companies; the authors provide several examples of business-to-business applications. For instance, they describe how DocuSign, which provides solutions to manage digital transactions, saw a "1.1 percent increase in conversion rate [which] . . . equates to $6.5 million" just a few months after implementing predictive lead scoring.Glass and Callahan recognize that adopting these strategies may seem difficult; the first step, they say, is empowering IT to work directly with marketing to ensure on-demand access to the data stores and analytics tools. Recognizing that data is often segmented, broken up among various departments, and difficult to access, they lay out a plan of action that begins by bringing all the data together under one roof and providing easy access to the consolidated data for employees that need it. … |
| Starting Page | 66 |
| Ending Page | 66 |
| Page Count | 1 |
| File Format | PDF HTM / HTML |
| Volume Number | 58 |
| Alternate Webpage(s) | http://defomd.co.uk/the/big/the_big_data_driven_business_how_to_use_big_data_to_win_customers_beat_competitors_and_boost_profits.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
