A common question that drives discussions on big data among executives is whether or not it will solve business problems and optimize processes. While an abundance of data already exists, it’s often inaccessible and underutilized. Big data solutions offer companies the ability to draw strategic insight out of their mountains of existing data, which could lead to profit increases once an action plan is implemented.
Radhika Subramanian, CEO of Emicien, advises that companies must start analyzing the data they collect and store to find critical relationships between data points, especially those related to customer buying patterns. Subramanian refers to this as “pattern-based analytics,” and says that it will increase profit as it helps organizations understand customers’ experiences and demands.
When NCR implemented a pattern-based analytics solution, the company saw significant improvements in several of its operations. Not only did this big-data solution consolidate core product configurations and improve sales enablement, but it also allowed the supply chain to gain a better demand signal. As Subramanian explains, these types of improvements can have a significant impact on an organization’s bottom line.
How will your organization leverage big data solutions to increase profit? Read more at DestinationCRM.com.