Evidence-based decisions drive success. Progressive business organizations are now relying on insights and accurate predictions to understand their marketplace of customers, competitors and suppliers in ways never thought possible. In the present age of digitization, untapped insights are hidden within the vast deluge of digital information generated daily across the Internet, and beyond. Harnessing this external data today can be a true competitive advantage for pioneers, and will soon become necessary part of business for all enterprises. To realize the value of external data organizations must learn to generate meaningful insights from massive volumes of complex, heterogenous unstructured data scattered across the internet. Doing so requires combining emerging machine learning tools with web scale cloud platforms to run them and specialized visualizations to understand the results.
Machine Learning allows organizations to determine, quantify and make sense of relationships hidden within large scale, complex data. In essence Machine Learning is a set of tools and techniques that endeavor to teach, rather than program, the system by providing it large volumes known examples. It is the foundation for self-driving cars, robotics, speech recognition, web search, facial recognition, cancer detection and diagnosis and understanding of the human genome.
These very same tools can be applied searching, classifying and extracting meaningful and targeted insights from the billions of privately and publicly published news, industry, social media items created daily.
To keep one step ahead of the competition, marketing teams need to do more than just identifying existing relationships among data observations. They need to know how the market will react to their campaigns based on predictive modeling applied to data generated across social media and internal channels in real-time. This is precisely what machine learning does – it helps recognize patterns and relationships that translate raw data into actionable insights.
Cloud-Enabled Scalability and Flexibility
Big Data is exploding in volume, velocity, and variety. Infrastructure requirements to process petabytes of data can overwhelm enterprise operating on a limited IT budget. To reach the global marketplace and capture, curate and analyze insights from millions of data sources in real-time, marketing teams need to apply Machine Learning at scale. Cloud based infrastructure and applications are essential to web scale data analytics and Machine Learning.
Confident decision-making depends on the ability to understand and interpret data-driven intelligence reports. Specialized visualizations are necessary to expose and understand patterns and meaning in large scale complex data. Information around intrinsic details of otherwise hidden competitive intelligence, risks and opportunities can deliver unprecedented competitive differentiation. Busy executives need to absorb information efficiently and effectively. Decision-makers can easily overlook impactful information presented as a set of complex statistics and numbers in analytics reports. Enhanced assimilation of key competitive intelligence, immediate identification of changing market trends and improved understanding of hidden Big Data patterns constitute some of many value propositions presented by market Big Data visualization capabilities.
Improved external competitive and market intelligence presents the following business benefits:
- Single and Unified Customer View: Analyze your marketing efforts for a variety of customer segments. Understand the requirements of varied customer-base, and study risk and opportunity drivers of each customer category independently.
- Forecast Competition: Understand where your true competition lies. Identify the moves of your competitors and get a head start with more impactful business and market operations.
- Identifying New Opportunities and Risks: Identify unfilled gaps in the market to maximize the value potential of your marketing efforts. Identify risks in real-time and avoid costly mistakes proactively.
- Global Market Coverage: Analyze the vast variety of data across online and offline channels that aren’t otherwise accessible. Tap into new high-value markets instead of relying on a limited customer-base.
- Operational Alignment: Align business operations with business performance. Understand how well your current business activities achieve organizational objectives. Are you making the most of your resources? Identify cost-centers and transform them into profit-centers.
Progressive business organizations can neither afford to ignore market Big Data, nor swim in the exploding data deluge. Advanced analytics capabilities are required to seize the market and competitive intelligence that will drive profitability and revenue streams.
Mere intuition and experience will not suffice in making the right decisions at the right time. Marketing teams and business decision makers need insights on customer behavior, market trends and economic changes in real-time. These insights exist within Big Data, and can be extracted effectively using Machine Learning algorithms and NLP capabilities. These advancements have already transformed the business landscape and promise unprecedented value propositions for the marketing intelligence industry segment, ensuring dramatically improved outcomes of regular marketing efforts.