Transforming Big Data Into Actionable Insights

Abstract

In order for big data to be refined and made actionable, it will require the pressure of advanced analytics and then marketing adoption of the learnings found within the unrefined “big” source. This paper will show that four emerging data trends will enable the necessary evolution from big data to advanced customer segment analytics. This new approach will be enhanced by transactional data and secured by new technology and compliance regulations. Data must transform the customer experience, create operational efficiency and define new business models. Four emerging trends will drive the growth of big data and its transition to advanced analytics: mobile, social, cloud-based data and the Internet of Things. Companies must apply the right analytics pressure to create diamonds of data rather than unrefined blocks. In order to make data actionable it will need to be secured, subjected to proper compliance and enhance the consumer experience. Data and technology are allowing us to answer very difficult questions that have not yet been asked e.g., purchase sequence. The complete data set that emerges from the four sources mentioned as well as Internet traffic analytics has come very close to producing a 360 degree picture of the customer. In order to see that picture with clarity, transactional data is critical. Transactional data will produce new levels of actionable customer segments that define the future of advanced analytics. Prescriptive analytics represent the nirvana state for the discipline. Companies should strive to approach that ideal rather than become consumed with admiring their past descriptive analytics successes. Integrating analytics at key points of intersection in real-time will allows maximization of the benefits of insights to the bottom line.