Big Data - Value to Business

In a global environment, it is imperative that companies find ways of maintaining a competitive advantage whilst delivering on the needs and wants of the customer. Marketers, to remain ahead need to understand the minds of their target market in terms of attitudes, feelings and values and need to develop tactics or seek creative ways that would satisfy their business objectives and drive profitability. Data is ubiquitously available. The use and misuse of it forms our world – whether through the relationships with others or companies alike and this can lead to both a powerful and disruptive change. Despite the view taken of it, it is increasingly becoming a key structure on which companies of this era continue to thrive on; whether used ethically or not. McKinsey Global Institute (2011) states that big data will usher in fundamental changes in competition, innovation and productivity. With the increasing use of big data companies are better able to exploit customer intelligence and influence their decision-making patterns, make informed managerial decisions and increase their return on investment (ROI).

Big data has the power to revolutionise the art of management decisions. It is becoming a progressively significant asset for decision