How Big Data Will Change the Way of Doing Business?
Michael Toedt, Michael Toedt (Herausgeber)
Why is Big Data so important? Big Data can help companies to increase their revenues, improve their profit margins, reduce risks and cut costs. Intelligent use of data supports customer acquisition, allows for higher prices, minimizes the risk of unprofitable investments, improves profit margins, supports the direct distribution channels, and helps to bypass expansive third-party vendors. It also generates customer loyalty and eventually helps to reduce technology, administration and payroll costs. There are manifold reasons to take a deeper look into Big Data.
In medieval times, merchants in the Mediterranean accumulated extreme wealth by trading in spices such as salt. Nowadays, the prosperity of a company strongly correlates with its ability to manage and use customer data.