Big Data driving radical customization
Updated: Mar 3, 2020
The magnitude of data generated and shared by businesses is increasing immeasurably. Due to the high value for business, operational and strategic potential of gathering and analysing the data; Big Data has become the focus of most modern corporations. Scaled adoption of AI across multiple industries is increasing with the exponential increase in the volume and complexity of data available to feed AI’s capabilities; as well as computing power and advanced algorithms.
As Salim Ismail, one of the founding executives of Singularity University stated in his acclaimed book Exponential Organisation: “AI, Machine Learning and data analytics are being extensively used to free up human thinking”. We can free up human thinking through collaborative intelligence. Where human and machine intelligence actively enhances each other's strengths: the human leadership, teamwork, creativity, and social skills with the speed, scalability, and quantitative capabilities of machines.
In this era of “big data” an overwhelming amount - 2.5 quintillion bytes of complex and unstructured data is produced daily and is collected constantly from everywhere and from all possible devices. Big Data is defined as a collection of extremely large sets of complex data related to consumer behaviour, social network posts, geotagging and sensor outputs. These large volumes of complex data, collected across a variety of sources needs to be analysed in an iterative, as well as in a time and ethically sensitive manner in order to successfully translate them into actionable insights.
Big data analytics assist in effectively interpreting these complex sets of structured and unstructured data and can deliver improved competitive intelligence and radically transform businesses processes.
“Radical customisation, constant experimentation and novel business models will be new hallmarks of competition as companies capture and analyse huge volumes of data”
Businesses can create data-driven marketing strategies, sourced from first- second- and third-party data that deliver personalised, contextualised, dynamic end-to-end experiences for individual customers.
Putting people at the heart of Big data and making data actionable, enables businesses to discover a deeper understanding of customers individual preferences and behaviours in real time. Advanced analytics systems such as audience management and real-time customisation systems can drive radical customisation by delivering tailored messages to the right user at the relevant moment of interest.