Customer-facing businesses are learning from one another how big data can help them predict consumer behaviour.
Big data offers an insight into behaviour – whether that is the behaviour of individuals, a process, group, machine or an organisation. Research into understanding its impact can be a vital tool for businesses to gain insight on its customers. As such, the results can have a large effect on company decision-making.
But there is a fine line to tread between detailed customer insight and intrusion. Big data can be a powerful tool, but it can’t yet predict large-scale trends.
Sander Klous, managing director of Big Data Analytics at KPMG Netherlands and professor at the University of Amsterdam, talks about how this data should be used – and the pitfalls of overreliance on predictive analytics. Analysing big data can be key, but you must ask the right questions.
In the age of shared platforms such as Uber and Airbnb, how can a business best adapt? Companies need to consider: