Relationship between CRM, social, mobile, cloud and 'Big Data'
Big Data refers to the tools, processes and procedures allowing an organization to create, manipulate, and manage very large data sets and storage facilities. This large volume of data created by more than terabytes of complex information flowing in from social media and other new and traditional sources is harnessed by analytic and transaction applications like social CRM. Often, these data sets grow so large that they become challenging to work with in terms of capturing, storing, searching, sharing, analyzing and visualizing.
By helping us analyze historical data, Big Data considerably improves the accuracy of predictions. Traditionally, this volume of data was collated for meteorology, genomics, astrophysics, business informatics, internet search, etc. In the current decade, social media and mobile devices generate extensive data and activity logs - conversations, messaging, browsing, searching, sharing and more. One billion tweets are made per week, according to analysts – the number of tweets per day has increased by over 40% in the first quarter of 2011. Also, 77% (approximately 5.3 billion) of the world’s population are mobile subscribers; a major portion of the growth in users is from China and India.
The common factor between CRM, social media, mobile devices, the cloud and Big Data is ‘information’. A relationship is formed between them when we create a business strategy that keeps Big Data on the cloud by capturing customer data from social and mobile. This data is then harnessed by a CRM based on key factors to provide actionable insights and assist in predicting the needs of your current and future customers. The result is optimized products and services that are future-proof and provide a vast competitive advantage.
The ability to facilitate in-depth studies and mine actionable intelligence from customers’ Big Data in the cloud is going to be a key differentiator for organizations this decade and is achievable through several highly effective social CRM tools.