Data is everywhere. There is no way to stop, deny or avoid it. Big Data is the next economic revolution. After the triumphant success of the Internet, the capabilities of managers to use the endless and steadily increasing amount of data will split companies into those who know what they do, and those who just guess. There will only be winners or losers. Managers need to understand that we are on the verge of a new economic era. The more they listen and learn, the higher the chance to win the data race. 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.
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About the Author
Dr. Michael Toedt is Managing Partner and CEO of Toedt, Dr. Selk & Coll. He is responsible for the fields of marketing technology, consulting and data protection. Besides his activities with Toedt, Dr. Selk & Coll., he is assistant lecturer at the University of Applied Sciences of Munich and as guest lecturer at various universities such as the University of Applied Sciences of Bad Honnef or Kempten and responsible as HSMA vice president for the South-East region. Dr. Michael Toedt has published also a lot of articels and whitepapers about CRM and Marketing and the book "Big Data - Challenges for the Hospitality Industry" and is also reviewer of the International Journal of Economic Sciences.