There are many opportunities surrounding the Big Data space and if businesses milk the value from all the data they've got, it can change the way they deal with customers, according to Local Measure founder and chief executive, Jonathan Barouch.
The Australian location based social media monitoring and customer experience management company has been involved with B2B businesses to help alleviate the struggles of not knowing what to do with an abundance of local public social data.
"Most companies have a huge amount of data -- whether it's transactional data or loyalty, or website data -- and they don't exactly know what to do with it. Not many businesses extract actionable intelligence and operationalise it well," Barouch said.
As such, he addressed the importance for analytics companies to step up and help businesses with their datasets.
"We have to start thinking about data in terms of how it helps clients. It makes a huge difference as you can use the data and the things you know about your customers to change the way you better serve them. It can have an instant impact on your sales."
Barouch said the channel will be key, especially with an ever-increasing volume of data expected to hit the market in the coming years.
"We're only at the tip of the iceberg. A lot of companies are now beginning to capture that data, but not necessarily using it yet so the channel has an opportunity to offer services in that space. There's a whole bunch of Cloud services where you can just pump your data into these platforms but there needs to be analytics on top of these platforms," he added.
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Barouch added that Local Measure has been on a growth spurt recently, having opened a new office in London and hiring Sara Axelrod (former Twitter head of technology, telecom, and mobile) as the company's chief operating officer.
He also mentioned that the company's focusing on data and reporting capabilities currently but will be looking to include local analytics to its solutions in the coming months.
"For us, this year is all about the data journey. We've got granular, local data on consumers that share the public domain. So we want to help our customers better leverage that and potentially connect that within the other data sets that they're holding so they can better serve their customers.
"Phase one was all about Australian companies using analytics to responding to things like customer complaints, but phase two is going to be all about how it's going to feed into marketing and operations and how it will help them automate and communicate with customers," he claimed.
He also said the company intends to grow the company threefold, especially with a focus on the hospitality, tourism, retail, and entertainment verticals.