A technology expert is predicting 2014 will be the year when more agencies will maximise the potential of ‘big data’.
Product director at Domain, Damon Pezaro said in recent years many companies were investing in data capabilities and learning how to leverage it for their businesses.
“I think we will see 2014 as the year whereby companies stop and ask, 'We have all this data, now how are we best going to use it?’ The shift will move to more of a focus on the analysis of data and the output of that analysis.
“As technology and costs of storing data continue to decrease, 2014 will likely see the rise of everyday business capitilising on the insights big data has to offer by leveraging it as a valuable tool to bring about increased efficiency and help predict outcomes with greater accuracy,” he said.
Mr Pezaro said it was important for agencies to get their data management in order by focusing on small data before concentrating on big data.
“I would strongly recommend that agents use the very cost-effective technology solutions that are readily available to help drive efficiencies through their businesses," he said. "A good example of this would be using a system like MyDesktop, a CRM for agents, for full customer management, efficiencies in communication and time.”
Big data benefited agents as they would access more insights from multiple data sources. This in turn would allow agents to provide relevant recommendations to clients as well as being able to predict their decisions.
However, Mr Pezaro emphasised that data would play no role unless it was understood through analysis.
“Analysing the data to gain insight into customer behaviour will have a profound impact on the industry. Even the most basic analysis could be used to increase the impact of marketing efforts, which reduces business costs," he said.
“There are many other advantages, including offering an improved service to clients, taking far quicker to make important decisions and generally creating a more efficient business.”