In this era of globalisation, everything is moving at a pace faster than it ever did before. Today a consumer has ample choices in any of the decisions he/she needs to make. A collection of all the current and relevant consumer decisions, responses, activities and preferences is known as big data. It reflects the changing world we live in. The more things change, the more the changes are captured and recorded as data.
Naturally, with increased choices and varied preferences today the importance of gathering and analysing this data is very high. Traditional data mining and handling techniques cannot uncover the insights and meaning of the underlying information given the population size and varying responses.
For example, in travel industry people generate huge data in all their activities and decisions. For a travel company collecting and analysing such data from around the globe is substantial to ensure better decision making.
WHAT BEAM IS: Cutting-edge aggregate reports with predictive analysis and visualizations for the $3 trillion global business events industry.
Recently, PCMA announced a new product for delivering market intelligence and data analytics for the business events industry. BEAM, Business Events Analytics/Metrics, revealed at IMEX will allow professionals to gain insights into the industry trends and behaviours. Sherrif Karamat the CEO of PCMA claims that BEAM can unleash the extraordinary power of data to advance research that will guide business event professionals to make informed business decisions.
This enables a far more effective analysis of the available data. For example, in the travel sector, companies will have a chance to improve the customer experience and their business by efficiently handling the big data at their fingertips.
Some recent examples; flag bearer of success stories:
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