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The Definitive Guide to Social CRM: Maximizing Customer Relationships with Social Media to Gain Market Insights, Customers, and Profits by Barton Goldenberg

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Chapter 22. The Impact of Big Data Analytics and Insight on Social CRM

Big Data refers to data-driven, tactical decision-making derived from large data volumes coming from a variety of sources (e.g., transactional, Social Media, mobile devices, electronic transactions, etc.).

Big Data’s growth over the past few years has been explosive. In 2012 businesses spent $5.1 billion on Big Data services. By 2017, this figure is estimated to reach at least $53.4 billion, which is a 10-fold increase in five years. This impressive growth is being driven in large part by decreasing costs for both data storage and data analytic tools, and a new business model for generating and consuming data. Regarding the latter, under the old model a few influential third-party ...

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