Understanding Big Data Better: What Big Data Can and Cannot Do

Summary The digital revolution and constantly changing technologies dominate today’s prevailing management decisions. In recent years, the volume of data in companies has grown continuously. Data is sometimes regarded as the gold of the twenty-first century. To meet the future requirements of customer value-centric management, it is necessary to analyze the digital customer journey of different business models and develop strategies for the intelligent collection and processing of data as well as value creation through artificial intelligence. Decisive here is the question of changes in marketing and CRM processes as a result of big data as well as the opportunities and risks of data use in the digital value chain. Big data is an increasingly important technology and enables the analysis of extremely large volumes of data in order to identify interrelated patterns, trends, and connections in terms of behavior and interactions between customers and companies. In addition to the growing volumes of data, new and powerful IT solutions are also needed to help analyze this data. Customer value-centered management must be aligned with where exactly the possibilities and limits of big data analyses are to be classified.