SIGNIFICANCE OF THE BIG DATA PHENOMENON FOR MAKING MARKETING DECISIONS IN REAL TIME

Abstract

: The success of the company's management concept depends
on the ability to provide quality and comprehensive information by establishing personalized communication with consumers in real or near
real time. This form of communication has become the imperative of
modern business in the business decision-making process. In the today's sea of information marketing managers need to find concepts that
will make it easier for them to process data. Big Data is a megatrend,
a phenomenon that includes huge amounts of data that are generated
almost automatically with the help of the latest technological advances,
and then analyzed to turn into useful information. The Big Data concept has set great expectations, but profitable data monetization has proven
to be more complex than was originally predicted. That is why the education of top managers, who can benefit from adopting and applying
new concepts, is very important. The purpose of this paper is to explain
the importance of real-time data for more effective and efficient marketing decisions, as well as to emphasize the role Big Data has in the
collection, processing and presentation of data. This paper presents an
overview of current views in scientific and professional literature on the
Big Data concept and the benefits it offers, in particular by emphasizing
the benefits it has in making better marketing decisions in real time. It
also describes the aspects that need to be taken into account when creating the Big Data solution, the barriers that companies can encounter
in its application, and suggestions for future empirical research are
provided at the end of the paper.