The buzzword “Big Data” is the new sheriff in town. It simply refers to a huge amount of information available both online and offline, that cannot be stored and analyzed using traditional tools. The talk of the moment is this; if your business can’t take advantage of the large pools of information around us, online and offline, glean actionable insights, it is certainly heading northward. Someone needs to save it from diving deeper.
Eric Schmidt, executive chairman of Google says; “as much as data is being created every two days, as was created from the beginning of human civilization to the year 2003”. These are varieties of data about your target audience which when properly analyzed could yield insights that can accelerate your business growth. Information such Web logs, sales, customer contacts and behaviours, social media posts, mobile data, audio, video e.t.c These data can provide needed business information in profiling customers as well as products and services development.
Imagine a world where business executive can better predict accurately consumers behavours based on their previous Web activities. This data-driven world is right here with us. Everywhere customers go online, they leave footprints. Big Data analytics allows us to have deeper knowledge of our customers and people with commercial intent of our products and services.
However, with array of consumer information, you can be right all the time about customers preferences if you can leverage with Big Data. There are three Vs that define Big Data:
90% of all data ever created was generated in the past 2 years. Volume describes the amount of data generated by humans, machines, and organizations. Big Data is usually in petabytes (1,024 terabytes) or exabytes (1,024 petabytes) of data consisting of billions to trillions of records of millions of people/machines from different sources. 100 terabytes of data are uploaded daily to Facebook. The mobile revolution has generated massive data for us from social media updates, sensor data from devices and an explosion of e-commerce. If you know how to use Big Data, you can gain an incredible competitive edge.
Velocity describes the frequency at which data is generated, captured and shared. Every second, we upload 100 hours of video on Youtube, send over 200,000 tweets. Velocity refers to the increasing speed at which data is created, processed, stored and analyzed. Advertising companies are leveraging on the ability to process data real-time to display personalized ads to web users based on your recent search, viewing and purchase history.
With variety, Big Data means much more than rows and columns of datasets. It means all shapes and forms- from geo-spatial data, to tweets which can be analyzed for content and sentiment, to visual data such as photos and videos which can have important impacts on company decisions – if it’s analyzed properly in time.
In the world of Big Data, data and analysis are core and inseparable. Business executives need not wait till their competitors wake up to the reality of Big Data as a new inevitable business tool.
Gone are the days we guess our business decisions or rather faith such decisions with the hope of near accurate results. Now, you can leverage on Information Driven Business Model to stay a mile ahead of competitions.