Big data describes large volume of data – both structured and unstructured – that overwhelm a business on a day-to-day basis. The amount of data isn’t important but what organizations do with the data that matters the most. Big data can be analyzed for insights that will eventually lead to better decisions and strategic business moves.
Though the term “big data” is relatively new but the act of gathering and storing large amounts of information for eventual analysis is ages old. The concept of “big data” gained momentum in the early 2000s when industry analyst Doug Laney articulated the now-mainstream definition of big data as the three Vs mentioned below.
Volume. Organizations collect data from various sources, including business transactions, social media and information from sensor or machine-to-machine data. In the past, storing it would’ve been a major problem – but in recent times new technologies such as Hadoop have minimised the burden.
Velocity. Data streams in at an unmatched speed and so it must be dealt with in a timely manner.
Variety. Data comes in all types of formats – from structured, numeric data in traditional databases to unstructured text documents, email, video, audio, stock ticker data and financial transactions.
Driving Digital Marketing Success With Big Data
Big data can be used in Digital Marketing to better understand customer insights, to power campaigns and promotions. The job of the marketer has evolved in the recent days to keep up with technology and they are now crunching statistics, targeting individuals instead of the masses, with their non stop research they are navigating through thousands of channels to reach their group of target audiences. When it comes to digital marketing, online data is the fuel that drives success and builds a brand so marketers must accumulate and integrate these online data sets into a marketing database.
While this is little overwhelming, the digital revolution has produced tons of data and every day the number is increasing, and from this data-driven marketers are gaining better insights and more clarity into today’s consumer behaviour than ever before.
Why Is Big Data Important?
The actual importance of big data doesn’t revolve around how much data you have, but what you do with those raw datas. You can take data from any source and analyze it to find answers that enable cost reductions, time reductions, new product development and optimized offerings, and smart decision making. Combining big data with high-powered analytics, the business-related tasks that can be accomplished are:
- Determining root causes of failures, issues and defects in almost real time.
- Recalculating entire risk portfolios in minutes.
- Generating exciting coupons at the point of sale based on the customer’s buying habits.
- And also detecting unlawful behavior before it affects your organization.