Introduction to Big Data

INTRODUCTION TO BIG DATA 

Big data refers to the massive volume of information (structured & unstructured data) that continues to spread at ever-expanding rates. There are numerous sources like emails, mobile devices, servers, databases from which data is been captured. Big data plays a potential role for the companies to make effective decisions and obtain useful insights to upgrade operations and raise revenue.

Along with the huge number of information, big data associates with major challenges in keeping it reserve and to examine which is created on an everyday basis as the internet becomes more reachable to the consumers.

Gartner (2012) defines Big Data: Big data is high-volume, high-velocity and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision making, and process automation. (Forbes.com, 2020)

Volume: The amount of data received from a multitude of sources.

Variety: The inconsistency found in data, like structured data, unstructured data & semi-structured data.

Velocity: The speed at which information is generated.

Obtaining massive amount of data has continued to rise and having data alone doesn’t improve an organization without analyzing its value until we use big data channel to help in action, process and visualize this enormous amount of data.

Big data is transforming marketing in the following ways:

-        Big data help companies to generate consumer-specific content and helps in strategizing effective way of advertising their products.

-        It also helps in constructive and immediate actions leveraging real-time data.

-        There is another benefit that big data brings to marketing is improving customer retention by simply understanding their competitors.

Look at the scenarios where big data solutions have helped companies like Coca Cola to gain competitive advantages in terms of:

-        Generating efficiencies in supply chain operations in retail.

-        Leverage on processing and analyzing the massive amount of information.

-        Big data gave them the understanding of the customer on ‘who drinks their drink’ and where those people are located.

      I hope this blog gives you a clear understanding of Big Data and how it works. 

    References:

    Webopedia.com. (2020). What is Big Data? Webopedia Definition. [online] Available at: https://www.webopedia.com/TERM/B/big_data.html [Accessed 10 Feb. 2020].

    Forbes.com. (2020). Council Post: The Past, Present And Future Of Big Data In Marketing. [online] Available at: https://www.forbes.com/sites/forbesagencycouncil/2020/01/17/the-past-present-and-future-of-big-data-in-marketing/#78d8aa3c5da9 [Accessed 10 Feb. 2020].

    

    Ntnu.no. (2020). [online] Available at: https://www.ntnu.no/iie/fag/big/lessons/lesson2.pdf [Accessed 10 Feb. 2020].

   

S earchDataManagement. (2020). What is Big Data and Why is it Important?. [online] Available at: https://searchdatamanagement.techtarget.com/definition/big-data [Accessed 10 Feb. 2020].

  

   Talend Real-Time Open Source Data Integration Software. (2020). Big Data in Marketing 101 & Why it's Important. [online] Available at: https://www.talend.com/resources/big-data-marketing/ [Accessed 10 Feb. 2020].

    Forbes.com. (2020). Council Post: The Past, Present And Future Of Big Data In Marketing. [online] Available at: https://www.forbes.com/sites/forbesagencycouncil/2020/01/17/the-past-present-and-future-of-big-data-in-marketing/#78d8aa3c5da9 [Accessed 10 Feb. 2020].