What is Big Data?
According to IBM, Big data can be defined as the vast amounts of data that comes from anywhere. Big data is a part of your life, it includes, but not limited to phones, laptops, social media posts, mobile phone signals and seller history. This data can be used in such a way to see patterns and trends, which helps marketers to understand customers.
What isn’t big data?
To begin with, check this out. Too much to read? Don’t fret. There are three key differences between big data and other types of data.
Volume. Velocity. Variety.
There are several companies that make use of Big Data. These include, but not limited to:
Amazon and Netflix uses recommendation engines to make purchase suggestion based on each individual interest so that a better experience can be offered to customers.
- Starbucks uses location based data and demographic information to choose the perfect locations for their stores.
- Coles uses their loyalty implementation to find out purchases made by customers to find the link of their customers.
- Last but not least, credit card companies use big data to evaluate risks.
Main Reasons to use Big Data
- Increase operational efficiency
- Enhances more accurate results that are proven to increase Sales
- Offer better and more suitable products and services
- Power to engineer outcomes
Many companies uses Big Data for many purposes and to market differently to different customers. It can be said that, the more companies that uses Big data, the better efficiency is achieved for their businesses. In turn, this is highly to generate more sales for the company.
What do you think about Big Data? Still unsure?
To help with your understanding of Big Data, here’s a quick and easy video to understand!
Once again, thank you for tuning in and until next time! Let me know below which Big Data would concern you the most! It can be anything!
5 reasons I love big data and analytics. (2016). IBM Big Data & Analytics Hub. Retrieved 17 April 2016, from http://www.ibmbigdatahub.com/blog/5-reasons-i-love-big-data-and-analytics
8 Marketers Doing Big Data Right. (2013). Mashable. Retrieved 17 April 2016, from http://mashable.com/2013/05/06/cmo-data/#KbaSBQqZrSq5
IBM – What is big data?. (2016). Www-01.ibm.com. Retrieved 17 April 2016, from http://www-01.ibm.com/software/data/bigdata/what-is-big-data.html
McAfee, A., & Brynjolfsson, E. (2012). Big Data: The Management Revolution. Harvard Business Review. Retrieved 17 April 2016, from https://hbr.org/2012/10/big-data-the-management-revolution/ar