The critical insight of big data
Big data is ‘datasets whose size is beyond the ability of typical database software tools to capture, store, manage and analyse.’ Moreover, it refers to data sets that are too large or complex for traditional data to process and manage applications. The technological advancement and popularity of mobile technology and the Internet of Things produced more data with each individual’s devices.
The insight of big data is that individuals and organisations can now gather and analyse massive amounts of digital information that can produce business intelligence. While data sets grow and produce applications with more real-time, streaming data, businesses are turning to the cloud to store, manage, and analyse big data.
Big data characteristics are significantly excelling in
- Variability (and complexity)
Sources of big data:
- Internal (e.g. sensor data)
- External (e.g. social media)
- Structured data (organised and searchable)]
- Unstructured data (95%of big data)
- – Available as audio, images, video and unstructured text
The benefits of big data
From civilisation to 2003, people created only five exabytes of data; in contrast, in today’s society, the data is made within two days.
The advantages of big data are improving operations, providing better customer service, creating personalised marketing campaigns and taking other actions that ultimately increase revenue and profits. Additionally, businesses that implement big data effectively hold a potential competitive advantage over competitors that don’t because the company can make faster and more informed business decisions.
Another advantage is that utilising big data is critical to acknowledging or making sense of unstructured data. Organisations require reasonable and progressive approaches to create valuable and practical insights from big data.
In marketing, big data comprises gathering, analysing, and using massive amounts of digital information to improve business operations, such as:
Customer engagement – big data analytics provides the business intelligence that bringing about positive change is essential for improving existing products or increasing revenue per customer. Moreover, brand awareness is another way big data can significantly impact marketing, demonstrating that data-driven retailers enjoy more with a greater annual increase in brand awareness by 2.7 times.
Improve customer acquisition – intensive users of customer analytics are 23 times more likely to outperform competitors in terms of new customer acquisition. Therefore, leveraging the cloud allows gathering and analysing consistent and personalised data from multiple sources, such as web, mobile applications, email, live chat, and in-store interactions.
Better overview of the audience – provides insight into customer behaviour because of the accessibility of big data; the benefits of customer information are available to even small and medium businesses, thanks to cloud computing and big data.
Extracting insights from the big data
The many procedures to convert big data into value; some examples are:
- Text analytics
- Audio analytics
- Video analytics
- Social media analytics
- Predictive analytics
Moreover, machine learning, rule-based, and manual categorisation can be extracted by either service-based or oneself.
Organisations that can analyse the present value of the business, predict future growth, strategise ways that could benefit and identify the need of the consumers are some things that companies should keep in mind while extracting valuable insights from Big Data.