Monday, January 7, 2013

Mega trend 3 - Big Data

The third big trend is big data. A definition of big data with a business focus is given below by
Phil Mui, Chief Product and Engineering Officer, Acxiom

“The world has always had ‘big’ data. What makes ‘big data’ the catch phrase of 2012 is not simply about the size of the data. ’Big data’ also refers to the size of available data for analysis, as well as the access methods and manipulation technologies to make sense of the data. For many, ‘Big Table’, ‘Map Reduce’, ‘Hadoop’, ‘No Sql’, among other such technologies are strongly correlated, and often used interchangeably, with ‘big data’. The adoption of these tools and techniques enables one to make sense of the volume, velocity, and variety of big data.

For marketers, ‘big data’ represents a challenge and an opportunity to develop intelligent analytical tools to better reach their customers at the right channel, right time, and right device. Big data promises significant payoffs: it enables marketers to invest proportionally to the value of existing or potential customer relationships, often in real-time. More importantly, big data promotes a culture of data-informed decision making. It is now much harder to justify a decision based solely on ‘intuition’ or ‘gut’ without some data analysis to back it up. If it takes a hyped term to make data-driven decision making pervasive, I am all for it.”

So as we head into 2013 we will see tools becoming available that can assist us to tap into new and exciting market niches armed with massive amounts of data. This will make the data mining currently used by Apple Google and Amazon seem elementary.

So keep an eye on the three mega trends and consider how you can meet the market.
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