Companies collect data. The grocery store keeps records of buying habits and then sends consumers coupons based on those habits to get them back in the store. Student loan companies solicit former students when they use the search phrase, “getting out of debt.” A tweet on Twitter or specific social media searches can determine what sponsor ads pop up on your news feed. Companies collect email addresses, phone numbers and demographic as well as geographic information. It’s all stored waiting for someone to analyze it.
What is big data?
Big data is the collection of information from traditional and digital sources both inside and outside of a company. This data represents an opportunity for continual discovery. Big data analytics is making sense of all that information. Big data scientists sift through the information using multiple sources to find new trends and insights. This can provide a competitive advantage or help to spot a serious problem before it has a devastating effect. It can spot trends about how consumers are spending their money. It creates a forward-thinking plan because it illustrates patterns in behavior that are used for marketing, buying or selling.
Big value in big data
Big data analytics requires investment up front. Companies pay top dollar for highly qualified data scientists to look at the data from all angles. Big data analytics allows companies the opportunity to draw from structured, semi-structured and unstructured data. Structured data is highly organized like a spreadsheet or database. Unstructured data could be email or social media and it’s growing at an exponential rate. Successful data scientists draw from all types of data using multiple sources. The more sources a data scientist knows how to use, the more earning potential he has.
Big data analytics offers big benefits to companies. Understanding data and implementing insights can improve customer engagement processes across a variety of platforms. Investing in big data solutions will help companies realize where problems are, teach them what they don’t know and inspire solutions. Businesses who employ big data will have a competitive advantage. It adds a new dimension to how businesses interact with customers and other businesses.
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