Big Data is one of those trendy tech terms we’re hearing about lately, but what is the big deal with Big Data?
Wikipedia defines Big Data as follows: “In information technology, big data is a collection of data sets so large and complex that it becomes awkward to work with using on-hand database management tools.”
According to IBM, 90% of the data in the world today has been created in the last two years alone. How is this possible? It’s because technology has provided us with more tools than ever before to collect it. These tools include electronic sensors, social media posts, digital pictures and videos, transaction records, etc.
Big Data is about combining your company’s internal information (sales figures, customer interactions, etc) with public data (like social media streams and government reports). The concept is that if you can organize and interpret all of this information, you can spot trends and anticipate future challenges that your company may be able to help overcome. Spotting the trend before everyone else sets your ahead of your competitors.
In addition to the abundance of data is the fact that it is now more understandable to computers. Exciting advances in artificial intelligence technology such as natural-language processing and pattern recognition allow computers to process facts faster and more accurately then ever.
However, it’s not just computers providing this data, people can be sensors just as well as electronic devices. After the 5.9 earthquake in August of 2011 hit Mineral, Virginia, the traffic on social media sites was eerily accurate when compared to seismographic readings. When that information was analyzed, you could track the path of the quake using Twitter postings. Imagine the possiblities for harnassing this type of information!
There are four components to big data: Volume, Variety, Velocity and Veracity. Essentially what this means it that to optimally process your data, you need to be able to organize large amounts of it, receive it in many forms, understand and respond to it quickly and be able to rely on the accuracy of it.
Some examples of big data used properly; retailers analyze sales, economic, demographic and weather data to decide which product selections are sold at certain stores and when those items should go on sale. Online dating websites use algorithms to sort through characteristics of their members to help them find compatible people to interact with.
Are you interested in learning more about how big data can make a big difference in how you do business? If so, call Teltek today! We can consult with you on the best CRM programs to implement and help you to manage your data effectively with hardware and software specifically designed for this purpose.
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