In upcoming posts, I’ll be revisiting the ideas around how we use Analytics and Business Intelligence in marketing.
Before I do that, I wanted to do a post on something called Big Data. I was reading an article a month ago written my Frank Reed over at Marketing Pilgrim. The article, entitled, Internet Marketing Creates Big Data and Big Headaches for Business, caught my eye because it really helps define Big Data and why it can be a problem for many businesses. Frank’s blog post helps illustrate the details behind the Big Data problem.
First, Big Data is that conglomeration of data that business leaders and decision makers need to wade through to help make informed decisions. But there is disagreement about what Big Data really is. For our purposes, I like to define Big Data as all of the data that can be accumulated from any source, internal or external, in order to drive business decisions.
Second, Big Data can be a problem for many businesses because it can be overwhelming. In Frank’s article, 44% of respondents to a survey indicated that they simply had too much information available to them and this prevented them from using it. 34% say that there are too many online data sources to track between social and traditional online media. I can believe it. For example, the digital universe is 10X bigger than it was just a decade ago.
Big Data. We all have access to it, from the smallest to the largest companies. And it’s easy to drown in it. In upcoming posts, we’ll talk about how we avoided drowning in Big Data and instead learned to swim effectively through all of those bits and bytes to make good decisions.