The New Era of Big Data!
Big Data is everywhere!
The last decade was the beginning of a new era, because of the huge explosion in new information available in all sorts of fields. This new era is called “Big Data”. But the problem with Big Data remains that with such a vast and complex amount of information sets is it possible to use and harness these information without running into problems.
Problems with Big Data
The numerous problems such as how to link the data taken from multiple sources. Each source may have different types of documents such as text, pictures, videos, voice, HTML or XML. As such these different types maybe unstructured (text, HTML pictures, voice) or structured (HTML or XML) making it harder to present all of the necessary information in one neat report. Another major problem is the quality of data. While linking the data is a challenge bringing semi structured data into the right context is the other.
Opportunities of Big Data
After collecting data and information from different public sources and extracting and integrating those into system the next step is to analyse this information and bring it into the right context so that it can be used for decision-making. Having the information provided would enable businesses to examine the impact upon the market for example current trends are affecting sales. A system that uses complex data processing to extract and aggregate facts from a large collection of structured and unstructured documents into a set of unified, clean entities and relationships can be pure gold for a company.
Why Big Data will change marketing
Information is the key and Big Data can help your company to react on current market situations.
Data in Real Time
Real Time Data can be very important for your marketing strategies. Instead of the data your company has stored in Databases, Real Time Data is accumulated instantly from numerous resources and passed then directly to the end-user for business purposes. This can help change advertising on specific products or to help customers to make their buying decisions. This data often only helps if it is in real-time and is not really designed to be kept.
Big Data and Budgeting
With the right set of information in Big Data a company is able to quickly see what products are running or not. So they can increase or lower the budget on specific ads or strategies. With good analytics in Big Data non profitable or best seller can be fast identified and sorted out or be promoted. This helps a company in managing their marketing budget much better, because they can early stop putting more money in non profitable products. Funds being right allocated is important for your marketing campaign.
Big Data and Tailored Advertising
“Advertising is one of the most important decisions a marketer makes and media purchasing is the most expensive of all advertising spending. Ensuring that media is bought effectively and not directed toward the “wrong people” has always been a challenge for marketers” (Iyer, Soberman & Villas-Boas, 2005). With tailored advertising a company targets specific customers or uses only information based on their last purchases or customers. For example Coupons you get when you bought a product or service. Tailored Advertising is a big field in the marketing and there are a lot of strategies to follow. With Big Data and good analysis a marketer can find quality marketing spots and where to place the ads best to get the best ROI.
Big Data into the Future
Who wants to predict the future. I guess everybody has dreamed once before to know what will happen in the future. But with Big Data this isn’t far away. Using all sets of information can help a company to actually predict what will happen in the future on certain events. Using historical information with current market information as well as real-time-data is the key to success in some fields of businesses. For example the financial sector is one of the sectors that profits the most from reading data and information sets right. Companies in the financial sectors spend millions and billions on software that is able to harness information. So we are just at the beginning of this new era of Big Data. What is your company doing about Big Data? Now is the right time to jump on the train.
Autor: Andreas Lechner | Lechner News – The Technology News Channel – Technews | IoT | Web | SEO | IT Lechner | The Creative Agency | Rechner.Expert UG | Lechner Unternehmensgruppe UG | RechnerLechner
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