‘Big data is the new science of understanding and predicting human behavior by studying large volumes of unstructured data. Big data is also known as ‘predictive analytics’.
There really is no hard and fast rule about what size a database needs to be for it to be considered “big.” Instead, what usually defines it is the need for additional tools and new techniques to be able to process the data. In order to even use it you need programs that span multiple machines (physical or virtual) working together in harmony to process it all in a reasonable amount of time. As some of you may have experienced, this can be a challenge.
Why Is Big Data Important?
- The data is literally – massive
- The data is unstructured
- Data is a prized commodity
- The possibilities and uses are endless
Since big data is so unstructured, it’s very rare to come across someone who knows and understands it all. Aren’t you glad you found us?
Big data comes from sensors, devices, video/audio, networks, log files, transactional apps, web and social media. One of the cool elements of big data is that much of it is generated in real-time and at a very large scale.
How Can You Benefit?
Using big data analytics can help you boost customer acquisition and retention. It allows you to observe various customer related patterns and trends. Understanding your customer insights will allow your business to be able to deliver exactly what your customers want from you. Companies have lost millions in running advertising campaigns that aren’t targeting the correct audience. Why did they lose so much? Because there is a good chance they were missing the research phase and didn’t have a good audience as a foundation to their campaign.
A more targeted and personalized campaign means that businesses can not only save money with their marketing efforts, but they can ensure efficiency. Target high potential clients (audience) with the right products (advertisements) and you will get sales (conversions).