Behind all the grandeur and hype of complex data mining and analytics, how much of this information do companies actually benefit from?
The term ‘Big Data’, as described by IBM, goes beyond the rudimental process of accumulating and managing data. It is described rather as the holy grail of market research, which provides the company with a plethora of new insights. The information deciphered allows companies to gain a better understanding of the success of their operations, and tailor their product to better suit the needs of their consumers.
For all its acclaimed benefits, why hasn’t it helped more companies reach a marketing epiphany?
The main problem exposed by its wildfire adoption is that very few market researchers possess the skills required to decipher and give meaning to all this data. An article written for Harvard Business Review explains that the failure to make use of relevant information on hand is the main undoing of many marketing firms. Marketers, who are seeking to gain from big data, need to first wade in the shallow end of the pool with floaters before leaping into the deep end that is big data.
A study conducted by the World Federation of Advertisers (WFA) specified the three conditions to meet to simplify the use of big data.
1. Giving big data collection efforts a clear purpose
2. Learning to look beyond the hype and break this information down into smaller data
3. Hire the right ‘talent’ to transform big data into actionable insights
You can read more about that here.
Asian organisations are slowly picking up on big data technologies. However, some are still hesitant about using this to improve their business operations.
Help organisations simplify big data implementations this October! Showcase what your technology can do at Asia’s Customer Festival 2014, taking place from 20 – 22 October. For more information on exhibition or sponsorship opportunities, download the partnership brochure here.
[Image – reednovagallery – Flickr] [Article by Kimberly Wong]