Introduction To Big Data: How It Affects You and Your Company
How much do you really know about your potential customers?
This can be a million dollar question. Luckily, with a basic introduction to big data and some customized software, just about every pertinent piece of information you could use about your customers can be at your fingertips.
Introduction to Big Data
You’ve probably heard the term “big data” many times in the business arena. But do you have a real understanding of what it means? Not to mention, what’s the difference between big data and typical analytics? With this introduction to big data, you’ll learn three components that make it so invaluable to business owners.
Big Data Beginnings
Once upon a time, the only way for grocers to learn what items were top-sellers in their stores was to track what foods were purchased most frequently. With the advent of the internet, however, grocers and any business owners can learn about their customer’s habits, preferences, interests, needs, and more. This is all done through–you guessed it: big data.
What Big Data Can Tell You
With the use of certain algorithms big data can tell you not only what your customers are buying most often, but what other products they looked at while they were on your site. You can see everything from what pages they looked at, in what order they looked at them, and whether that promotion you spent weeks planning actually influenced what they bought. Big data gives you a detailed profile of your customers habits and preferences, thus enabling you to optimize your site for better customer-usability and eventual purchasing.
With the help of big data, companies are able to glean valuable information from new sources previously unavailable to them. This includes everything from social media, customer iPhones, company websites, blogs, transaction histories, even machine-to-machine data, (a.k.a. sensor data). A huge company like Walmart, for example, collects over 2.5 petabytes of information every hour. This is just what they gather from customer transactions alone.
In old-school data collection, that looks something like 20 MILLION filing cabinets of text… With that amount of data flowing in, adequate storage space has also become essential to big data-using companies.
Introduction to Big Data Means Volume, Velocity, and VarietyBig data is “faster than a speeding bullet.” Even the Man of Steel himself couldn’t gather his facts in real-time.
Big data does. With the right kind of custom software, companies can collect instant information about their customers and make snap decisions when time is of the essence. This rapid speed of data collection offers obvious competitive advantages for companies making important trades and other decisions.
3Si2 Introduction To Big Data[/caption]Unlike some older forms of analytics, big data doesn’t come in just numeric or text form. You can read information from any of the following sources or in any of these formats:
- Numeric data
- Textual data
- Stock ticker
- Financial transactions
- Social media
How to Get Started
Of course, having a knowledge of big data and its potential benefits for your company’s decision making will do little for you without the right software team to help you implement it. Get started with the right team of software experts today by checking out our blog for more information.