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Quick overview on where “Big Data” is going so you’re not left behind

No more nodding and smiling, pretending you know what people mean when they refer to “Big Data”. Read this and join the club.

big data

big data

The big deal about Big Data

Marketing expert and consultant Mark Schaefer just released a summary of the latest EMA/9sight Big Data research. Schaefer reports the highlights of how Big Data is affecting business in America. An awareness of Big Data trends is rapidly becoming a necessity for executives, marketers, and entrepreneurs, but what really is Big Data?

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Big Data is massive collected information that is accumulated as a byproduct of today’s digital world. It is made up of text, images, audio, video, and the fusion of data used in business, government, and education.

For example, large retailers keep a record of millions of transactions per hour, utility companies measure the constant usage of power and water, businesses and individuals are constantly uploading data to social media, and the Internet of Things is measuring the activity of household appliances. This data and more is gathered together in servers around the world to form what is now called the data lake.

The 3 V’s

This collection of Big Data represents a staggering and constantly growing amount of information about the way we shop, consume, think, and act. Governments and businesses are scrambling to grasp its potential usefulness. Both are setting aside funds for research in this area and a whole new field of study is developing.

Big Data is characterized by its volume, variety, and velocity. Volume refers to the high amount of data, variety to the different types of content, and velocity to the speed at which it is generated (in many cases it comes in real time). Big Data analysts are calling this the “3Vs” and considering how to produce a fourth – value.

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So what really is the value of Big Data? How does it affect life and work in the world of business today?

Diving to the bottom of the lake

Aside from being awesome (and a bit scary perhaps), Big Data is increasingly used to help business people make decisions. Business executives are the largest consumers of Big Data research followed by people responsible for product and service marketing. Financial analysts come next in the line of folks who want to pull something valuable out of the lake.

Big Data projects are already shaping the way large businesses are developing and selling products and services. The preponderance of information is so vast it will inevitably influence the habits of small start-up companies and entrepreneurs too. Schaefer concludes, “Big Data will have such a profound impact on our lives and I guess in the future that promises to become… well… even bigger!”

#BigData

Written By

Stephen St. John is a writer and speaker with a background in business, education, and non-profit ministry. He earned his Bachelor's Degree in Organizational Management and Master's Degree in Theological and Ministerial Studies. Alongside his wife and seven kids, Stephen has lived and worked in North America, Africa, and Asia.

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