Move over internet marketing and web design... big data is coming through! "Big data is a relatively new term used in web development and database architecture to describe the exponential growth and availability of data, both structured and unstructured," said Jay Joyce, president of The Idea People. "Big data is difficult to process using traditional database and software techniques, and in most enterprise scenarios the data is too big or it moves too fast or it exceeds current processing capacity."
According to Harvard Magazine, the total data accumulation of the past two years – a zettabyte – dwarfs the prior record of human civilization. For those of you playing along at home, one zettabyte is approximately equal to a thousand exabytes or a billion terabytes. That's a lot of data. The idea behind "The Big Data Revolution" is that, If marketers and analysts can learn to harness that amount of data, they can help companies improve operations and make faster, more intelligent decisions.
"Data mining against data warehouses has been a fundamental concept of computing science and business since the inception of databases," said Joyce. "Today, the amount of data an application can collect has become absolutely enormous."
Everything is captured now. With digital data collection occurring across so many different kinds of devices, ranging from computers to smart phones to point of sale systems to gas pumps and the hundreds of other types of digital interactions which permeate our daily lives, what are we supposed to do with it?
"The opportunities to achieve previously impossible things are limitless, and we at The Idea People are working with cutting-edge data scientists and predictive algorithms to process enormous mounds of data," said Joyce. "The caveat is that it is also possible to make grand errors based on incorrect analyses or flawed interpretations of big data, and thus it is imperative that many models be studied within the data-set and much thought is applied to any application dependent on big data-driven algorithms. At the end of the day, big data is absolutely game-changing in the way the world at large operates and affects nearly every facet of the modern human experience in some way."
Big data isn't just for big business. It can have a profound impact on business operations in almost any industry today, allowing companies of all sizes to more effectively serve customers, perform risk-analyses and create new revenue streams.
"The ability to connect devices to each other – and to the cloud – will be essential for businesses of all types and sizes along with their customer bases," said Joyce. "The increase in smartphone and tablet usage has led to so much more internet-based activity, as well as new opportunities to collect data."
Did you know that Facebook ingests approximately 500 times more data each day than the New York Stock Exchange (NYSE)? Marketers are already benefitting from mining big data for audience targeting and personalized, predictive marketing. During a recent survey, 61% of data professionals say big data will overhaul marketing for the better, according to Strategy& (formerly Booz & Company).
A number of new tools have made big data accessible to growing businesses. Here are four ways you can use those tools to analyze data collected at each of your customer's touch points.
Google Analytics – If you aren’t using it already, start now. Google Analytics is free, and it gives you all sorts of insights about your site’s traffic. You can track the number of visitors you get, how long they stay, where they go, where they came from and practically any other data point you can think of.
Facebook Insights – If your business has a Facebook page, you have free access to a wealth of data about the habits of your fans. Find demographic data about your audience, and see how people are discovering and responding to your posts.
SumAll – SumAll takes data from nearly all of your online platforms and organizes it in an easy-to-read snapshot. Get all your vital data sent to your inbox with customized daily and weekly e-mails. Key takeaways, important insights and comparisons from the prior week to the present are all included. You can include Facebook, Twitter, Tumblr and Google Analytics, AdWords and AdSense, as well as many other social media platforms.
CRM Software – Do you use Salesforce or other customer relationship management software? Your CRM software is collecting all kinds of data on your customers. All you have to do is look for it.
"One of our company mission statement goals is to open doors for our clients into new technologies and access resources that they could never have on their own," said Joyce. "As mobile usage continues to dominate business people and consumers, big data and sophisticated algorithms from create data scientists will emerge as the primary way to reach, target and deliver highly relevant content and information to a customer base. And we'll be at the forefront to harness and make these resources available to our customer bases through web development."
With data continuing to play a bigger role in internet marketing campaigns, the future of big data is bright! To learn more about how big data, large database development and sophisticated data science can work for your business, contact Jay Joyce with The Idea People at email@example.com or call 704-398-4437.