In the Digital Age, data is being processed faster and faster by both humans and machines. Time is of the essence. By 2025 the global datasphere will increase tenfold to a staggering 163 zettabytes, as estimated by IDC. This tsunami of Big Data will flood the market with gallons upon gallons of irrelevant data. Now, more than ever, marketers need intelligent data to help them separate the important from the unimportant. This way businesses can predict where the data tsunami is about to strike and ultimately evade it so they can focus on fishing the more relevant data instead. But, how exactly is Big Data affecting the market today and what does the future hold?
What Is Big Data?
Well, first of all Big Data is an all-encompassing collection of information from both digital and traditional sources. It’s like a vast ocean of data, spreading out to many different channels and devices. In essence, Big Data is wild and untamed. So, how can such a huge amount of raw data be used effectively? Simply, by employing a few AIs, that’s how. See, data is fuel for artificial intelligence, and by having an endless source of info (provided it’s high-quality) AIs can learn, improve as well as predict useful data that businesses need. This innovative approach is already seeing use by giants such as Facebook and Google, for example, with the use of chatbots. The insight gained from Big Data is so tremendous that more and more money is being invested in trying to make sense of it all.
Impact on the Market
Big Data has taken the market by storm, especially in the case of customer insight and analytics. In a study conducted by Forrester, 44% of marketers said they were using some form of Big Data analytics whilst 36% were using it actively to gain some greater insight in order to plan their customer relationship strategies better. Customer loyalty goes a long way in today’s market, it shouldn’t surprise us then that so many businesses are now turning to Big Data for a better understanding of customer demographics as well as customer engagement. Moreover, marketers also find this data useful for gaining a competitive advantage over their opponents by optimizing their pricing and selling strategies. For example, McKinsey discovered that as much as 30% of the thousands of pricing decisions companies make each year fail to deliver the best possible price. Looking at how only a 1% price increase converts into an 8.7% increase in profits (with no loss of volume) goes to show just how profitable it is.
Using Intelligent Data
It goes without saying that separating the relevant from the irrelevant data is the most important thing when analyzing Big Data. Namely, this is where intelligent data comes into play, because without it Big Data is just a giant web of confusing info. Expert data intelligence companies like Isentia analyze and research this large mess and extract relevant, intelligent data which can then be used by companies and business more effectively. They scan millions of items from various social media, broadcasters and other sources with their software to gather as much relevant data as possible in order to gain better insight. This particular company sources data from “4,400 print sources; 1,750 broadcast programs; 62,500 online news sites; 6 million blogs; 300,000 forums and a huge range of social networks”. Also, by using ingenious reporting software, this leading data intelligence company will allow you to make charts and reports fairly easy. However, getting data just for the sake of it won’t help you out much. This is why applying the data collected and actively using it should always be the next step.
What does the future hold for Big Data? Well, imagine having a personal robot choose the most optimal food for your diet, or choose movies and even video games that are almost tailored just for you; all the while conversing with you, weighing the pros and the cons of your choices. Generally, the AI would be a lot smarter, so much so that we could even see AI replacing shop assistants in the near future, and so on. The possibilities seem limitless, it wouldn’t be the first time something out of a sci-fi movie came to life. Let’s just wait and see.
In conclusion, Big Data is slowly but surely getting incorporated into our everyday lives whether we like it or not. With each passing day, new possibilities arise for the use of intelligent data, especially in the case of market analysis, but who knows what the future holds. Only time will tell.