Big Data = Big Opportunity?

2012 definitely seems to be the year of ‘Big Data’ however I’m trying to dig down into the detail of the reports and claims to understand how we can better position ourselves to benefit…

For those not aware of or heard of big data, it essentially relates to the exponential growth in data being created as a consequence of the increase in use of social media for posting text and digital media, smart phones / devices with GPS data tracking and increasing use of online connected digital sensors. IBM recently equated the data created to be 2.5 Exabytes (or 2500,000,000 Gigabytes) per day!!

Many have tried to break the concept of Big Data down in 3 V’s – VolumeVelocity and Variety. Essentially these 3 V’s acknowledge the fact that the data comes in big volumes and very quickly accumulates, it is time sensitives and due to the nature of is creation is continuously streaming from the sources and finally as you can imagine the data comes in a wide range of forms both structured and more so unstructured from tweets, to status updates to videos to pictures.

Now I’m starting to get an idea of the challenges this data poses to businesses, however I’m also already starting to think about the opportunities in understanding it all!

Ever wondered if there was demenad for a new product or wanted to know what people were thinking about? This is where I think social media data can really help – just think of the information on twitter alone…

Having now looked through what big data has to offer and only just scratching the surface I’m really starting to see how it can help businesses. Just one area I’m now interested in finding more about is gaining insights into consumers and markets to understand the trends and opportunities to make better decisions on focus areas to managing customer experience.

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