What is Variety in Terms of Big Data?
In the context of big data what is variety? In today’s business it is becoming increasingly important to understand the difference between categorization and classification, as well as the dynamics of making choices about what to sell, how to sell it, and who to sell it to. Understanding this complexity and defining it mathematically is one key to making business sense out of big data. As one of the foremost practitioners of information management, KPM I has a deep understanding of this transformation. I have published many books and articles on this topic and am active in many think tanks and conversations online.
What is variety? It is the ability to differentiate and filter out what is important from what isn’t. The more you can separate the things that are important from the unimportant or vice versa the better you can manage the business. When KPM is applied in marketing it can lead to an increase in profits for the organization. At the same time it can make the marketing department run more efficiently as there will be less time devoted to non-productive tasks.
So how do you define marketing? For me marketing is the process of collecting, managing and using information to influence the buying decisions of customers. Marketing is a subset of strategic management and the analysis of customer data and preferences. This involves the collection, management, use and disposal of data in pursuit of a marketing strategy. The various subtopics involved in marketing include:
So what is variety in marketing? If you think about it, the answer would be marketing activities that combine multiple disciplines and types of business logic, all of which are geared toward a single outcome. Therefore you must include such areas as finance, accounting, sales, service, supply chain, research and development, and marketing as a subfield. If you’re not familiar with any of these subtopics I suggest you find a good book on the topic and spend a semester learning the various strategies and models used by successful companies.
So what is big data? Big data is increasing in importance in all aspects of businesses. It includes the financial, health and medical industries as well as various government agencies. As an example consider the benefits of incorporating GPS tracking into your customer care activities. How about when you sell a predictive mobile oil change estimate? When you offer life insurance, annuity, or other insurance products, what if you offer targeted customized quotes based on your personal data?
Now what is the variety when it comes to information. There are many types of data including text, audio, and video. In addition to that there is financial data as well as geographic data. Then there are health data and product data. Think about how this data can impact your marketing strategies. How can you leverage this new found power for the benefit of your businesses?
There are many companies who can help you in leveraging the potential of data. These companies are called Data Management Companies. They help large businesses as well as small businesses deal with the information overload that is currently impacting their markets. This is an important issue for businesses large and small. As a matter of fact, it has been called the new black swan.
In terms of big data in marketing, the next question you should ask yourself is: What is the impact on your business? As you analyze this new found concept, think about the impact it will have on your business model. If you haven’t already thought about integrating big data into your marketing campaigns, I suggest you think about it. It is likely that you will find that there are many opportunities. Remember, “The more data the better.”