What Is Big Data?
“What is Big Data?” asks a smart-minded gentleman at a recent business conference, referring to the explosive growth of mobile computing and its impact on traditional databases. The gentlemen then displays a slide that graphs the growth of mobile computing. The slides show that users are accessing information at record rates every month – something that no one predicted when the technology was first developed. The question, then, becomes what is big data used for?
According to many experts, big data is the platform upon which social media and online marketing rest. Social networking sites such as Facebook use complex algorithms to determine what types of content its members find appealing, and through these algorithms, they are able to discern what kinds of ads to display based on these preferences. On the other hand, online marketers are able to use this same platform to find interested prospects through the purchases those prospects make online. In both cases, big data is transforming how businesses do business.
What is big data used for commercially speaking is primarily for business development. The use of big data allows a company to develop and launch new products or services with much greater speed and efficiency than would be possible by using older methods. By combining massive amounts of data with statistical analysis, companies are able to provide their clients with more accurate and complete customer information. Through this process, they are able to identify customer demographics so that they can develop campaigns that specifically reach them. Likewise, the marketing team is able to ensure that the messages being presented to customers are relevant to their current needs and interests. This helps to create brand loyalty and increase customer retention levels.
Another way that what is big data used for commercially is through the development of new, predictive services. By collecting and analyzing huge amounts of data, computer scientists are able to create and test algorithms that help to give organizations a better understanding of where their clientele will likely go next. These services can then be used to offer businesses an improved understanding of what markets to target and what methods of advertisement are likely to appeal the most to clients. By taking the time to analyze such massive amounts of data, computer scientists are in effect allowing organizations to take a proactive approach to their clientele, helping them find new ways of maximizing their profit potential while increasing their customer base at the same time.
Of course, what is big data used for is not only helping businesses increase their profit potential, but also greatly improving their service delivery. Rather than relying on cold, hard statistical information, big data allows business owners to make informed guesses about what strategies may be best for them given their current situation and expected future trends. This not only helps them to better manage their resources, but it can greatly reduce the number of rejections that they receive when they submit proposals for new projects. By taking the time to carefully study past performance, a business owner is better equipped to identify areas of weakness and develop strategies that will strengthen their position in the eyes of their clients.
Now that we know what is big data? It is essential that we continue to learn as much as possible about this exciting new phenomenon. While it is still too early to draw any real conclusions about what it means for the global economy, it has certainly provided fuel for some of the biggest discussions and debates to have ever taken place in the world of business. Because of this, many new and seasoned entrepreneurs are eager to use the information that big data provides to build their businesses. In fact, many of these same entrepreneurs have begun to adopt certain techniques based on what is big data to cut their business costs. By reducing the cost of doing business, it is possible to realize incredible profits, even when operating on a tight budget.
The key to being able to fully understand what is big data? For starters, it is important to remember that while big data can be a powerful tool, it is only one component of a successful strategy. As a matter of fact, the power of big data can often be put to better use by developing even more effective approaches to managing and utilizing it. As a result, those who are interested in what is big data should work to develop an approach that focuses on using big data as a positive factor rather than a negative one.
In addition, those who are interested in what is big data? In all likelihood, those interested in what is big data will be attracted to the opportunities that exist in the new area of cloud computing. Cloud computing takes advantage of the large amounts of data that is available to cloud providers and enables organizations to leverage this massive resource to their advantage.