The Value Is Big

Collecting data from various channels and storing in big data lakes and warehouses is one thing and mining the useful data and making it right for your company’s decision-making process is another. 

 “What you want and what you need is to turn that data into a story”(Hammond, 2013).

 As per Ben Rossi, the other V’s in big data can be taken into consideration and can derive what value these big data V’s can deliver in solving your business problem (Rossi, 2015).

 Volume-Value: Larger customer data (recent and historic), greater insights and better business decisions. 

 Velocity-Value: The amount of data coming in through various sources is lightning fast and faster analytics of this high-velocity data can give more time to companies in making business decisions. 

 Variety-Value: Different variety of customer data can help companies in mapping different customer journeys and personalize the overall customer experience.

 The amount of data stored by the businesses today is more than ever, having large data sets can make it difficult for businesses to distil the important information and analyse (Rossi, 2015). 

If we go by the traditional way of mining data sets from data lakes and data warehouses, it will be a very time-consuming process and will require a specialized data scientist to achieve the required data(Council, 2017). To make it easy for the businesses, we need machine brains, to be able to go through petabytes of data and process data to generate insights, because the human brain is not sufficient to handle this type of big data (Council, 2017).

Data Mining

 Data Mining is a process of digging through the large data sets to find the patterns among data sets, correlations and predicting future (SAS Insights, 2020). Data mining involves the use of Statistics, AI and ML, to reduce the time and automate data analysis (SAS Insights, 2020). 

Benefits of Data Mining as per SAS Insights:

• Refine through unsorted and repetitive data.
• Comprehend what is significant and use that information for business decision making.
• Speed up the data-based decision-making process.

Importance of Big Data for Marketing:

 Having Big Data doesn’t make you a better marketer or gives you a marketing strategy for your brand.

The useful insights derived from the big data and how you use those insights for your marketing strategy or CRM strategy (SAS Insights, 2020).

Some key areas organizations can look for with their marketing strategy combined with big data are:

• Customer Engagement: Insights about your customer (Location, preferences, contact details and when to contact)
• Customer Re-Engagement: Big data can provide you with information about the loyalty of your customers and what keeps them coming back to your business. 
• Marketing Optimization: Businesses can continuously work on optimizing their marketing strategy with big data and insights (SAS Insights, 2020).

It’s not about storing big data, it’s about how companies use that data to generate valuable insights that will help them take their business a step ahead of their competitors. 

Reference List: 

1. Council, E., Forbes Technology (2017) Where’s The Value In Big Data?, Forbes. Available at: https://www.forbes.com/sites/forbestechcouncil/2017/04/14/wheres-the-value-in-big-data/ (Accessed: 16 February 2020).
2. Hammond, K. J. (2013) ‘The Value of Big Data Isn’t the Data’, Harvard Business Review, 1 May. Available at: https://hbr.org/2013/05/the-value-of-big-data-isnt-the (Accessed: 16 February 2020).
3. Rossi, B. (2015) ‘How to measure the value of big data’, Information Age, 21 August. Available at: https://www.information-age.com/how-measure-value-big-data-123460041/ (Accessed: 16 February 2020).
4. SAS Insights (2020a) Big Data, Bigger Marketing, sas.com. Available at: https://www.sas.com/en_us/insights/big-data/big-data-marketing.html (Accessed: 18 February 2020).
5. SAS Insights (2020b) What is Data Mining?, sas.com. Available at: https://www.sas.com/en_ie/insights/analytics/data-mining.html (Accessed: 16 February 2020).
6. Spencerstuart (2013) Big Data and the CMO: What’s Changing for Marketing Leadership?, spencerstuart. Available at: https://www.spencerstuart.com:443/research-and-insight/big-data-and-the-cmo-whats-changing-for-marketing-leadership-cmo-summit-survey-results (Accessed: 18 February 2020)