Big data is a broad term for data sets so large or complex that traditional data processing applications are inadequate.
I always thought it’s not the size that matters, but what you do with it.
However, turns out size really does matter 😉
Technology is now so powerful that it can store, process and analyse huge amounts of information.
So while we can now technically crunch it, the challenges with big data include analysis, capture, data curation, search, sharing, storage, transfer, visualisation, and information privacy.
Why is Big Data important?
- Determining root causes of failures, issues and defects in near-real time.
- Generating coupons at the point of sale based on the customers buying habits.
- Recalculating entire risk portfolios in minutes.
- Detecting fraudulent behaviour before it affects your organisation.
In a real-world setting, Big Data allows Facebook to analyse millions of feeds to determine what products I might be interested in so it can push related adds to me.
Hopefully it what be long before we can do things far more impressive.
I already predict that ‘personalisation’ will be the new CX battleground and the ability to plan, understand and react to individual Customer Journey Maps will be enabled through the analytics of big data.
Businesses are already collating vast arrays of information about the customers through purchases, loyalty cards, CRM etc.
In fact, we have never had this much data available.
Now the challenge lies in being able to analyse the data to improve business outcomes.