I have been researching Big Data but haven’t made time to write about it so need to rectify that before there’s so much data on Big Data that I won’t know where to start!
In the current issue of ManagementToday (July/August 2013) there is an advertorial page by IBM about IBM Smarter Analytics. IBM is not the only player in the field but it’s a good place to start. Here’s an extract:
“The Power of Big Data
Companies aren’t short on data. Companies have more than enough data to tell them who is buying their product, as well as how, when and where the buying happens.
Data’s new voice
Today, however, customers expect a company to know why they’re buying. Or, why they aren’t. Because when a company knows what motivates customers, it can serve them better.
The good news is such data exists, just not in the columns, rows and reports and purchase histories we’re used to. It’s called big data, and it comes from tweets, videos, clickstreams and other unstructured sources. It’s the data of desire.
80% of the data currently produced is unstructured – coming from sources like images, videos, tweets, blogs and emails.
Mining by motivation
So, instead of learning which customers it has lost, a company can learn which customers it might lose and present timely offers or products motivating those customers to stay.”
Smarter Analytics from IBM is “software, systems and strategies that help companies combine their own enterprise data with their consumers’ unstructured data to see the fuller picture. Gathering big data and then using it to ask (and answer) smarter questions about their customers really want.”