In the recent years, the general belief has been that the solution to everything from attack identification to disease treatment or to brand management lies in “Big Data”. But what does “Big Data” exactly mean? How is big data different from “data”?
Big Data is the implicit and humorous way of seizing as much information as possible about a person and of transforming this information into cash. The fact that Big Data makes sense of human behavior and buying preferences or makes forecasts about possible decisions, opens the doors to a fabulously smart management.
So how big is big data?.. According to research from 2013, there is currently 2.7 Zettabytes (Kilobyte≈210; Zettabyte≈ 270) of information in the digital universe.* Analysts are forecasting that we will have 50 times more data than we have today in the year 2020. According to data from 2012, 90% of all the data in our history was created within the two years prior to the study only. In other words, at the end of every two days, we collect as much information as the data we had obtained until the 2000’s.
What is the importance of all this data pool that expands exponentially and so much information that we could not imagine before?.. There are 1.75 billion smart phone owners worldwide and internet access is between 1-2 billion... Facebook has 1.06 billion active users, who share 30 billion content items monthly. Each day, approximately 465 million users tweet more than 175 million times. This content production helps big data grow exponentially and allows to take control over everyone’s demographic, economic, and emotional status. This means big data is right in front of the consumer everyday of his life. We just don’t call it that. Social media sites offering us choices by envisaging product alternatives that even we haven’t thought about but that we like (if you like this, you might also like this); Google AdWords analyzing our web sites and helping us which key words to choose; banks predicting between which hours we will be carrying out which transactions and greeting us with relevant screens; smart city plans; and all these details that we encounter every day...
They are all products of big data analysis...
Regarding big data, which becomes more and more indispensable by the day for marketing, sales, and post-sales, one needs to be aware that there is no end to data. Therefore, there is no end to the data that can be collected. However, resources are not limitless. Thus enter the scene other research instincts and analysis skills under the control and management of big data. At the end of the day, small or big, data is data. The value of data will be in proportion with its meaning and not its size. Data evaluation strategy can be achieved by asking the right questions in the right way and formulating them in line with the actual insight and not by bigger technologies.
Here is what Sir John Hegarty talked about regarding big data at Cannes 2014:
“It is not just data, is it? ‘Biiiig’ data. My God. Let me tell you something. I have been doing this business for a long time. Somebody discovers something and everybody rushes in that direction. We are going to measure people’s sweaty palms or we are going to track their eye balls. And now we have invented big data. Data was always important. Thinking that this will be the solution to everything, that it will provide all the answers, is rubbish. If everyone is looking at the same data, then everyone is arriving at the same results and everyone’s work is going to look alike. The point to data is that it brings you to a certain point and then it asks you, ‘What do you think about this?’ or ‘How do you feel about this?’ Data is not the answer to things – it is a set of questions.”
In our day, making sense of big data is one of the biggest points of differentiation. We talked to six researchers, three brand managers, and four admen in order to further explore these points.
*OgilvyOne Worldwide Analysis
SIX TIPS FOR CREATING VALUE:
1. THINK OF THE LONG TERM
If you are worried about tracking big data technology on a daily basis, you are not alone. Everything develops so fast that it is impossible to know which tool, or platform, or method will be the best one this year or the next year. Calm down. Relational and online operating systems, regardless of working as a predecessor or on cloud, will be more productive and more intelligent. Techniques will be developed to simplify the relations between Hadoop** and data warehouses. And products will always come into the market to fulfill your certain needs. Enable a corporate intelligence platform that directly connects to a wide variety of formats.
2. BRING BIG DATA DOWN TO EYE LEVEL
Big data descends to eye level when it is visualized. A report prepared by Aberdeen Group in 2013, indicates that: “In organizations where visual exploration tools are used, 48% of corporate intelligence users are able to find the information they need without the assistance of IT staff.” This ratio drops to 23% without visual exploration. Managers who use visualized data, are twice as inclined to interact with data more broadly (33% vs 15%).
3. AUTHORIZE THE USER FOR A COMPREHENSIVE INSIGHT
Do you know of people who are burning with the desire to discover insights? There is no way of stopping them. They continue to ask new questions and to create new values until what they have obtained satisfies them. In comparison to some organizations, organisations who use big data are 70% more inclined towards IT projects that are primarily run by individuals from the business world rather than the IT team.
4. CREATE BIG DATA FROM SMALL DATA
Look closely and see what parts big data consists of: smaller data sets. Each data set creates value on its own. When they come on top of each other, they offer a more comprehensive value.
In the consumer products industry, a manager, for example, can only pass a definitive judgment on consumer behavior when he immingles consumer sentiment and purchasing data. Loyalty cards can reach extensive data. It is crucial to collate this data to find out why people go into the store and fill up their bags.
5. PREVENT BIG DATA FROM CAUSING BIG TROUBLE
Strolling within big data resembles playing in a sand pit. If data of this volume is partly useful, it is because this data is obtained from actual people. Before you dive into the vast oceans of big data, determine management principles and privacy standards.
6. GET THE BALL ROLLING
The last tip could be the most crucial one. Just do it. Big data is already at your door steps - if not inside. Peter Gilks from Barclays says, “I can answer questions at a business meeting at the speed we are going right now. Before, we used to talk about each question for one or two days. Now I sit in at a meeting with my laptop and I can easily answer questions regarding 20 millions rows of data. Then it is replaced by a fresh cycle and the results are distributed within the organization.”