Big Data and Analytics
Big Data falls into the category of collective intelligence; the action of looking for, collecting and using relevant information to increase business advantage.
More specifically, Big Data refers to the collection and processing of huge amounts and highly complex data sets, in the aim of producing useful and coherent meaning.
It includes many different aspects of the analysis process, including the search, collection, study, visualization and storage of data.
Big Data is becoming an increasingly important tool for companies looking to get insight into every aspect of their businesses – their products, customers, competitors and industries, among other facets.
The aim of Big Data analysis is to allow the finding of patterns, correlations and trends out of all the information gathered, in order to refine simulations, predictions and research.
In a marketing sense, this could be finding your target customers before they even know they could be your customers. In the civilian area, this could mean anticipating and preventing crimes based on geographical statistics.
Hence, Big Data is all about looking for and finding patterns and trends in order to conduct better, more informed, more precise and thus more successful decisions.
The boom in different technologies such as social media, mobile, remote and sensorial technologies is multiplying the depth and breadth of data being created and accumulated.
The omnipresence and sophisticated qualities of today’s information-gathering technologies thus begs for the development of more advanced mechanisms to collect and analyze these data sets.
Big Data therefore requires much more powerful software than traditional methods of data analysis to be able to analyze these huge data sets. Artesian and SAS are two examples of such software that help businesses in a range of different industries make sense of extensive data.
To give you a glimpse of how these types of software work, Artesian explains its service as follows: ‘Smart businesses are already listening to customers more closely, which is a good start. However, the smartest B2B sales teams are finding ways to proactively leverage Internet based insights (from web and social media) about ‘companies’, ‘markets’ and ‘people’ to seamlessly connect this insight into Sales and Business Development cycles.’
The more and increasingly sophisticated information-gathering tools are made available, the higher the need will be for equally sophisticated software to make sense of all this data around you and integrate it organically into your business. Thus, watch out for Big Data developments as the future promises to hear more and more about this area!