“Big Data” has become a bit of a buzzword lately. It’s easy to dismiss terms like this one as a one-time market trend or the latest digital fad. The truth is, data is a valuable commodity in today’s marketplace that touches every level of business. It’s important to understand so you can make proper and crucial business decisions moving forward.
What is It?
Big data is a broad term that refers to large pools of data generated from digital and traditional sources that can be analyzed to reveal trends about human behavior. These trends are important to understand because they can affect everything from your targeted ads, to the direction your business is heading, to how your consumer base is going to change in the future.
Analysis of information gathered from data sources can be used in a variety of applications. Big data helped Barack Obama win a reelection in 2012, and FICO uses it as a means of fraud detection. Those are examples of big data being used on a large scale, but proper data curation has benefits for every business. Data-driven marketing is an increasingly common strategy, and if you aren’t starting to look at it for your own company, you’re going to fall behind.
Where Does Big Data Come From?
Data is generated from almost everything we do, not just in the digital world, but in our day to day activities. Every website we visit, advertisement we click, movie we stream and software we use is joined by our daily monetary transactions, financial records, and phone calls we make to create a large pool of data that can be curated and analyzed.
We told you it was called “big” data for a reason!
It may sound scary that everything we do leaves a trail that someone else will pick up and analyze, but humans have been leaving behind indicators of their trends and habits since the dawn of time. The only difference now is that the digital world gives us an abundance of information that can be properly analyzed with the help of big data scientists (and computers).
The industry also isn’t going anywhere anytime soon. With the explosion of the digital age in 2002 and mobile revolution shortly after, data is more abundant than ever. In 2010, the big data industry was worth $100 billion and has seen a growth of about 10% each year. That’s growing about twice as fast as the entire software market as a whole!
As our world becomes more digital and we find different ways of connecting and interacting with our real and virtual spaces, there’s only going to be more and more data generated. Storing and sorting through these large piles of data is a business that is going to require an estimated 4.4 million more data scientists than there currently are in the field.
What Does Big Data Mean For Me?
As mentioned previously, big data has a wide range of applications. VDC is an example of a data consultant that can help make connections between companies looking to sell and buy data, and that process starts with recognizing how big data can best serve your needs.
Whether you’re running an election campaign, opening a small business, designing an amusement park, or trying to hire your next employee, there is an application for big data that can fit your needs. The sooner you start looking into utilizing data sets, the more ahead of the game you’ll be.
Venture Development Center is a full service data consulting firm that is ready to help you find the right application for you, whether that’s purchasing or selling data. Feel free to reach out and contact us with any questions or comments.