What is Big Data?
Refers to McKinsey & Company (2011), Big Data is a dataset that is too large or complicated for a conventional database software tool to capture, store, manage and analyze, since it includes a huge amount of data and information which is structured or un structured.
However, once the company and marketer capture what they get from the big data, then aggregating, analyzing the information and using insights to guide their strategies, the big data can make a substantial profit to the company.
So, what could a company supposed to get from the big data?
First of all, big data can improve marketer’s forecasting and planning. It can enable marketers to increase the volume and range of information sources while speeding up reporting, enabling real-time forecasting and informed decision making.
Secondly, it can help marketers modify their campaigns and maximize the value in real-time. Because the trends and information gained from big data enable marketers to optimize the campaigns and strategies and improve the results in real-time.
The company can benefit from the big data, but the prerequisite of making great benefits is capturing and analyzing the data correctly. Before the profits are made, companies may face with many challenges, for example, the market conditions and consumer demands are changing persistently. The pricing and promoting strategies should close to the real-time forecasting, that means the forecasts also need to evolve quickly. Otherwise, a lack of sufficient data may derail the forecasts.
McKinsey & Company. (2011). Big data: The next frontier for innovation, competition, and productivity. Retrieved from http://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/big-data-the-next-frontier-for-innovation