The term “Big Data” is inappropriately coined and should be renamed “Colossally Increasing Data” in order to truly show it’s increasing effects around us. The idea of Big Data has infiltrated practically every industry – from the financial world to the healthcare field and even the sports industry – each sector is seeing the large-scale effects of the ever-growing amounts of data.
When looking to specifically define the term we’ve included the expert opinion of Forbes writer Lisa Arthur who’s articles focus on data and data-driven marketing:
“Big data is a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis. Some people like to constrain big data to digital inputs like web behavior and social network interactions; however the CMOs and CIOs I talk with agree that we can’t exclude traditional data derived from product transaction information, financial records and interaction channels, such as the call center and point-of-sale. All of that is big data, too, even though it may be dwarfed by the volume of digital data that’s now growing at an exponential rate” (2013).
When we say an exponential rate, we truly mean it. Some statistics listed below from Credit Union Magazine show the depth of Big Data’s influence in current times:
- 10,000 credit card transactions take place every second
- 247 billion emails are sent every day
- Every hour, we create enough Internet traffic to fill seven billion DVD’s, enough stacked side by side to reach seven times the height of Mt. Everest
- There are over 130 million blogs on the Internet.
- Every day 500 terabytes of data are added to Facebook
While it may be difficult to wrap your mind around the large figures surrounding big data, the important lesson to take away is to understand how you and your business can incorporate Big Data into your strategy and how it can help to advance currently existing and future business projects. Overall, adopting a data-driven marketing strategy to your business will help personalize customer experience, improve efficiency, and give proven effectiveness with concrete and measurable outcomes.
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