What is big data?

Big data is a hot topic that gets passed back and forth everywhere we go. You hear it mentioned on your morning commute, Twitter, Facebook. It’s everywhere. But often the term is used loosely without many of us really understanding what it is, nor its benefits.

It’s big and it’s powerful.

Big data should be considered the missing chess piece to your company’s game plan. At first, for any newbies to the big data scene it may seem daunting, it’s hard to know where to access it and what to do with it. Big data is the accumulation of large data sets, allowing you to collect insightful information about trends, demographics, actions, spending, you name it. And the accumulation of these large data sets is not only vast but it’s also fast. It comes as no surprise that the developments in technology have allowed us access to such data sets, but it’s also big data that allows technology to advance and drive us further to our goals.  The concept of big data is often thought to be used only by marketing marvels such as Google, Microsoft and Samsung but that’s just a misconception. Smaller companies, can, and probably should, utilise their access to these large data sets, allowing you to strategically and resourcefully drive your business forward.

What to do with it

Similar to the ingredients to any meal you then need to know what to do with your ingredients in order to deliver a satisfying dinner. That’s where smart data comes in. Knowing how to segment the insights from your large data sets will allow you to plan accordingly, whilst economically shaping these data sets and working on them accordingly and roll out your narrative; understanding the people behind it all. Not only does the winning combo of Big Data and Smart Data allow you to tailor your business techniques to your consumer, it also allows you to maximise and refine business processes ultimately making your resources much more cost efficient. The integration of this data pairing goes much deeper than you think, with certain devices it can even analyse employee interactions and measure employee’s tendencies against their performance, ultimately leaving you with knowledge about at which times employees perform best, and what it is about their communication with one and other that makes them buzz allowing you to roll out and implement techniques to get all your staff on the same page.

How much is too much?

Of course, all of these advancements seem pretty high tech, expensive if you’re using every gadget possible to measure performance, and in some instances a little intrusive, so how do we know when to draw the line? Whilst everyone has the right to reserve and control their own privacy rights, it’s often that the businesses articulate themselves in a way in which many unsuspecting technology users are oblivious to and in a time in which the world is getting more and more offended, it would be a shame to breach its use. Social giants like Facebook and Instagram are often in dispute about the extent to which they gather their data from its users so when you’re planning on ways to implement Big and Smart  Data, just be sure to keep your consumers best interests in mind when working on your strategy.  On the up side, after a long and gruelling process, the GDPR  (General Data Protection Regulation) gets rolled out at the end of the month, and those who don’t comply will have to face some hefty fines . So, at least we can restore  a little faith in  data humanity…

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