It doesn't seem possible to read about marketing and technology or attend a conference these days without the topic of big data arising before long. Everyone's talking about it, from vendors and commentators to agencies and marketing professionals — but what does it really mean for Marketing, how seriously does it need to be taken, and what are the first steps to adoption in your organization?
What is Big Data?
The commonly accepted definition of big data is known as the Three Vs:
- Volume: Clearly, the number one characteristic of big data is that there’s a lot of it. IDC estimates that between 2005 and 2011, the digital universe exploded from 130 exabytes to 1,800 exabytes (one exabyte = 1 billion gigabytes (Gb)). 90% of the data stored in the world today has been created in just the past two years, according to IBM.
- Velocity: Rapidly changing and rapidly occurring data needs to be handled in near-real-time. Clicks, visits, purchases, Tweets, … Read more →