Big-Data Already Existed: CMO Concern Only Built Up Later!
Everybody, by now, has forgotten the Y2K story that, once upon a time, almost posed threat similar to any of the world’s most devastating events could have done to the growth of the human kind.
The issue, however, got a smart resolution.
It was, somehow, a strong hint towards the topic – Big Data, on which today’s technology world is intensely discussing and the business world is waiting for the outcome to utilize for their benefits.
Both the things revolve around a common aspect – the volume of data being generated and its management.
The 4 V’s of Big-Data
Web development, which, at a time, was considered a strategic business implementation, now has become like the pulse and lifeline of businesses.
Data feeds, business database started growing and picked up pace to the present state of hyper-saturation. Big-Data was an obvious phenomenon.
The 3 V’s – ‘Volume’, ‘Variety’, and ‘Velocity’ justifiably describe the determinants of big-data, however, the major aspect of consideration which can be attributed by another ‘V’ i.e. ‘Vicinity’ can be assigned to connect to the theme of this post.
Big-Data is truly a BIG thing. One IBM analysis reveals that ‘every day, we create 2.5 quintillion bytes of data’ and ‘almost 90% of the total data in the world is created just in the last two years’. Such is the volume of big-data.
This is so large that one can ever imagine; has so much of potential that one can ever exploit, and which is abundant, as if the word ‘Free’ loses its relevance to manifest its sense.
So, the real question is, ‘Are we in the sufficient Vicinity of the data that shapes, builds, and grows our business?’
“Business and technology both are clueless on how to welcome big-dat, utilize it, regulate it; how to find a way to be in the Vicinity of this Big Data.”
In the beginning of this century, Gartner also had pointed out the correlation between the Volume, Variety, and Velocity of big-data.
The volume, which is bound to be BIG, is merely the indication of the high and large availability of customers’ information, though, Variety and Velocity actually bring in the qualitative standards and add in value to its usability.
How the Fourth ‘V’ is affected by the other Three
Information is interwoven. Something, which seems to be irrelevant and useless at a certain instance of time, suddenly becomes of immense importance. Business intelligence is heavily dependent on this information.
The closer you remain to your customers, the chances of making sale and hence, profit increases. In the context of big-data, we can say the more informed you are about your customers; you are in closer vicinity of making business.
Volumes of customer information help in gaining great sales leads. However, that information may become of no use, if there is no repurchase made by your customers, or if your product is of such nature that is not required for frequent purchases.
The big-data in this case becomes a big burden only.
- This is where ‘Volume’ of data affects the Vicinity.
The information already there with you can give you great understanding of the customer insight and you can strategize innovative ways of creating needs, new customers for your product. This is again obvious for those using BI (Business) tools to create more awareness.
However, supposing that the information comes from different sources and of customers with different buying behavior, practically, makes it difficult to establish a correlation among the Variety of data and the sales pattern.
- This is something that gets you away from the Vicinity.
Places like social media are real hotspots for big-data. People get real fast and frequent in sharing information about them in every possible way.
In 2012 ever day, about 8 billion pieces of information (double than the previous year) were exchanged in the social media. This great speed just goes over-head of the marketers to catch and respond within such a minor time.
- This is how the Velocity at which the customer information changes, the Vicinity gets affected.
Everywhere big-data is being talked about because of its size. The most important of all is its resourceful utilization.
Ultimately, one challenge for technologies should be to plan the best collaborative solution so that marketers can be in the closer Vicinity of their customers (or a successful conversion).
I do believe my inclusion of the fourth ‘V’, i.e. Vicinity would supplement to the result in a way to holistically devise the solution.
What about You?
Are you a big-data enthusiast? Do you like my opinion about the 4 V’s? Share your thoughts and ideas in the comments below.
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About the Author
Mohit Aggarwal is a seasoned blog writer and technology enthusiast. He has been contributing to several blogs on topics like technology, cloud computing, social media, internet marketing, travel etc. for past couple of years. Big-Data is his recent pick.