 |
| Photo: "The Wizard Of Oz" MGM |
In my previous post, I reference the Forbes
article, 17 Predictions About The
Future Of Big Data Everyone Should Read. Here, Bernard Marr, defines 17
predictions to define the curtain and more importantly, the man behind the
curtain (reference to previous blog
post).
We know that big data is the culmination of all the data
produced in the world, understanding how its analyzed is crucial in how we use
this data as marketers. In order to gather our thoughts, we need to understand
the direction (we believe) big data is taking.
Here are what I believe to be the five most important
predictions:
- Data
volumes will continue to grow. We’ve
seen an unprecedented increase in the amount of information collected on
and provided by consumers. There is no reason to believe that his
data collection will slow down.
- Ways
to analyze data will improve. Pretty straightforward – this includes
improvements in current technology as well as new technology.
- All
companies are data businesses now, according to Forrester. More companies will attempt to drive value
and revenue from their data.
- Businesses
using data will see $430 billion in productivity benefits over
their competition not using data by 2020, according to International Institute
for Analytics.
- “Fast
data” and “actionable data” will replace big data, according to some experts. The argument is that big isn’t
necessarily better when it comes to data, and that businesses don’t use a
fraction of the data they have access too. Instead, the idea suggests
companies should focus on asking the right questions and making use of the
data they have — big or otherwise.
While these are only predictions, I believe these to be the
most likely of all to happen. Data volumes and what we have the ability to
collect is changing and growing by the minute. With every agreement we sign or
click, we are allowing companies to continually collect data on us.
The final three bullet points are really the most important,
with the last being my favorite. When most people think “big data” it is most
often attributed to bigger companies. However companies of every size, small
and large businesses have access to data. We need to begin changing the way of
thinking, and realize that the data we collect and use must be fast and
actionable.
Businesses of all size are driven by data, even if it’s as
simple as data and analytics provided by Google. We will begin to see companies
not only use this information to draw insights but also to drive revenue. It
will be imperative that this information be used to further business. Data can
be the exception for a business – making it exceptional or leading to its
ultimate demise.
When it comes to data, follow the yellow brick road. But
make sure the man behind the curtain, building insights from this data is who
you really think he is. In my next post, I’ll discuss some skills your data “wizard”
should have.
To read the full article and all 17 predications, click
here.
